davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
Tuesday, June 10, 1917

Sleuths of the United States Com
missioner of Internal Revenue, IN
searching for an explanation OF the
failure of The tax on munitions TO
Weld as much as had been expected,
have made a belated discovery, ana
are forthwith filled with panied as
constituent at the perversity OF GER
tain manufacturers. Their investl-
cations have disclosed the fact, which
everybody else has known for year
or more. and which has been pub
lished at frequent intervals, that Ger
tain plants have charged off "as eX-
penses proportions of the cost of
special munitions plants Indeed,
some of them, it appears, have
plunged even deeper into the con-
spiracy to defraud the government,
for they have charged off the total
cost of such plants, though "investl-
gators reported that while the special
establishments would be worthless at
the end of the war so far as the
manufacture of munitions was con-
cerned. they could be utilized IN
other ways, and by no means would
be q total loss" "Other ways" IS
rather vague, but no doubt the Com
missioner will obligingly provide the
work necessary to keep them going
after they have outlived their use
fulness in producing munitions. 1t IS
too bad he did not make this discov-
erv sooner, otherwise he might have
come to the rescue of a few which,
lacking work, were dismantled when
the munitions business suffered d
decline prior to our entrance INTO
the war.
1t may interest the Commissioner
to learn that, in some cases at least,
this practice was not adopted for
the purpose of cheating the govern
ment out of taxes. Long before
Congress imposed the tax, manufact-
urers were charging off against eX-
penses the cost of plant and equip
ment purchased and erected solely
for the temporary business Of max
ing munitions. Business men, bank
ers and economists praised them Tor
doing so, because they believed such
a policy to be sound. 1t is hardly
open to question that greater allow
ance for depreciation in value of
such plants should be made than in
the case of plants erected for the
production of goods for which there
is a permanent market.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
Japan Makes
S25,OOO,OOO War
Loan to France
Financing at Toxic Expect
ed to Check Flow of Gold
from United States

Toxic, June ia japanese syndi-
cate. headed by the Yokohama Specie
Bank. Ltd, has concluded negotiations
with the French Ambassador at Toxic
for the issuance Of exchequer bonds TO
the amount Of 100000 yen (S25.O0o,-
OOO). The bonds will be called French
Government -Exchequer Bonds of
1911" Issued at par, they will bear 6
per cent interest, running for three
years, and are exempt from all French
government taxation. The proceeds Of
the bonds are expected 10 be used for
the payment of munitions and other
war materials purchased by France
from Japan.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
Other Cities


\ eStern view on Money hicaCO
June 19.-E. D. Hubert. president of
the MERCHANTS Loan and Trust Com
pany, gives the New York bankers a
large share Of the credit for the sue
cess Of the Liberty Loan.
"The general expectation" he said.
'is that the next big issue by the gov
eminent will be only one-half as large
and will carry I per cent. with the tax
exempt and convertible features, that
announcement Of it will be made about
the middle Of July and the offering
follow six or seven weeks later Be
sides affording impressive demonstra-
tion of the country's financial strength
and banking ability. the Liberty Loan
accomplished a great purpose in max
ing US ali realize the size and serious
ness of our war work. Considering the
short time for selling the bonds and
the country's unfamiliarity with such
financing. It all turned out very we'll
just right.
81 cannot speak too highly of the
part New York took in this matter.
! have never seen any work done more
unselfshly than the New York bankers
performed this duty. OF course, the
bankers and bond men elsewhere did
their part. with few exceptions. or they
stood ready TO do whatever was re-
CURED to the extent that they under
stood their respective duties, but New
York set the pace with a magnificent
patriotism. of the discerning and
achieving sort.
"The next loan will be taken more
eagerly and more generally. We have
found our Investment stride. The
bond market otherwise is likely to re-
main dull while the government fnanc-
ing is worked out. The effect is natu-
rally depressing to mortgage issues
but | do not look for any further APP
preciable recession in values. 1t is
natural to expect that the amount Of
the third government issue. and its
terms, will depend a good deal upon
the reception of the second.
money will be pretty tight for
while and ease off around the middle
Of July. Commercial money here is
10 ~ per cent. and ! do not expect
n much higher market than per cent
or lower than 3 per cent. Shifting of
funds on such a large scale as the
Liberty Loan requires. especially
around July /. can be accomplished
without much disturbance, because the
banks have prepared for il long
time, and the Federal Reserve bank
system lends massive strength. Inac-
tivity of commercial paper and COM
paratively little corporation financing
are offsets TO the increased employ
ment of funds by industrial activity at
high prices and the prospective big
crops"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
Loan to Bolivia for
Railroad Construction
Proceeds To Be Spent in This
Country for Neutrals '

Proceeds of the s2,400,090 issue OF .
per cent bonds purchased by a group OF
barking houses, consisting of the Equi-
table Trust Company, Chandler & Co.
Inc, and Counselman & Co., Of Chicago
are to be used in the construction of a
railroad from La Paz, the principal city
of Bolivia, into the Yungas Valley.
The orders for the materials neces-
sary for the building of the railroad
are to be placed in this country.
Bolivia entered this market for funds
as early as last March. Negotiations
for a loan were completed soon after
but a public offering of the issue was
DELAYED until the Liberty Loan hac
been sold.
The Department of State has eX
pressed its satisfaction over the fact
that the South American republic was
successful IN negotiating loan IN the
United States, Secretary Of State Ian
sing having written a letter to this
effect on May IL. 1917. 70 the hon. lg'
nacio Calderon, the Bolivian Minister
here. The negotiations on behalf OF
Bolivia were conducted by the Hon
Adolfo Ballivian, Consul General in tht
United States.
Chandler & Co. are the fiscal agents
for Bolivia in this country
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
Shipments of So, 500, 900 in
Gold to Japan Arranged

In local banking circles 1t is expected
the loan of s25,O00,00 by the japanese
TO the French government will have
tendency to check the flow of gold Nip
ponward. Attention was attracted 10
this movement again yesterday by the
announcement that japanese bankers
here had arranged with the Sub-Treas-
ury for the Geographic transfer of s4,-
100000 to San Francisco, TO be shipped
to Japan on the next steamer. This
makes Sl4.7OO.OOO in gold Japan has
drawn from this country since June /.
The need for this gold, it now ap-
pears, may have been to provide basis
for French credits, and therefore it is a
question whether the japanese bankers
will find il necessary to carry out their
intention of importing $50,000,00O in
gold before September, as announced
recently.
Besides the shipment arranged to
Japan Yesterday, there was S2,597 900
in gold withdrawn for export to Spain
and Canadian bankers took 5000 900 in
gold coin for shipment to the Domin-
ion, making a total Of S7.597,000 taken
for export for the day This move
ment. however. was more than Offset by
the arrival OF an additional Sll 100000
from Ottawa for British account.
The gold received from Canada was
a part of the Sl00,000.000 that is TO be
imported on British account by J. p.
Morgan & Co. So far S33.000000 has
been received. making $4l5,000, 600 since
the first of the year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
Relevant Facts

Extra Dividends. In addition TO reg
ular quarterly dividends Of per cent
directors of the Keystone Tire and
Rubber Company have ordered dis
bursement of l-3 per cent on the pre-
ferred stock and per cent on the com
mon. payable July , to stock OF record
June 22.
The Hill Manufacturing Company,
producers of cotton cloth, has declared
an extra dividend of per cent, in ad-
dition to the regular quarterly divi-
dend of 3 per cent, payable July to
stock of record June 10.
Calumet & Hecla Output.-Actual
outputs for May of the Calumet &
Hecla and subsidiary mines in pounds
compare with those for the previous
,oortb &c follows.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

Saxon Motor. Directors Of this
company at meeting yesterday voted
to defer action on the quarterly divl-
dend of "a per cent on the common
stock. usually declared at this time,
until July "a. On transactions OF 1.5OO
shares the stock sold down to 2i's
yesterday. new low record and loss
of is points from Mondays last sale.
The high price this year was IS. on
the curb market it sold as high as 81
last year. No official explanation was
given for the passing of the dividend.
II was understood in Wall Street, how
ever, that the fire last spring at the
company's plant in Detroit necessi-
tated the conservation Of surplus earn
ings for repairs and removal to other
quarters.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
Bank of England
Takes Action to
Ease Money Rate
Governments Borrowing
on Short Term Treasury
Bills Will Be Facilitated

Iondon. June 1e.-The money mar
ket was sharply changed to-day oy t"e
reduction Of half per cent IN the IN
terest allowed by the Bank OF Eng
land TO bankers for spare balances.
This will ease the money market anu
facilitate the governments short term
borrowing by Treasury bills. which, II
i announced. will be available daily al
az ner cent. both the three and SIX
months bills and the plan Of issuing oy
tender being abolished. Open market
discount rates we're reduced in sym,
uatbv and it is expected that bankers
Senosit rates will also be lowered
bearer money in New York has not i;,, al
fected the situation. as 1t Is pel'eFeu
the rise there is only temporary.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
u. S. Treasury Finances

Washington. juno 19.-Condition OF
tho United States Treasury at close to-
day showed: Net balance in general
furd. s315,764.e21; total receipts. $780,
894,e23; total payments, s4,459. s91. The
surplus this fiscal year is S55.610.973.
against deficit Of s34.348.759 last
year. exclusive Of Panama Canal and
public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
Money and Credit

A slightly easier tendency was ap-
parent in the local money market yes
terday. although there was still a
scarcity OF offerings. Call money at
the Stock Exchange ruled at 6 per cent,
but toward the close the rate eased Oft
70 per cent. Banks were less active
in calling loans. The arrival Of more
gold from Gambia helped the situation
sentimcntally.
The market for time funds on brok-
ers' Stock Exchange collateral was
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

quiet. Leading institutions confined
their operations to the call money mar
ket, and consequently restricted their
time loans. Industrial collateral loans
were per cent bid, while mixed col
lateral loans were to 51z per cent.
Ruling rates on money yesterday,
compared with a year ago, were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
Commercial Paper-This market W

Commercial Paper.-This market was
dull, with rates unchanged, at 3 to 81
per cent. The demand is limited,
owing to the conservative attitude of
local banks. which are not buying.
Official rates of discount of each Of
the twelve Federal districts are as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

The individual who was in haste
to sell Liberty Bonds below par on
the very day they were listed for
trading on a "when issued" basis
has repented at leisure and repur-
chased them at the issue price.
Meanwhile, the bonds seem to have
been we'll pegged at par, with trad
ing a part of the time at minute
fraction above that quotation. How
long the bonds will remain at that
level after they are issued TO sub
scribers and active trading begins is
problematical. a good many persons
in the financial district are predict
ing that the bonds will sell at a dis
count, as has been the case with all
European war loans. In support Of
this opinion it is argued that the
issue is of such bulk that heavy SELL
ing and a consequent decline are in
evitable. Those who hold this view
do not take account of the fact that
the bonds were bought for invest
ment and as a patriotic duty ana
most of them will be retained by the
original purchasers no matter what
happens on the stock market. To
believe that people are going to dis
pose Of the bonds at the first oppor-
tunity is to believe that there is a
general lack of patriotism in the
country, for the only valid excuse for
selling them is that of dire necessity.
Moreover, if it is true. as some as
sert, that the bonds would command
a good premium if the rate of inter
est had been fixed at 4 instead Of
3i2 per cent, then we may expect to
see them gradually work to a level
well above par, because they are con-
vertible into the next issue, and
/ financial authorities are convinced
that future fotations will bear 4 per
cent interest and perhaps more.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

The above rBtcS eNprcss The cost OF
foreign money in terms Of the Ameri-
can dollar You buy an English pound
sterling at. say S4.75is. The intrinsic
parity is S4.SG1s per pound. Thus, You
saw either that pounds are nj dis
count or that dollars are at a pre-
MUM. which is owing to the fact that
in England the demand Cor dollars
with which 10 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. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
New York
Member OF Italian Mission Visits

Member o. Italian Mission Visits
Exchange.-The Duke of Sangro. a
member Of the Italian Mission to this
country. was a visitor at the Stock Ex-
change yesterday. He was escorted TO
the gallery by II. G.. 6. Noble, presi-
dent, and members Of the governing
committee.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
American Public Utilities.

American Public Jtilities. GROSS
earnings of this company for the fiscal
year ended April 80 last totalled So
7O3.326. compared with $3,3o9,5s6 for
the previous year. Net income before
interest charges was s1,656. O67, an in
crease of Sl07.560. Surplus after in
terest charges and preferred dividends
amounted to S2l5,122. against sl6O,233
IN 1915
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
Greene Consolidated Copper Com

NfFFHP NDHSOIIUdItU NUPPtI N"ITI-
pany.-D Directors have decided to for
mally offer the property and assets for
sale at public auction on July II at
Charleston. ". Va. This is in line
with the resolution adopted at the
stockholders annual meeting, held
June u. No bid other than S2l 100000
from the Greene-Cananea Copper Com
pany is expected
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
Gold Movements.-An additional sl1,

Gold Movements.-An additional ST.
100000 in gold was received from OF
tawa on British account yesterday.
japanese bankers arranged for the tele-
graphic transfer Of S4500,000 to San
Francisco for export to Japan. Gold
coin to the amount of $2,590,OOO was
taken for export to Spain. while $780,
600 was withdrawn for shipment to
Canada. making total Withdrawals for
export for the day Of S7,590,0O0.
London Money Market.-London,
June 19.-Money. 46415 per cent. Dis
count rates. short and three-month
bills. 49, per cent. Gold premiums at
Lisbon, $500.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

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, 1917-06-20
Motor Shares Strong.

Motor Shares Strong. In sharp con-
trast to the pronounced weakness in
Saxon Motor. other shares of this class
traded in on the Stock Exchange yes
terday were strong. General Motors
moved up 4i4 points. to ll47s; Max
well common, 21s. to 500, and Stude-
baker, 3A, TO S5ss
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

The trustees declared a semi-annual dividend
Of $3.50 on the preferred participation cer-
tifcates. payable July ! 10 stock OF record
June %. This compares with S2.25 declared
six months ago and 81 year ago.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

As dealings in the British war
loan have become more active on the
London Stock Exchange interest in
other high grade securities has sub
sided to a considerable extent, with
the result that when such securities
have been pressed for sale quota
tons have declined. That probably
accounts for the decrease Of $12,-
100000 in the aggregate value Of 3S7
representative securities between
April 81 and May q.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

Paris Bourse. Paris, June 49, Trad
ing was quiet on the Bourse to-day.
Three per cent rentes. so francs IS
centimes for cash; exchange on Lon
don. p francs IS confines; per cent
loan. SIS francs - confines.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

Trust Company Becomes L. :. De-
pository.-The Hudson Trust Company
was notified yesterday by the Federal
Reserve Bank that its application to
become a United States depository had
teen approved.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
Dividends
Chicago CITY & Connecting Railways.

American Surety Company Regular quar-
'erly dividend Of 3. per cent. payable June
30 10 stock Of record June p.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
News Digest
Foreign

London Stock Market Quiet Lon
don, June 1.-THE stock market passed
a quiet, but steady, session. The old
war loan, shipping, explosive and tex
tile shares were in good request, and
Russian issues were steadicr on a
slight recovery in the ruble. oil stocks
were offered and American securities
closed dull. The exchange will be
closed JULY ..
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
Bank CIearings.-The days clearing

Sub Treasury.-New York banks
lost 70 the Sub Treasury S7.Sl3,O0O.
Silver-Bars in London. 3912 pence;
New York, 777s cents; Mexican dollars,
SOS cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

dividend Of 10 cents share on its preferred
stock. payable July > to stock OF record
June %.
American Telegraph a Telephone Com
pany.- Regular quarterly dividend of s.. pay
able July rs TO stock of record June 30.
Chicago City Railway. Regular quarterly
dividend Of per cent. payable June 80 10
stock of record June IS.
New England Telephone & Telegraph Com
pany.-R Regular quarterly dividend of sl75 a
share payable June 30 to stock of record
June 20.
National Casket Company Regular quar-
terly dividend OF | L per cent. payable June
80 to stockholders Of record June 20.
General Railway Signal Company egu-
lar quarterly dividends Of ! y per cent on the
preferred and ~ per cent on the common
stocks. both payable July to stock Of rec
ord June 10.
westmoreland Coal Company Regular
quarterly dividend OF . per cent. payable
July to stock Of record June 10.
Granny Consolidated Mining. Smelling &
Power Company. Regular quarterly dividend
Of gig per cent. payable August to stock OF
record July is.
Hupp Motor Car Corporatiou.-Regu
quarterly dividend OF Ia. per cent on the
preferred stock. payable July . to stock Of
record June 20.
Republic Railway & Light Company
Regular quarterly dividends Of | per cent on
the common and ~ per cent on the pre-
ferred stocks. payable June 30 TO stock Of
record June II.
Central Railroad Of New Jersey. Regular
quarterly dividend Of per cent payable
August / 20 stock Of record July Is.
Atlantic National Bank Of the City Of New
York. Semi-annunl dividend OF per cent.
payable on or after July !. 1917. 10 stock
holders OF record at the close OF business
wa "a. 1914.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

American Telegraph 4 Telephone Com
pany.- Regular quarterly dividend Of s.. pay
able July l6 10 stock of record June 30.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20
FEDERAL oil Company-R REGULAR q

dividend Of 10 cents share on its preferred
stock. payable July 10 stock Of record
June -.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

Chicago City Railway Regular quarterly
dividend Of per cent. payable June 30 10
stock of record June 25
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

New England Telephone & Telegraph Com
pany. Regular quarterly dividend of Sl.75 a
share. payable June 30 to stock Of record
June 20.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

Central Railroad Of New Regular
quarterly dividend Of > per cent. payable
August | 70 stock of record July Is.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

Republic Railway & Light Company
Regular quarterly dividends OF | per cent on
the common and liz per cent on the pre-
ferred stocks. payable June 30 TO stock Of
record June II.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

National Casket Company Regular quar-
terly dividend Of | 1. per cent. payable June
80 to stockholders Of record June 20.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

Atlantic National Bank Of the City Of New
York. Semi-annunl dividend Of per cent
payable on or after July !. 1917. 10 stock
holders OF record at the close OF business
wa "a. 1914.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

Hupp Motor Car Corporatiou.-Re Regular
quarterly dividend OF Ia. per cent on the
preferred stock. payable July . to stock Of
record June 20.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

General Railway Signal Company. Regu-
lar quarterly dividends Of T. per cent on the
preferred and ~ per cent on the common
stocks. both payable July . to stock of rec
ord June ~.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-20

CRANKY Consolidated Mining. Smelling &
Power Company Regular quarterly dividend
Of 2iz per cent. payable August to stock OF
record July is.
East Oregonian : E.O. (Pendleton, OR) 1888-current, 1917-09-24
HAVE DARK HAIR
AND LOOK YOUNG
NOBODY CAN TELL WHEN YOU
DAiKE-N GRAY, FADED HAIR
WITH SAGE TEA.

Grandmother kept her hair beau
tifully darkened, glossy and attrac-
tive with brew Of sage Tea and Sui
phur. Whenever her hair took on
that dun, faded or streaked appear
ance, this simple mixture was applied
with wonderful effect. BY asking at
any drug store for "Wyeth's Sage and
sulphur Compound" you will get :,
large bottle of this old-time recipe,
improved by the addition of other in
gredlents, all ready to use. for about
so cents. This simple mixture. can be
depended upon to restore natural
color and beauty to the hair.
A well known downtown druggist
says everybody uses Wyeth's Sage
and sulphur Compound now because
it darkens so naturally and evenly
that nobody can tell 1t has been ap-
plied--its so easy to use, too. You
simply dampen comb or soft brush
and draw 1t through your hair, TAX
ing one strand at a time. By morn
ing the gray hair disappears; after
another application or two, 1t is re-
stored to its natural color and looks
glossy, soft and beautiful. This prep
aration is a delightful toilet requisite.
II is not intended for the cure. miti-
cation or prevention of disease.