davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-02-26
Japan $ Shipping
Subsidized Despite
Earnest Protest
Government Forces Bounties on
Highly Prosperous Trans
portation Companies

JCI tdtlOH SOlIlpdIllCS
Notwithstanding efforts on the part
Of Japanese shipping companies to re-
Jcct further annual shipping subsidies
with view to avoiding various obliga-
tions, the Japanese government is de-
termined to extend the customary aid,
according to advices from Yokohama.
The Japanese shipping interests have
insisted that owing to their prosperity,
derived in large part from the effects
of the war on ocean freight rates, they
no longer need state assistance and,
moreover, are not desirous Of being 50
obligated to the government. But de-
spite all applications petitioning the
government to stop further shipping
bounties the japanese department of
communications has ordered the Nip
pom Yusen Kaisha, the Togo Kisen
Kaisha and the Osaka Shoscn Kaisha,
the largest Of these corporations, to
accept the regular subsidies The total
Of the subsidies announced and which
various firms have been ordered to ac-
cept is $2,398,93 in 1918 and S2,261 ,547
in 1919.
New-York tribune., 1918-02-26
Canada Seeking
Loan From United
States Treasury
Officials Now in Washing
ton to Ask Credit for Recti-
flying Adverse Exchange

Sir Robert Borden. Premier Of Can
ada, and Sir Frederick Williams -Tay-
lor, general manager of the Bank of
Montreal, headed deputation of
Canadian fnanciers which passed
through the city yesterday en- route to
Washington to take up with the au-
thorltles there plans for adjusting the
unfavorable exchange situation now
existing between Canada and the
United States. The Canadian officials.
it is understood, will ask Secretary of
the Treasury McAdoo to grant the
Dominion a large credit.
Exchange Problem Serious
The exchange problem has been
growing increasingly difficult since the
first of the year, and recently New
York funds in Montreal and other Can
adan cities have been commanding a
premium Of as much as Y per cent.
This has proved costly to Canadian in
terests with remittances to make to
New York, for it has meant that they
have had at times to pay as much as
SIS per 81 600 for New York exchange
Early yesterday the premium was 3-16
per cent, but on the news that the
Canadian officials were on their way to
Washington it declined sharply to !
per cent.
The latest figures show that Canada
is running up an adverse balance of
trade with the United States at the
rate of 100000, 900 a year, owing
largely to the light movement Of wheat
across the border and also to the fact
that the United States has put an en-
barge on long list OF goods that
normally are imported from Canada.
In the mean time Canadian purchases
Loathe to Ship Gold
Shipment of gold from Canada to the
United States would solve the exchange
problem, it is stated, but Canada has
no gold to spare, according to the
bankers, who say that all the metal the
Dominion has is needed to cover circu-
lation. Recently small amount OF
gold was brought in, but it proved in
sufficient to meet the needs of the
Wall Street recalled yesterday that
the last time Sir Robert Borden and
Sir Frederick Williams Taylor visited
Washington exchange rates favored
Canada and New York funds were at
heavy discount, as against premium
at the present time. That was last
fall, and the Canadian representatives
asked permission to import gold from
the United States to meet the situation.
Finally an agreement was made where
by $4,000 900 was to be shipped into
the Dominion-S10, 600, 900 in November,
81 100000 in December and S5,000,000
in January. 1t was understood that the
gold was to be returned to the United
States when it was no longer needed in
Canada. The gold was never shipped
to Canada. however. for the exchange
situation changed almost overnight and
has since been steadily maintained in
favor of New York and against Canada.
New-York tribune., 1918-02-26
Corporation Returns

FISK Rubber COmpany.-Net prohts
for the year ended December 81. 1917,
were S3,57S ,4S4, compared with 1885,
$50 for 1916. Balance was SO 3,1O2, ,799,
compared with $1.O7704S for the pre-
vious year. Preferred dividends amount
ed to S972.850, an increase Of S424,8 $50
over a year ago. Surplus was S2,129,-
949, compared with S629O4S for 1916.
Public Service Company of Northern
lllinois.-Annual report for year ended
December 81 last shows gross earnings
Of $S.797.165. compared with S7,783, ,157
for the previous year. Net after taxes
was S3,48S.431, compared with S3.274,-
GA for 1915. Dividends amounted to
S1.2Ss, OLA, compared with s1.135,161 for
year ago. Surplus was $685. $50, com
pared with S641 $50 for 1916.
Consolidated Interstate-C Callahan Min
ng.-The company reports profits for
the quarter ended December 81 Of
S233,0S3. equal TO so cents share,
compared with $755.SS7. or 1852 per
Surplus for the quarter amounted to
$191 1926, compared with $747,131 for
the same quarter of 1916.
Northern Central Railway Company.
The annual report for the year ended
December 81, 1917, shows net income
of S2167 ,206, compared with S216S.l7
for 1916 Balance amounted to 81 .034,
compared with 500 for the previous
year.
Keystone Telephone Company, of
Philade!phia.-Gross earnings for the
year ended December g last were
81 ,639 ,299, compared with $1,A7O,143 for
1916. Balance available for taxes, etc.
was STAT, ,449, compared with SIPS. .923
tor the previous year. Net profit
amounted to $4l2,17S. compared with
$399,8 for year ago
New-York tribune., 1918-02-26
3. r. T. Dividend
Deferred Pending
Note Financing
Directors Will Take No
Action Until $57,735,OOO
Issue Is Provided For

Directors of the Brooklyn Rapid
Transit Company yesterday voted to
defer dividend action on the $74,455, ,150
outstanding stock until provision has
been made for an issue of $57 1886, 900
slX-year per cent notes, which mature
on July r, next. Since 1913 the COM
pany has maintained dividends at the
rate of 6 per cent annually. The quar-
tcrly disbursements Of II per cent
declared in preceding years at the Feb
ruary meeting have always been paid
on April /.
Earnings Justify Payment
7. S. Williams, in announcing the de-
clsion of the board Of directors, said
that the earnings justified payment of
the dividend, but the directors felt
that, pending the consummation of ne
gotiatlons relative to $57,735,0 900 of
notes issued for rapid transit pur-
would be wise not to take action at
this time on the current dividend"
The Brooklyn Rapid Transit Com
pany has filed an application with the
capital Issues Committee at Washing
ton TOR permiss ion to issue securities to
meet the maturing notes. The com
mttee, it was learned yesterday, has
ruled that "the taking care of the is
sue is not incompatible with the inter-
ests of the United States" Company
officials, however, have yet given no
mixing as to what form the financing
viii take. According to reports in the
1lnanclal district an attempt may be
made to float an issue Of new pre-
ferred stock. 1t was also intimated
that aid may be sought from the War
finance Corporation.
VIII Wait on Liberty Loan
ltis not intended to present any plan
That may involve financing of the notes
IN the open market until after the next
Liberty Loan is out Of the way. Inter-
ests close to the company stated yes
terday that this had been decided upon
owing to desire on the part of the
management to interfere in no way
with the governments war programme
February dividend had been deferred
Stock Exchange, within 2as points of
the low price of last December The
closing sale was at 391s, a net loss of
1s points.
Last year the company earned a sur
plus after charges of S5,O79,3O9, equiv
d lent to 6.92 per cent on the stock,
compared with 6.76 per cent earned in
1916.
New-York tribune., 1918-02-26
Nevada Copper Reports
Deficit After Dividends 8

The Nevada Consolidated Conner
company reported yesterday earnipcs
OF 81 ,s22, 1856 for the December ouarter
OF 1917. compared with s1,9SS,323 in
tEe preceding quarter. After payment
c. the regular dividends there was a
,,. Inc copper sold during the quarter
vas produced at cost Of 1878 cents
a pound, compared with Hts conts ;a Ia
the preceding quarter. The comnan,, ,a ~,
produced 22, ,153,15 pounds of connay
during the three months, compared
with 2o.2l7,673 pounds in the precedl d.
ing quarter. =
New-York tribune., 1918-02-26

Professional traders sold stocks
and prices generally sought lower
levels yesterday, with the industrials,
which have been strongest on the
recent recovery, showing the great
est weakness. Railroad stocks
drifted lower also, but the trend in
this group was not SO pronounced
The Street found it easy to attribute
the adverse movement of prices to
pessimism over the Russian col
lapse and the growing conviction
among security holders that the
German success there points to an
indefinite prolongation of the war.
The news over Sunday regarding
the situation in Russia was little
different than has been coming
through for a week past Ever
since it became known that Ger
many had decided to renew war on
the Bolsheviki the market has OK
pected just what has finally come to
pass, so it is not unlikely that the
Russian developments had already
been fully discounted Assuming
this to be the case, the decline can
De explained by considerations hav-
ing to do with the technical posi-
ton of the market. The fact that
there was no real liquidation and
dealings aggregated only G12,70O
shares was significant.
New-York tribune., 1918-02-26
Decline in Russian Bonds
External 6 1-2 and S IL Loans
Sell ar New Low Record
Levels

Wall Streets view Of latest develop
ments in Russia was reflected in an
other sharp break yesterday in Russian
government gold notes, noated in TINS
market some two years ago. The On
per cent issue fell from As TO 4er
and the 5i2s from 81 to So, new low
records in both instances
Al these new minimums the notes
which mature in 1921 and 1919, respee.
lively. and on which interest has beer
regularly paid. represent a return o.
about 40 per cent The attraction ., o.
this yield seems to be more than bal,
anced however, by the risk inyofea
m the precarious political and military
situation in Russia
New-York tribune., 1918-02-26
Local Firm Interested

he Stock Exchange firm of Hayden,
Stone e. Co., which is understood to be
interested in the proposed Canadian
steel merger, is quoted in "The None
tary Times" Of Toronto, as follows:
"There has been considerable publicity
regarding the proposed merger of the
Dominion Steel Corporation and the
Nova Scotia Steel and Coal Company.
and such merger would bring under
one ownership raw material in the
shape of iron ore and coal that would
compare favorably with the ownership
New-York tribune., 1918-02-26
y. S. Imports Show
Big Gain in ! Months
Increase Is s2S6,o00,o 900, Due
to Growing Demand for
Raw Materials

WASHINGTON. Feb. 25.-Increasinr
demand Tor raw materials caused an
Increase of s2S6,ooo,ooo in the imports
OF tins country for the first seven
months of the fiscal year Restriction
OF exports not contributing directlv r.
7, she ,ec prosecution pro aaa of the war caused a
Slob,Oo0,OO0 decrease in exports.
Figures issued TODAY by tho Dor.r+
ment of Commerce gave the tota, ~,
ports from July to January II os
e. 81 o34,ooo,0o0. and exports s3,44S 600,
Gold imports were 1854 900 and ex-
poftS s4l .lSb.OO0 Imports of silver
ootalled do6 s41,1s6,ooo; exports, s52,os2.
New-York tribune., 1918-02-26
st. Paul Weakens

Both classes of Chicago, Milwaukee &
St. Paul Railroad stock displayed pro-
nounced weakness yesterday. On trans
actions of 10000 shares the common
stock declined to 3SA, closing at 39M
with net loss of IA points. The pre-
ferred lost 3 points, at So The di-
rectors meet on Thursday to consider
the matter OF dividends. At the last
meeting, held at the close of January
the directors deferred action until a
more definite knowledge Of the terms
under which the government is to OBJ
crate the railroads could be obtained
New-York tribune., 1918-02-26

Senator McCumber's proposal to
conscript labor would be worthy of
more serious consideration than it is
likely to receive were it not for the
simple fact that the plan is impracti-
cable. 1t is possible to conscript
wealth, because it is immobile; in
deed, that has already been done in
many forms. 1t is possible to con-
script life; that, too, has been done.
But direct conscription Of labor is
possible only in theory, for there is
no power that can compel mass of
labor to do that which it does not
desire to do. The individual can be
forced, but tne mass, acting in con-
cert, cannot. And so we shall have
to find labor for our war industries.
and perhaps later for our farms, bv
the slow and less effective process of
curtailing non-essential production,
thus releasing workers, who, per-
force, will have to find employment
at essential work. Britain has delved
deeply into the question of conscript-
ing labor, but has abandoned the
idea.
New-York tribune., 1918-02-26
British Bill Rate Up
This Weeks Offering Made
on 6 Per Cent Basis

The ninety-day British Tressus
bills, which j. p Morgan & Co. ns's ~,
been offering for sale during the is,;
two weeks at 5'2 per cent. are ohs'sss
this week on per cent basis. ~
Raising of the rate was declared
be due to the action of Secretary ~. -
the Treasury McAdoo in advancing Wv
rate on certificates Of indebtednesssit
from to Il per cent and the gehe.ss.
stiffening in the local cad moass
market.
New-York tribune., 1918-02-26
The Dollar in Foreign EXCHANGE

Trading in exchange on the Scandi-
haVlan countries was somewhat more
active yesterday following the COM
plct'on of the trade agreement with
Norway. Stockholm checks sold off 8.
while the Copenhagen rate declined llc
l'allan lire were slightly frmer.
Closlng rates yesterday. comnared
W',h week ago, are given in the tahle
Delow. American bankers have sus-
pended all dealings in German and Aus
TRAN exchange, so that daily quotations
1oa,, 1or either M marks OF kronen are no
New-York tribune., 1918-02-26

ed to prove how far sound economic
attitude has been that Of the Federal
government and the individual states
in dealing with the railroads in the
past. And the present situation should
lay the foundation for a safer. sancr
pollcy IN the future. The open door
OF opportunity awaits the entrance of
the railroad statesman
New-York tribune., 1918-02-26
Baldwin's P,yrotechnics


In New Street yesterday calls on sew
eral hundred shares of Baldwin Loco
motive, running until the close to-mor-
row. were sold at Az points away from
the market, the price of the stock at
the time holding around "A. After
nsiu",h had closed at 72A, calls were
offered 5 to 6 points up. The stool
sold as high as 76 early Yesterday but
the recovery was short lived and Ra1d-
WIN fell away subsequently,, leaving off
with net loss of l 4. The Street,s
explanation of the bad action of Raid.
win was disappointment over the itom
OF Sl5,SOO,000 written off on acconnt
OF patents and good will vet tho ans
nual report of the company was one
OF the best in all respects that anv
industrial has presented in some tina
New-York tribune., 1918-02-26
Dividends Declared

American Telegraph & Cable Companv-
neeular quarterly dividend of IA per cent
IS. VI ieeoio repruary
D J.. !. Case Threshng Machine Company.-
nn quarterly dividend OF q Ger cent on
OF record March H. " s'oeh
pa',',1a mannattan u;a Electrical Supply Company
esuiar dividends of / per cent on the ,orr-
''o" ana L Il per cent on the first preferred
New-York tribune., 1918-02-26
stock, both payable April to stock of re;os

stock, both payable April to stock of re;or
March 10
Montreal Cottons. Limited. Regular quar
terly dividends OF per cent on the comrnsi
stock and l$. per cent On the preferred, bcia
payable March Is to stock of record March b
Pabst Brewing Company Regular quar-
terly dividend of -. per cent on the pre-
ferred stock. payable March - 10 stock Of
record March 6.
Globe Soap Company. Regular quarters
dividends of Y per cent on the comrnos
ana hrst, second and special preferred stocks
all payable March - to stockholders Of rec
ord March I
Stewart Warner Speedometcr COMPANY
Regular quarterly dividend Of ! ls per cent
payable February Is to stockholders of ret
ord January so.
New-York tribune., 1918-02-26
New York

New Certificates Subscriptions to
the S500,00O0Oo certificates of indebt-
edness issued by the Treasury Depart
ment at Az per cent will be received
by the local Federal Reserve Bank up
to March 5, according to circular sent
out by this institution to the member
banks
New-York tribune., 1918-02-26
Alaska Gold Interest Passed.-Fo

Alaska Gold Interest Passed.-Fol-
lowing meeting of the directors Of
the Alaska Gold Mines Company yes
terday it was announced that the in
terest due March l on the "a" and "B"
debentures would not be paid, as the
necessary funds We're not available.
or the former 81 ,449,80 are outstand-
ing and of the latter 81 100000. They
were issued on March 1, 1915, and
March L, 1916. respectively. On the
Stock Exchange the "A" debentures sold
at 21 and the 'B" notes at 20. The last
previous sale of the former was at 25,
while the "B" debentures sold last at
"a. For the quarter ended September
80, 1917, the company reported operat-
ing profits of only S8,734, compared
with $114,234 for the previous quarter.
George H. Hewitt. jr., formerly OF
Herrick < Bennett, has become asso-
ciated with the National City Company
New-York tribune., 1918-02-26
Elections

Harry Sachs, of Goldman. Sachs &
Co., has been elected a director of
Sears, Roebuck & Co., succeeding
Henry Goldman, retired
George f. Naphen has been admitted
to the firm of Liggett & Drexel
New-York tribune., 1918-02-26
Money and Credit

There was little change in call money
rates yesterday. Larger offerings at
the close caused a drop in the Quota
tlon to 3 per cent, although the ruling
rate was AZ per cent, which was also
the rate at which most loans were re-
heWed: The market for time accom-
modations continues UNCHANGED. The
banks are not disposed to lend money
1or stated periods, although borrowers
SUN OTTER per cent on mixed and in
dustrial collateral.
hullng rates for money YESTERDAY.
compared with year ago, were as fol-
lows:
New-York tribune., 1918-02-26

of such materials by any other COM
pany on this continent. and from the
point of view Of the British Empire
would represent one of its great assets.
To say that we arc back of such IA
merger is hardly correct; but we do
feel that an operation of the coal and
iron ore deposits under one ownership
instead of by any man-made division
would result in economies both from
the point of operation and by avoiding
tho necessity Of duplication Of plant
that would be of the greatest benefit to
the security holders of both compa-
nics"
New-York tribune., 1918-02-26
L. S. Bond Maturity

The United States government has
an issue of $63,oO0,00o of 3 per cent
Spanish War loan of 1898 coming due
in August next, wfich will be paid on
maturity. 1t is stated that approx
mately S1S,o00,OOo Of the bonds are at
present held to secure bank circula-
ton. BY this retirement the national
banks employing these bonds as col
lateral for their circulation must re-
TIRE an equal amount of circulation or
substitute bonds of other issues that
can be used for that purpose. Only the
IS and 4s carry the circulation privi-
,ege, so that specialists in government
ponds say that the resulting demand
tor these two issues is likely to stimu-
late higher prices.
New-York tribune., 1918-02-26
A Motor Merger Distribution

~ NlOtOT merger Distribution
Stock Of the General Motors Corpo-
ration owned by the Chevrolet Motor
Company will probably go to the stock
holders Of the latter concern in the
form of a special distribution. This
information was obtained yesterday
following the Chevrolet company's no.
tiication to the Stock Exchange Of it's
intention 10 dispose of its General
Motors holdings. At the present time
Chevrolet owns 100000 shares Of Cen
eral Motors stock, which will be in
creased to 1864 shares upon compile
tion of the merger of the two compa-
nlcs agreed upon at a meeting last Fri
day. At this meeting it was voted that
the General Motors Corporation would
take over all the assets of the Chevrolet
company, exclusive Of the lattcr's
stock holdings in General Motors.
Later developments Indicate that with
the distribution Of the General Motors
stock owned by Chevrolet to that com
pany's stockholders the company will
continue in existence merely as a
branch of the General Motors Corpo-
ration
New-York tribune., 1918-02-26
News Digest
Foreign

London Market Stolid. = LONDON,
Feb. 25.-The stock market continued
dull but steady to-day. During the ex-
ccution of weekend orders, home rails,
the war loan, industrial stocks and mis-
cellaneous mines displayed a flash of
activity, but thereafter trading became
apathetic
New-York tribune., 1918-02-26
Publicity VS.. Prejudice

lhe Montreal and Toronto stock ex-
changes have begun a campaign in
which they are telling the people of
'he Dominion how they are able to
serve investors, who are rapidly in
creaslng in numbers as a result of tho
vide distribution of Canadian war loan
bonds. The object Of the publicity
campaign is to give the people in Can
ada better idea of the functions and
workings OF the exchanges, in an effort
to dlspel the widespread preiudices
against institutions of this character
New-York tribune., 1918-02-26
Current

The above rates express the cost of
ioreign money in terms of the Ameri-
can dollar. You buy an English pound
sterilng at, say, S4.75I'a. The intrinsic
parity IS SA.S6Ss per pound. Thus YOU
say either that pounds are at discount
or that dollars are at a premium, which
IS owing TO the fac' rnat in England
'he oemana Tor dollars with which to
settle accounts in this countr, is oraa+ar
than the demand in this country for
pounds with which to settle accounts IN
England ''9 AZ
New-York tribune., 1918-02-26
(QuOtcd cents 70 tJ,e unit,

Below is given the current exchange
value OF foreign money in dollars and
cents together with the intrinsic gold
States Mint:
New-York tribune., 1918-02-26

Paris Bourse - PARIS, Feb %
Trading on the Bourse to-day was ex-
tremely calm. Three per cent rentes
were quoted at 81 francs so centimes,
exchange on London at 27 frances 19
centimes and the 5 per cent loan at
81 francs 80 centimes
New-York tribune., 1918-02-26

First, we had a Board Of Excess
Profits Advisers, whose duty it was
to formulate q plan under which the
so-called excess profits tax law could
be administered. They, in conjunc-
ton with the Internal Revenue De-
partment, adopted the simple expe-
dient of rewriting the law, in effect.
even though no change was recorded
on the statute books. Now we are to
have a Board Of Excess Profits Re-
viewers, to pass on those cases which
no general Interpretation of an i'm
possible law could cover. There are
many who would not be in the least
surprised to see the appointment
later on of a board to review the
reviewers decisions.
A Wall Street estimate puts the
loss of the iron and steel companies
OF the country, by reason Of the COM
pulsory cutting down of production
during the past month as a result of
the railroad congestion and fuel
shortage, at S10O,0O0,000 to $780,
100000. This is probably conserva-
tive. Many concerns viii not recover
for months. The disorganization Of
labor forces, particularly in time
like the present, when labor is so mo-
bile, is one of the most important
items in the loss account, the exact
figures of which cannot be estimated
in dollars and cents. It is encourag-
ing, however, that progress toward
Improvement in this industry is be-
ing reported on all sides. In the last
ten days it is reported that gain Of
20 per cent has been made in steel
plant operations, while steel com
panies and merchant furnaces are
said to have transferred twenty-five
stacks from the idle to the active list.
Barring a return Of severe winter
weather rapid recovery may be ex-
pected in the industry as whole
from now on.
New-York tribune., 1918-02-26

Silver.-Bars in London were quoted
at 42@d, unchanged; New York, S51sc
unchanged; Mexican dollars, Csc, un-
changed.