davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-01-03
Pacific Gas Passes Dividend

The Pacific Gas and Electric Com
pany has passed the quarterly dividend
of S1.2o share OH the common stock
due at this time. The r.~son given
for this action is desire on the part
of the company to conserve it, re-.
sources TO meet the increase ir cost of
labor and raw materials. The company
Is hydro electric proposition, but. due
to the extremely dry season in Califor
MIA. it has been necessary to utilize re.
serve steam plants. These plants use
OIL a = fuel III generating electricity.
Water gas oil is also used in manufact
uring gas. The high price of oil, it is
reported, has put an additional burden
of approximately $11o. 900 a month on
tho company.
New-York tribune., 1918-01-03
Money and Credit

In the face Of heavy shifting Of funds
incidental to the large first of the year
corporation disbursements a condition
of comparative case prevailed in the
local call money market yesterday. AZ
tho Stock Exchange between 81, 900 900
and $4,000 900 was loaned by the banks
~ 4 20 per ccut. the latter being
tha rulng rate fer tie day. This CONF
pare" with 81 per cent OF Monday.
There IVES a sulEicicncy Of call funds
without the bankers money pool hay
ing to mako any offerings.
Conditions in tho market for loans
running for fixed periods were somc-
what different, and only light offerings
We're reported, with the ratio for prac-
tically all maturities holding firm at 6
per cent. Banks continued to restrict
their activity in this department. Of
the money market
Euling rates for money yesterday,
compared With year ago we've IS
fo]iows:
Yesterday. Year ago.
Call money!. so go
New-York tribune., 1918-01-03

York for the protection of holders OF
the first $ per cent mortgage bonds of
the Northwestern Terminal Railway
Company, Of Denver, the interest on
which fell due yesterday and was not
paid. The committee consists of Henry
II. Wehrhanc, chairman OF lIallgarten
& Co.; W. {. Ely, of Plympton. Gar
liner {: Co; +. ]. Lisman, of +. J. Lis
man & Co., and John D. Howard, of
John u. Howard & Co., Baltimore. The
Northwestern Terminal Railway is con-
trolled by the Denver & Salt Lake, for
merly known as the Moffett road. The
amount Of the issue on which the semi
annual interest has been defaulted is
S2,1 900. The bonds were offered in
January, 1910, by Plympton, Gardiner
e. Co. at 81,
New-York tribune., 1918-01-03
Dollar in Foreign Exchange

Pronounced weakness developed in
The market for Italian exchange ycstcr-
day, lire going to $50 to the dollar,
compared with S.%7 OH Monday. The
decline was caused by slight increase
in the volume Of selling, which the
market was unable to absorb, owing to
the absence Of demand for exchange
on Italy.
Trading IN the rest OF tho market
was extremely light, and changes in
rate; We're unimportant.
Closing rates yesterday, compared
with week ago. are given IN the table
below. Aul, rican bankers have sus-
pended all dealings in German and
austrian exchange. so that daily quo
tations for either marks or kroncn are
no longer available.
lGUntCd dOIlavS fO ho ucurd,
New-York tribune., 1918-01-03
Dividends Declared
Southern Railway

Midvaic Steel and Ordnance Com
share, payable February to stock Of
record January 19.
Illinois Central Railway regular
quarterly dividend OF i 4 per cent, pay
able March l to stock Of record Feb
ruary 1.
Pere Marquette directors have de-
clared the regular quarterly dividend
OF Z per cent on the prior preferred
stock Of the company, PAYABLE Feb
ruary to stock OF record January is.
American Glue regular semi-annual
dividend Of ! per cent on preferred
stock, payable February to stock Of
record January 20.
New-York tribune., 1918-01-03
Decrease in Gold and
Silver Mined in 1917
Production Slightly Under
That of Previous Year, Re-
port Shows

WASHINGTON, Jan. 2.-production
of both gold and silver in 1917 fell
slightly below the 1916 output, report
to-day by the Bureau of the Mint and
the Geological Survey shows Silver
production amounted to 74,2445O0 fine
ounces. compared with 74,4l4.8O2 ounces
in 1919. Gold production wss A,O8S, 800
ounces, valued at s84.456 500. as com
pared with value in 1916 Of $o2,-
590.300
Utah led in silver output with A.
3l5,300 ounces. and California led all
the states in gold production, with L.
006,969 ounces.
New-York tribune., 1918-01-03
News Digest
Foreign

War News to London's Liking
LONDON, Jan. 2.-The stock mar
ket opened the year with a con-
lidcnt undertonc The war news
was regarded as favorable, and con-
sols advanced seven-eighths. Home
rails and Argentine and French bonds
improved OH reinvestment Of dividends
and mining, rubber and shipping
shares showed several strong features.
Guatemalan bonds declined Two points.
Paris Boursc. PARIS. Jan. q
Trading was dull on the Bourse to-day.
Three per cent rentes, oS francs so
centimcs for cash. Exchange on Lon
don, u francs % centimes. Five per
cent loan, 8S francs 35 centimes.
New-York tribune., 1918-01-03
z III Z III
exchange lntri,
Winter Wheat Crop Improves

Improvements. in the winter whea.
outlook in the Southwest is indicated
hY the Oklahoma state crop report for
January 1t makes the condition Of
,ke crop C5. coinpared with 81 in Dc
'-mhcr. \ wear ago The winter wheat
'onji'ior was 81. Oklahoma farmers,
the 'enort lows. now hold only Il per
cent Of the 1al, wheat crop. compa red
with IS per cent in December, while
holdings OF corn are 3S per cent of the
crop. against e3 per cant IN December.
New-York tribune., 1918-01-03
Connecticut Brass DIVIDENDS

The Connecticut Brass and Nam
featuring Company declared mum
quarterly dividends Of s2 share on -
first and second preferred issues, pay ..
able January II 10 stockholders Of .soa TeS.
ord December 81 None OF the sovv.
900 os fist preferred stock Is o5., aS,
standing, being held IN reserve leI ~. srs
conversion of an equal amount OF INA IVA
year G per cent notes recently so,u
The company has 100000 Of sec'As
preferred stock.
New-York tribune., 1918-01-03
Guaranty Trust Opens
Madison Avenue Branch

The Guaranty Trust Company of New
York opened yesterday its new branch
office building at Madison Avenue and
Sl%tieth Street, through which the
banking and trust services offered at
the company's main Office will become
available to the residential and bust
ness section directly east of Central
Park
New-York tribune., 1918-01-03
Relevant Comment
Bush Terminal Stock Drops

Stock of the Bush Terminal Com
pary broke 20 points on the exchange
Yesterday on tho sale Of 100 shares at
so. This WAS its response to the gov
ernmcnt's action in taking over for the
period of war tho company's piers and
warehouses as a supply base. The basis
on which the government has taken
possession Of the extensive properties
of the Bush company in South Brook
lyn has not been made public. The
company has $5,519,loO of common
stock outstanding, on which it paid 10
per cent in dividends IN 1916, including
) per cent IN cash and 5 per cent in
common stock. Dividends at the pres
ent time are at the rate Of j. per cent
a year. There is $2.3o0,ooo of per
cent cumulativc preferred stock also
outstanding.
New-York tribune., 1918-01-03
Iron Ore Producers Object
Adds S5,OO0,COO TO Surplus

Directors OF the National Bank of
Commerce OF New YORK voted yestey
day to transfer S5.O0O.oO0 from un-
divided profits to the surplus account.
increasing that item so per cent, to
s1o,0o0.000 Combined capital and sur.
plus of the institution now stands at
S4o,oO0,o00. The bank has had a rapid
growth in the last few years. In 1911.
when James s. Alexander became
president. the resources of the institu
ton aggregated S207,000,OO0 On No.
Vember ~ 1877. the date of the last
national bank call, resources totailnd
$40 900 900
New-York tribune., 1918-01-03
Elections

Fars r. Russell and Louis A. Keidel
were yesterday elected vice-presidents
of the National Bank of Commerce.
Richard W. Saunders was appointed
cashier and Louis P. Christensen as
sistant cashier.
New-York tribune., 1918-01-03

Commercial Paper. Tradlng in COM
mcrcial paper was on small scale yes
tcrday. With rates quoted at 5at to 8
tics.
Official rates OF discount for cacn Of
the twelve Federal districts arc as fol
lows:
New-York tribune., 1918-01-03
New York

Agree on Hale x kilburn PIan.-~An
agreement has been reached on a modi-
fed plan Of reorganization Of the Hale
&. Kilburn Company. All stock to be is
sued will be deposited under voting
trust agreement for a. period of five
years. The trustees will be w. d. Bald
win, president of the Otis Elevator
Company; Alba b. Johnson, president
of the Baldwin Locomotive Works; Ar
thur H. Lea, George G. Foster, presi-
dent of the American Piano Company, and
Joseph Fl. Bower, vice president Of the
Liberty National Bank. The authorized
preferred stock Of the new company will
total S4,000,00O, and s66.66 of the new
stock will be exchanged for each S100
OF the old. Dividends will be cumula-
tive from January l at the rate Of 5
per cent for 1918. 6 per cent for 1919
and per cent thereafter. The new
company will authorize $1,000,00O serial
6 per cent notes, which will be offered
to stockholders at 9o, with bouns Of
new common stock equal at par to the
principal of the notes.
New-York tribune., 1918-01-03

menta requiring borrowing operations
will be much more marked during tho
coming year
Tho following record of state and
municipal, financing shows the yearly
volume of new bond issues for the last
ten years:
New-York tribune., 1918-01-03

The demand for railroad stocks
seems to have subsided though
there is little selling pressure. Fol
lowing publication of the Prcsi-
dents proclamation railroad shares
were bought with an enthusiasm the
like Of which had rarely been seen
in Wall Street. Naturally the pace
could not be maintained, but it is
porobablc that the inertia witnessed
yesterday in this section Of the list
is only temporary. Renewal of ac
tivity may be expected when Con-
gress begins to debate the Admins
tration's plan for compcnsati,ig the
carriers during the period of gov
ernment operation In the tinan-
cial district The consensus Of opinion
is tina. The Nlan will go through
without substantial modification.
though i. i 20 hr nNpectcl that
consIdcr2oi opposition viii have to
hc overcome before Legislative ap-
proval is finally obtained There
appears to be an inclination in some
quarters to regard the proposed
guarantee as over liberal. That
view is hardly justified by the facts,
however, 1t is true that the aver
age operating income during the
base period-the three years ended
June 30, 1917-is substantially
larger than the income for any year
preceding 1916, and if the figures
are considered without relation to
other things they might appear to
be more than generous, But there
arc other factors in the equation
which cannot be overlooked, and the
principal one is the great rise in
prices in the last three years. The
general level of commodity prices
is now about Is per cent above the
crc-war average, and if allowance
IS made for this it will be found
hat the purchasing power of the
income proposed to be guaranteed
IS actually less than the purchasing
power of railway income in any
year prior to the one ended juno
80 last.
New-York tribune., 1918-01-03
Stocks Pools Become Active

Revival Of pool operations in the
stock market is accepted as sign that
the trading element il hopeful Of
arousing public interest in the market.
When chc outsider sees stocks rising
here and there throughout the list
holding out promises Of substantial
speculative profits, he is quite likely to
be tempted. The display of strength
and activity in a number OF the indus
trial shares yesterday. notably Studc-
Studcbaker rose 3 4 points to SO, and
American Can to A.. s5tudebaker is
now selling about 20 points above its
low record price of 1917, and half of
this recovery has taken place in the
course Of tho last ten davs
New-York tribune., 1918-01-03
By Geographical Divisions

Comparing with 1916. fewer failures
occurred in each OF eight geographical
divisions, and only in ten states were
the defaults more numerous than n
that year. Relatively the best numerl-
cal exhibit in 1917 was made by the
South Central section, nth reduction
of 50 per cent, and the decrease IN the
South Atlantic States was nearly as
great, being % per cent Elsewhere
the showing vas especially good in the
Central West and on the Pacific Slope:
where there was l falling of Of Il and
IS per cent, respectively. ard the I'M
provement in the Middle Atlantic
States and in the Central East was was
about II per cent in eacn case. lhs
change in New England, however, waa is'
iparatively moderate, and N ths
Western States the number "ss prac-
tlcally tho same as II 1915. lu-nins
to amounts, it Is seen thag he liao'n.
ties were smaller in five o. the e!gn'
groups. the exceptions being New tng,,
land, the Middle Atlantic States ans
the Pacific States. with Increases ..
$6,So0,000 and s5,50o,000 IN the n,s'
Two sections and of s3,Soe,o00 on 'ns
Pacific Coast. But the expansion -. ~
tnesc instances was virtually oHset ooa os
-ac striking contraction Of Sl9,oVe'uso
j! tie South Central States. and II l,'s
Western States the indebtedness VIZ
lowered fully S6.ooo,e0o. In the .oou.ji
Atlantic, Central Eastern and tenstSs ttS.
Western groups the reductions toge'"
er footed up 20 $500, ,0eo.
New-York tribune., 1918-01-03

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., 1918-01-03

SiIver.-~Bsrs in London. 431ad, un-
changed; New York, SO 7sc, unchanged;
Mexican dollars. 69c. unchanged.
Sub-Treasury.~New York banks
lost to the Sub1reasury 1921 900.
New-York tribune., 1918-01-03

London Money Market LONDON,
Jan. 2.-Money was in good supply at
314 per cent. Discount rates quiet
Short bills, 4 -32 per cent; three
month bills, 3-;52 per cent. Gold pre-
miums at Lisbon, 1000
New-York tribune., 1918-01-03
Failures Of 1917
Fewer Than In 1916
And Liabilities Less
Stimulating Effect of War De-
mands Reflected in Bushes,
Mortality Figures

Commercial failures in The United
States during 1917, as reported to
r. &. Dun & Co, numbered 13.s55.
with liabilities amounting to s1s2.-
44l,371. compared with 16,ee3 failures
with total Of liabilities of s196.o12
256 in 1915. These figures testify bota
to the soundness Of the fundamental
business conditions and to the stiuu-
lating effect of the great governmental
demands for war supplies. with trade
and industrial profits in many in
stances unexampled. The number Of
failures is the smallest reported since
1913 and the amount involved the light
est In nearly a decade.
In every quarter of 1917 there were
fewer failures than in similar months
ot 1916. and the fourth quarters re.
turns were especially good, the number
being the smallest of the year. But the
numerical decrease for the year was
considerably larger, proportion atey.
than the contraction in liabilities. ow.
ing to an increased number of defaults
OF unusual magnitude
New-York tribune., 1918-01-03

AS rails rclapsed into state of
relative apathy, interest centred in
the industrials, and heavy specula-
tive transactions sent prices up
ward. Dealings werc largely Of a
professional character, but there
was more buying for "outside' ac-
count. according to several brokers,
than i'll any session during tie last
three months The public--bv
which is meant the non-p professional
Clements still cautious, however,
and shows no disposition to indulge
in an orgy of speculation There
in it is wise, for there are too many
uncertainties ahead to warrant
heavy speculative commitments.
Nevertheless, considerable buying
for investment is TO be expected.
because the prices of many indus
trial issues are obviously out of line
with intrinsic values. As with the
rails, the decline which eliminated
a week ago went too far. Until
quotations and values arc more
nearly equalized the chances are
that investment demand will con-
tlnuc as a market factor.
The sensational rise in Genera!
Motors Yesterday was attributed to
POOL manipulation and this
seemed to be supported by the ac
ton of the stock. If the stock is
being manipulated to attract a
speculative following. then the gov
ernors Of the Stock Exchange
should take action to stop it.
Manipulation of that sort is quite
as vicious as the bear raiding which
depressed the market last fall.
New-York tribune., 1918-01-03
Profits Shared With Employees

he Corn Exchange Bank announced
yesterday a comprehensive profit shar-
ing plan and system of savings ac-
counts for its employees, the object of
which is to improve the we'll being of
the employees and indirectly increase
the efficiency of the whole organiza-
ton. The profit-sharine plan is en-
rely Independent Of and does not af-
feet alar;es: From the profits of 1917
deducuons have been made for cx-
penses, including saaries, interest on
accounts. taxes, usual bonuses to en-
ployes, allowances for losses, ) per
cent on the capital, surplus and un-
divided profits Of the bank, after which
30 per cent of the remainder was dis
tr1buted, December 81, among the Of
ilcers and employees in the service of
the bank on that date. In addition
the bank will open all account with
any and all Of it's employees upon the
average balance Of which interest at
the rate OF per cent per annum will
be credited scni-annually. The total
an employc shall not exceed 10 per
cent OF his or her salary for that time
Iron Ore Producers Object
With thc announcement by the Presi
dent last week that iron and steel
prices would remain in effect for three
months longer came the proviso, agreed
10 at a meeting of steel manufacturers
and the War Industries Board, that
on contracts made in the next three
months prices would be revised on de-
l.Verics after April | 10 conform to any
changes that might become effective on
that date. The iron orc producers are
volcinG 81 objection to the action
taken as to the revision of contracts.
as th"y are opposed TO making ore
sales on twelve month contracts, as is
thelr usual practice, subject to pos
sible reduction in price.
New-York tribune., 1918-01-03

Defaults Interest Payment. - An
nouncement was made yesterday that
committee had been formed in New
New-York tribune., 1918-01-03
Improvement Is General

Not only were insolvencies decidedly
lever IN number last year than in 1916,
but the improvement in this respect ex.
tended to manufacturing trading and
other commercial occupations. with
trading branches making the most sat-
lsfactory showing. Thus. there were
9,43o defaults in this class. compared
with 1923. or reduction OF fully
20 per cent: among manufacturers.
failures numbered 1851. as compared
with 4.196. decrease of II per cent,
and the falling off among agents.
brokers and other similar concerns. not
properly included in either manufact-
uring or trading, was Is per cent,
ia reverses contrasting with STA in
1916. Bat while there was a s21.-
100000 contraction in the trading LA
bilities $70,116,669, compared with
s91 ,373, ,s2s-the manufacturing indebt-
edness, owing to an Increased number
of insolvencies of exceptional size. rose
from s72,99o,580 to S79.543.507. and the
sum involved by the "orher CONNER
cial" defaults. for the same reason. was
swelled TO $32,Ts1 ,195. compared with
S3l 1888 S4S
New-York tribune., 1918-01-03

NN'C1UDI. VHT ago
Call money 5oo 3d.
Daily capital journal. (Salem, Oregon) 1903-1919, 1918-08-02
Governor Is Through
With Honor System

Governor Withveombe is through with
he "hoaor system and the trusty svs-
m at the state peni.egtiaTv. He saws
hey are failures q, "therc is no honor
among thieves" He win not abolish
them, however. until after the next leg
islature acts on a request he will make
for funds for establishing some sort of
industry which will give employment to
the eonvicts inside tie prison walls.
The escape of three "trustieS' Wod-
ne5day night, while the manhunt was
on for Bennett Thompson and F'rec A.
Thurber, the two desperate eOpvicts who
escaped Monday night, proves to be the
straw that broke the camel 5 back, so
far as the governor and the honor sys-
tenn are concerned.
There may be somo eonviets who will
respond to kindness but a majority of
them, says the governor, are not fit for
the leniency that has been shown them
under the present administration.
"The men themselves have made the
system a failure by showing their lack
of appreciation of what the warden has
endeavored to do for them,' dtclared
the governor.
Guards who have quit their jobs at
the prison have criticised the warden
for being too lenient with tie convict
and thereby sacrificing discipline.
Daily capital journal. (Salem, Oregon) 1903-1919, 1918-08-02
DONTFAH TO HEAR THIS BRAVE SOLDIER
SAYS RISK IS EXAGGERATED
Official Of Explosive Factory Denies
That Occupation Is as Danger
GUS as Is Generally Believed.

In paper read before medical
association In the east, DR.. w. G. Hud-
son, medical director of Il. |. DUPONT
de Nemours & Co., manufacturers of
explosives, recently made some in
teresting statements concerning the
risks connected with the manufacture
Of powerful explosives. He asserted
that the dangers of that industry were
greatly exaggerated. As matter OF
fact, rulroading shows much higher
injury and death rates than the manu-
facture Of explosives. OF the accl-
dents which occur in explosive fac
tories only small percentage are ac-
tually caused by explosives. Four
fifths Of the accidents are due to care
lessness or negligence of employees
who disregard the precautions neces-
sary wherever men are working with
tools and machinery. BY increasing
the share of work done by machinery
and reducing the fslmber of workers
in proportion to the increased use of
mechanical appliances, the manufac-
turers Of explosives are striving to
diminish the hazards connected with
their business, says Popular Science
Monthly.
Daily capital journal. (Salem, Oregon) 1903-1919, 1918-08-02
ADVERTISED LETTERS.

Advertised July 30, l9lS.-Anderson
A. N. Ashford, Patra; Bailey Mr.. Will;
Beck, b. A.; Bowen, Mrs. X. g.; De
ment Miss Mildred; Evans, Mrs Eliza
beth; Ferguson, Mrs. G. W.; Fliegel,
Miss Marie; Fischer, Mr.. Will; Funke.
Mrs. p; Gilkers, Mrs; Granfield, Mr..
Arthur Hancock Mr. and Mrs E.; Han,
cock, Mrs. Ernest; Hansen, Mr.. AL;
Hart, Cecil; Hendrickson Miss L.; Hen
dershott, Mr.. Carl; Herucber, Mr..
Henry; Houek, Miss Nettic; johnson,
Mr.. W. A.; Jones, Mr. Fred; Jones Mr..
VIM; Kemp, Mabel; Lightfoot, Mr.
Gordon (soldier's letter.; MeGinty, j.;
Maukden, Rev. VIM; Moores, Nellie S.
Morley, Mrs Minnie r.; Nevitt, Kath-
crime; Punzel, Mr. Art; Reynolds, Mrs.
L. e.; Rhodes, D. W.; Shafer, Mr.. V.
c.; Sewers, Mr. Abe (soldier's letter.
Sewers, Lulu (soldier's letter.; Walk.
er, Mr.. Leroy; Watson, Athclene; Will
cox, Gertrude; Wright, Mr.. Leewell.
AUGUST HUCKESTEIN,
Postmaster.
Daily capital journal. (Salem, Oregon) 1903-1919, 1918-08-02

A prominent musician tells some
funny yarns.
One relates to his experience in find
ing suitable instruments when on a
tour.
On one occasion at small place
where he was due to appear he in
quired where he could hire a piano,
and found that the only one available
was an ancient looking instrument in
a small shop.
He asked If he could borrow 1t for
his performance.
"You could not play on It, least
ways, not as it is" replied the own
er, 'for it's full of books. JIM" he
bawled, "wheres the inside of this
pianOr
And Jlm's voice from upstairs, ere
piled: SAINT 1t out in the gardenp
Daily capital journal. (Salem, Oregon) 1903-1919, 1918-08-02
Etiquette In Mexico.

Travellers through Mexico report
:aany peculiar customs which reflect
the temperament of the people. Some
Of these are founded upon supersti-
tons hundreds of years old while 9th
ers date from more recent days. There
is prevailing belief in the country
that there Is bad luck In sequence
Of threes and wherever possible the
combination of three Is avoided. This
is shown very often to persons strange
to the land in the lighting of Gig
arctic.
In the United States one often sees
three men light their pill from one
match. 1t would be gross insult
In Mexico to offer man a light from
a match that had already started two
cigarettes going. Instead one must
blow out the match and give him 3
light from the ignlted coffin nail.