davidaulloa/AmericanStories huggingface dataset:
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1918-10-17

No remedy is better known than Foo
ley's Honey and Tar for giving quick
relief from coughs. colds and Group.
Mrs. w. M. Stevens. Vivian. w. Va,
writes: My baby had a terrible cough,
and nothing did him any good. / read
0 Foley's Honey and Tar. The first
dose helped him and in two days the
cough stopped" Sold everywhere.
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1918-10-17
ceHuIose Dressing.

Swedish physicians have perfected
, ccllulose dressing for wounds that
y made In thin sheets like tissue paper
trotn chemical wood pulp.
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1918-10-17
South ST. Paul Live Stock.

South st. Paul, Oct. IL Steers,
$6.25@13.00; cows, $6.50GS.50; calves,
s6.75Q15.00; hogs, $17.40@17.45;
sheep and lambs, SO. 00@14.50
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1918-10-17
CHICAGO Grain.

Chicago, Oct. 17.-Corn, October,
$1.30; November, $1-26&; December,
$1.23h. Oats, October, 70%c; Novem-
Der, 69%; December, 69c.
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1918-10-17
Duluth Flax.

Duluth, Oct. 17.-Flaxseed. October
$3.50; November, s3.4S; December
$40; May, S3.40.
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1918-10-17

When the kidneys are weakened and
fail to throw impurities out Of the blood
the poison remains In the system and
backache, soreness and rheumatic pains
develop. Mrs David Henry. SIS 8. Lin
coin Ave, Washington. N. j.. writes:
Foley Kidney Pills took the dreadful
soreness out OF my limbs and I walk
good" Sold everywhere.
The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1918-10-17
EVERY LUMP OF COAL

you buy from us, and our coal IL
nearly all lump, well screened,
means the largest possible amount
Of
Heat Value
Burning money Is not a pleas
ant occupation at the best, but
lust because you r compelled to
burn q certain amount Is no rsa-
SON under the sun why you should
become reckless about 1t. Why
not practice Q little true economy.
Give us q trial order.
e. w. KETCHAM Phone 1855
New-York tribune., 1918-03-26

Organized support was not re-
quired TO sustain the market, though
leading institutions were-and are
ready to !end any support necessary.
fortunately, the market is 50
strongly fortified that events which
ordinarily would cause serious dis
turbance are received with equanim
ity. That has been demonstrated
time and again during the last few
months, and especially when the
drastic and unexpected industrial
shutdown caused no more than d
furry in the market. The reason
for this strength is that stocks now
are very strongly held. The specu-
lative position is extremely small.
having been thoroughly liquidated In
the great decline eliminating last,
December. Probably more stocks are
lodged in the hands of investors and
owned outright ard fewer held On
margin than ever before. The only
thing that would be likely to cause
investors to throw over their hold
ings in sufficient volume to cause a
severe price recession would be &
German victory; and everywhere
there is faith that the Hun will be
held.
New-York tribune., 1918-03-26
Gulf States Steel
Has Larger Profits
Earnings in 1917 Equal to
1927 Per Cent on the
Common Stock

Gross profits of the Gulf States Steel
Corporation were $4,l99.925 for the
year ended December 81 last. compared
with s2,452,5l0 for 1916 Total sales
amounted to Sl1.763.476, an increase OF
$4,137,226. The balance after payment
of preferred dividends was s.. 2.666. .93t.
equal to 32.1 per cent on $S,l39 200
common stock. compared with 3o.2 per
cent earned in 1916. The amount re
served for taxes from last years earn
ings was $l,000,000.
Shipments Of steel by the company
last year totallcd l7G,9l9 tons. com
pared with l55,147 tons in 1915. OF
last years deliveries 73,250 tons were
sold to domestic consumers. While lo3.-
500 went abroad.
Among the salient features of tho
company's business in 1917, according
to the report issued yesterday, we're
the completion and operation of bv
product coke ovens and the ACQUISITION
of additional coal reserves. The cox
ing coal reserves at the end of the vear
were estimated ut II 100000 tons and
iron orc reserves amounted to 125. 900
900 tons.
During the year the average number
of men employed by the company was
ISIS. with an aggregate payroll of
$3.Ol3,S02. In 1916 the average number
of employees was 1850 and the labor cx.
pcnditurc $2,2l5,9il.
New-York tribune., 1918-03-26
But There Are Lots
Of NEAR Bankers
financial Editor of The Tribune.

fIn1nclai t.GltOr OF | nc lflbuN".
Sir: Unquestionably credit initiation
exists during all wars-it of necessity
occurs at such time. see but little
danger if the people, and especially the
bankers. keep their heads. But il
some Of these near bankers with
more ambition than judgment arc not,
very careful they arc likely TO find
themselves in financial difficulty, and
that, Of course, automatically spreads.
But with strong hand such as the
Federal Reserve Board, it seems prob
able TO me that the situation can, and
likely viii, be fairly we'll controlled.
The issuance Of temporary Treasury
certificates in anticipation Of income
taxes and Liberty Loan bond sales is
very wisc and VIII lessen the shock to
the financial fabric Of these tremendous
settlements. This bank has nj this
time more than Is per cent OF it's total
resources in these temporary ccrtiii-
Gates in anticipation Of the next Lib
erty Loan, and by the time the settle
mcnt for these subscriptions arrives
we viii settle for every bond taken in
this county by these certificates and
there viii not, therefore, be the slight.
EFT disturbance OF our normal business
II the banks Of the country viii cx-
ercise good judgment in using their
power to curb speculation by reason of
this imitation, and grnnt assistance To
New-York tribune., 1918-03-26

The markets yesterday registered
what was, in effect, d vote Of con-
tidence in the outcome of the titanic
battle raging in France. News over
the week end was of a character that
might have been expected to cause
enough uneasiness to upset the mar
ket, and indeed it looked for a time
as if the fears of more or less seri
Gus collapse might be we'll founded.
At the opening prices receded sharp
ly, with first quota tiOns from frac-
ton Of one point to several points be-
low the closing prices of Saturday.
But the pressure on the market was
all in the first fifteen minutes, and
the heavy selling which took place
then represented mainly the accumu-
lation of over night orders from spec
ulators who expected a fall and de-
cided to get from under Short sales
were also partly responsible for the
early weakness, though many OF
those who sold short at the opening
contributed substantially to the en-
suing rally, for they hastened to
cover when it was seen that no ma
terial decline was in prospect. But
those who were frightened into sell
ing appeared to be in the minority,
and made an impression on prices
only because their orders were con-
centrated in the first few minutes Of
trading. For the most part, Wall
Street was supremely confident and
was quite willing to express its con-
tidence by buying stocks, more es
pecialy as leaders Of opinion were
unanimous in their expressions OF
optimism. The result was that the
demand for stocks soon outweighed
selling pressure, and prices rose
sharply, in most cases recovering the
carly losses before noon. There
after the market was less active, but
with an undertone of strength which
carried prices of a majority Of the
active issues at the close above Sat
urdav's final quotations.
New-York tribune., 1918-03-26
London Market Holds
Firm as Battle Rages

LONDON. March %. The feeling in
financial circles in regard to the sit
uation on the Western front is one of
quiet confidence in the ultimate out
come OF the struggle. Much interest
was shown as TO the manner in which
the stock market would open this
morning after digestion of the some
what startling weekend ncvss There
were no signs OF weakness anywhere.
As was to be expected. brokers took
precautions, marking down gilt-cdgcd
securities fractionally to guard
against tho situation which might
arise in the event stocks were thrown
on the market, but nothing of the
kind occurred. There were few offer
ings. Consols and the war loan were
absorbed readily prices at midday be-
ing only about a quarter of a point
below Fridays close.
Later there was a hardening tclr-
dcncy, owing to the absence of spccu-
lation and the favorable character of
the official British report. Irregular
itv in other sections Of the market
was overcome, and The tone became
quiet and cheerful.
New-York tribune., 1918-03-26
Will Garry Etna
Explosives Fight to
Court of Appeals
Meeting Adjourned for An
other Week by Order of
Judge Maver

Sullivan l. Cromwell, attorneys for
}. & w. Seligman & Co.. whose plans
for recognizing the Etna Explosives
Company have met with strong opposi-
ton from group Of common stock
holders, announced yesterday their de
termination to carry the fight TO hold
the annual meeting OF stockholders be
fore the termination Of the receiver
ship to the Circuit Court OF Appeals
A decision is expected by the middle
of next week.
The formal order adjourning the "ad-
journed" annual meeting set for to-
day for another week was fled YES
terday by Judge julius NJ Maver in
the Federal District Court This or
der restraints the stockholders and all
persons holding stockholders proxies
at to-day's meeting.
The order stated further that
Stanchfeld & Levy. representing a ma
jority of the present directors. have
stipulated that the board as it now
exists will take no action except by
order of Judge Mayer until after five
days notice has been given to Sulli-
van Cromwell. representing the ma
jority of the preferred and common
STOCK hO!derS.
In the event of the filing OF an ad-
ditional stipu alton by April !. the
order stated that the meeting Of April
: Is to be adjourned for one month
and then from month to month. The
order, in addition. provides that stock.
holders and proxies shall continue to
be cnJoincd until such time as Judge
Mayer shall determine that the re-
ceivership is no longer necessary.
When this has been done. it is cx-
planned, that the annual election now
held up is to take place not less than
thirty days prior to the discharge of
the receivers, Benjamin B. Odell and
George c. Holt.
Notice of the election. Judge Mayer
stated. is to be given two weeks in
advance. He said that his formal
order may he modified at any time
after hearing on. five days notice.
"provlded. however, that in the event
OF the occurrence Of extraordinary
conditions requiring immediate ac-
ton, an application to modify it may
be taken on two days notice"
Lawyers for the reorganization in
terests said yesterday that they in
tended to ask Judge Mayer to modify
ms order so that the adjournments
will be continued from week to week
after next Tuesday. instead of from
month to month. This action, they
stated. WAS necessary in the event of a
oulck decision by the Circuit Court Of
Appeals.
New-York tribune., 1918-03-26
Relevant Comment
Boilermakcrs Invade Spain

Although rather fully occupied with
is pushing into foreign fields in quest
Of new business. The latest develop
ment of this character has been the
agreement reached between Babcock g.
Wilcox, the famous English boiler
makers, and a group of influential
Bilbao capitalists. for the establish
ment of engineering works in that city
which will be by far the largest of
their kind in Spain.
A company has been formed. entitled
the Sociedad Espanola de Construc-
clones Babcock & Wilcox. 1t has been
formed under the new Spanish law
for the stimulation of national in
dustry by which the government guar
antecs payment OF 5 per cent interest
on the capital paid up should the net
profits of the company fall below that
percentage. The capital has been fixed
at "a million pesetas, approximately
one million sterling, and 20 millions
have been issued and subscribed. The
object of the company VIII be TO man
ufacturc Babcock & Wilcox marine
boilers and engines for vessels built
IN Spain, stationary and other boilers,
electric cranes and conveying machines,
drawn steel tubes, and also locomo-
tives Of the type used in Spain and
Portugal. which formerly we're all
brought from Germany. The works Of
the company will cover about thirty
acres, and will give employment to
about $500 men. The agreement be-
tween the two companies will run until
1910. and an important feature of it
is that it insures that all plant, ma
crinery, tools and other materials shall
be purchased preferably in Great
Britain. This means that quality and
price being equal, British manufact-
urers are to be given a preference
over their competitors.
New-York tribune., 1918-03-26
Stocks Recover
After Early Fall;
Street Confident
Last Prices Above Satur.
days Close; Banking Sup
port Not Needed

After breaking 1 to points at the
opening yesterday under the pressure
of an accumulation of selling orders,
the stock market gave a remarkable
display Of strength in the face of the
dlsquietng news from France, and
when the gong sounded the close of the
five hour session at the exchange the
repres sentative issues had recovered all
the early losses and actually showed
substantial gains over the final QUOTA
tons Of Saturday.
The rapid recovery in security prices
after the initial offerings had been alb
sorbed reflected in striking manner the
confidence Of the financial district in
the ability of the Allied forces to halt
the German advance.
Slump Expected
Wall Street commission houses were
crowded at the opening by spectators
and investors. who, in the majority of
cases. expected a heavy outpouring of
stocks with disastrous effects on prices.
The selling was Of large proportions
in the first fifteen minutes, bat i.
brought no decentralization in it's train.
Prices gave way stubbornly before the
persistent hammering of speculative
offerings and it was not long before
buying orders appeared in sufficient
volume to absorb all the stock offered
Bankers were prepared to support the
market with buying orders in the event
of any pronounced decline, but their
assistance was not required. At the
end Of the first hour sharp recoveries
were in order and thereafter the mar
ket held strong TO the close. News that
the British had driven the Germans
back across the Somme River was re-
sponsible for a real squirt in prices
around midday after which the mar.
ket turned quiet pending fresh advices
Of the battle trend.
points in the more active issues.
United States Steel common stock
did not appear on the ticker tape until
several minutes after the opening ow
ing 20 the mass of selling orders sent
INTO the exchange. When it did come
out the initial transaction consisted
Of 5000 shares bunchcd at 86l2 to S6si
compared with 4 close on Saturday OF
SSi3. Union Pacific Railroad stock
opened 1t ll6. off 22ls points. Crucible
steel lcst 81. General Motors 3 y while
other stocks showed Losses OF to .
points. On tho recovery that followed
all of this ground and more was re-
gained Steel co1nmon showing a gain
Of :" q. tho close Total transactions
approximated 100000 shares. the bulk
Of which vas done in the first two
hours Of trading.
Foreign Issues Hold
'Fne foreign government issues while
suffering a decline did not display
weakness at any time. The city Of Paris
G per cent bonds losing only one point
on the days transactions. The other
French city bonds were steady. The
Anglo-French per cent loan of 1915
declined to S93~. off 4 from the Satur-
DAY closing price. United States gov
crnment bonds were steady, and with
the exception Of the Liberty 3 Us frac-
tonal gains were registered. The
Liberty Loan second IS sold up TO 81
compared with a close last week Of
of "A
New-York tribune., 1918-03-26
Govt Telegrams
Are Carried Below
Cost, Carlton Says
Net Income Of Western
Union Reached SILL
1856 in 1917

Althoush Newcomb Carlton, presi-
dent Of the Western Union Telegraph
Company, states in his annual report to
stockholders that the war brought
about a tremendous increase in the>vol-
ume OF government messages, which
are carried at less than the cost Of op-
Grafton. .hc net income of the company
for 1917 was S11,75,366, or lit per
cent on thc capital stock. This, how
ever. is smaller than that for 1916,
which was S12,395, ,4O5.Oi.
Government telcgraphing." accord
ing to Mr.. Cartons report. "has great
ly increased during the year. The rate
on government messages is only 40 per
cent of the commercial tolls. an arbi-
trary figure fixed by former Post
master General, which, as the figures
OF this report show, is considerably
less than the cost Of operation. The
total amount of business now being
handled for the government. if COM
puted at regular rates, would be about
S'oo0,o00 per annum, for which the
government pays s3,000,OO0
"Ih he company has met the large and
cxacting demands Tor expedited service
made upon it by the United States GOV
eminent ard is furnishing preferential
service and exclusive plant. cooperating
in censorships. without serious dis
turbancc CT public traffic.
The surplus on December 81, 1917.
reached S29 4S.4lO.33. against s24 ,56S.-
o6s.59 year ago. The operating ex-
renses, which include repairs. dcnre-
ciatlon reserve. rent for the lease Of
plants and taxes. amounted to $G2, ,7S3,-
OO6.42 for 1917, compared with S48,-
'2|,921.C7 for 1916. The gross operat-
'ng revenues for 1917 amounted to
S76,995,5 .0G, compared with s61,o19-
40.52 for thc preceding year The
ratio Of expense to revenue was S1.5
per cent, compared with S0.4 per cent
III 1916.
At the close Of 1917 there were 20.434
a5ockholders IN the company, an in
crease Of 1924 over last year. OF the
total 1910 held twenty-five shares or
less and 1871 held one hundred shares
or less. Tn" increased income tax over
t916. the new way excess profits tax
and the increased British taxes are
estimated at S2,l00000. The total
United Statos government taxes now
reach about Sl.750.00 a year.
New-York tribune., 1918-03-26
Jap Bank Pushes
Into Foreign Fields

Some months ago ii VAS repoI'1si
that the Yokohama Specie Bank wes. n';,'
be enlarged along the lines of the p.,.
ish Trade Bank, an institution prope.::s,
in Britain with view TO facii,'a".ss
ovcrsca trade after the war. 1t Is ~.
reported that the regulations COVE,
ing the functions OF the loSohsus, .ss,
Specie Bank will be modified so ..., w,
it may be so enlarged with the op!..i
OF promoting Japan's financial 50
economic development abroad. a,
AS n first step toward eNtendinS S.,s
operations the Yokohama Specie naso "a
already has begun advancing none. nc M
Japanese merchants abroad. espec'sn;
in the United States. Hawail IS l.
Canada. The latest accommodating -, !,
100000 yen tS34S.950) for Japa"s,r. -.
sugar merchant in Hawaii. IL Is - ~
pocted that foreign investments Q, "a !.
kind by the bank will be graduaiiy ,sr l.
creased and extended not only IN o,a,. a..
to further Japan's economic deVsgr de;rr
mcnt abroad, but also by way OF mSssss ss,ss
the most Of Japan's increasing resesia
of gold and specie.
New-York tribune., 1918-03-26

Liberty Loan Is, after receding a
little, rose briskly and closed above
81. Strength of this issue probably
was TO be attributed to the prevail
ing opinion that the forthcoming
loan will bear d higher rate than the
last issue, and that it will be for a
much smaller amount than had been
expected a few weeks ago.
New-York tribune., 1918-03-26
Mexican Commodity Prices

From the latest Mexico City news
papers received the following retail
prices for leading articles of food arc
taken. They compare favorably with
rates in this country:
Starch, ~ cents a pound; sugar. IL
10 a : dried meat. 30 cents; flour.
o1s to cents; potatoes. Az to 81
cents; rice. to ~ cents: cotrno
lErcen). 3A to 92-3 cents; beans
J." to II cents; corn. 2-:3 cents.
macaron', etc, 1874 to 1879 cents.
New-York tribune., 1918-03-26

The above rates express The cost Of
foreign money in terms of the Amcri-
can dollar. You buy an English pound
sterling at say, $4.75fa. The intrinsic
parity is S9.SG4s per pound. Thus YOU
say either that pounds are at n discoun+
or that dollars are at premium. which
~ owing to the fact that in England
the demand for dollars With ...,is. to
settle accounts in this country is greater
than the demand in this country for
pounds with which to settle accounts in
England
New-York tribune., 1918-03-26
Dollar in Foreign Exchange

The foreign exchange market in the
movement of rates yesterday gave no
reflection of the events taking place on
the Western battle line. Sterling and
francs were quiet and steady. Italian
exchange was weak, but the movement
was not significant. Rates on the Euro
pcan neutral countries underwent very
little change.
Closing rates yesterday, compared
with q week ago, follow:
(Quotcd dollars to The pound.)
New-York tribune., 1918-03-26

Foreign government and munich
pal bonds weakened slightly yester-
day, but the maximum price recess
sion was only a point, in the City of
Paris 6s. Evidently holders of these
bonds have little fear that the mys-
terous bombardment viii be effect
i,-n
New-York tribune., 1918-03-26

their customers only for actual ncccssi
ties, and in furtherance of war actvi
ties. the dangers Of such imitation as
necessarily accompany the war opera
tions of the government viii be re
duccd to the minimum.
c. J. LORD, Pres dent
Capital National Bank.
Olympia, Wash, March 20, 1918.
New-York tribune., 1918-03-26

ket, after showing a snort period Of
hesitation, turned strong. and with few
exceptions the closing quotations We're
the highes, of the day. In the light Of
the apparent unfavorable developments
in the war situation other reasons were
sought for the strong undertonc of the
market. Among these may have been
the impending announcements of the
terms Of the next Liberty Loan
New-York tribune., 1918-03-26
Action of Market Surnr;sco

When the news flashed over the tick.
crs shortly after o'clock vostoraa.
announcing the German claims to tho
capture of Bupaumc, Ncslc and Cbo,,,.
some some market observers predicted =
nrc"K IN prices that would rnsnn,h,,
'ne opening declines. Instead tho mar. mar
New-York tribune., 1918-03-26
Boston Bank Statement.-Thc week

ly statement OF the Boston banks
showed loans and discounts of S4S9.-
406, 600 compared with $475.o39 900 the
previous week. The cash surplus with
the Federal Reserve Bank stood at
$l2,3l4, 900, compared with $15.3S3 900
a week ago
New-York tribune., 1918-03-26
Quoted units to tho doIlar.)
(Quotcd cents TO the unit)

Below is given the current exchanc.
vaiac Of foreign money in dollars AMI
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune., 1918-03-26
News Digest
Foreign

Holidays on Liverpool Cotton Board.
LIVERPOOL. March 25.-The Cot
ton Exchange here VIII be closed next
Friday, Saturday. Monday and Tues
day Easter holidays.
New-York tribune., 1918-03-26
About Railroad Securities

Tho point that railroad stocks listed
on the Stock Exchange, with few ex-
ceptions. have been consistent payers
Of dividends. is made in a study Of
the action of the securities over n pc-
riod of years by Sheldon. Dawson, Lyon
g. Co.. members of the exchange. The
stocks have been paying dividends
from ono to siXtv-two consecutive
years, or an average of eighteen.
New-York tribune., 1918-03-26
New York

Partnership Tax Returns. Collector
William Il. Edwards. OF the Second
District OF New York, was informed
yesterday by the Commissioner of In
ternal Revnue that partnerships MAY
file their excess profits tax returns on
the basis of tho fiscal year if ther
accounts have been so kept II re-
turn has already been flcd. according
TO the calendar year, an amended re,
turn may be FLED 70 cover the fiscs
year. Partnerships are requested 70
sec that their returns are filed BY
April /