davidaulloa/AmericanStories huggingface dataset:
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1918-09-24
MUST GET IN LINE
General Hovarth Ordered To JOIN
Forces With Semenon in SIberia.
(By the Associated Pressy

Harbin, Manchuria, Friday, Sept.
2O.--The Siberian government is re-
ported to have served an ultfmaturn on
the troops commanded by General
Horvath to disband or join the forces
OF General Semenoff, the anti-Bolshe.
Wiki leader in Transbaikalia
The Siberian government referred to
probably is that at Omsk, which re-
Gently declared war on Germany. Il
is probable that the ultimatum is an
order combining the commands of
Eioryath and Semenoff, both of whom
have been active against the Bo1she.
wiki from bases in Manchuria.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1918-09-24

is a surprise. What does Germany
think?
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1918-09-24
SHOWERS AND COOLER
Chilly Fail Dampness In Sight for To-
night and Tomorrow.

WEATHER FORECAST FOR KANSAS: !:
Showers tonight. Cooler in west and north
central Wednesday partly cloudy and
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1918-09-24
Germans Eyacuatfne cambrai.

Paris. Sept. 24.-The Tempes de-
clares the Germans are evacuating
Cambria. sending the inhabitants to
Mons.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1918-09-24
Italian Parliament Opens Sept. 80.

AtNiistu az AsthiCut OpSuS Scpt oO.
Rome, Sept, 24.-The Italian parlia-
ment will reopen either September 80
or October 1. it was officially an
nounced today.
New-York tribune., 1918-03-05

Beech Creek Railway Company-Q Quarterly
dividend Of 80 cents per share on the capital
stock. payable April ] to stockholders of rec
ord March 20
California Petroleum Company.-Qu
dividend of | per cent on the preferred stock
payable April ! to stockholders of record
March Ii.
El Paso Electric Company.-Quarterly div
idend of $3.50 per share on the common
stock. payable March l5 to stockholders of
record March 6.
Pittsburgh. Fort Wayne & Chicago Rail
way. Quarterly dividends of $l.75 per share
on the original stock payable April . to
stockholders OF record March IL. and 81 *
per share the special guaranteed stock
payable April | to stockholders OF record
March II.
Manhattan Railway Company-Qu Quarterly
dividend of $l.75 per share, payable April /
to stockholders of record March 10
dend of 1S, per cent on the preferred stock.
payable April l to stockholders of record
March 20.
dividend of per cent. payable April to
stockholders Of record March rs
Standard Motor Construction COMPANY
Dividend of 20 per cent. payable Nav / to
stockholders of record March t.
United Light & Railways Comnapx
Quarterly dividend of | II per cent on th,
preferred stock and per cent on the q" come vme
mon. both dividends payable April TO stock
holders of record March i5
United Dyewood Corporation o,.r..,,,,
dividend of / " per cent on the comn'nn
stock. payable April | to stockho,dcrs nf
record March IA. W
New-York tribune., 1918-03-05

Atlas Earns $51.25 a Share
Powder Profits in 1917 Show
Slight Increase

Gross sales for 1917 amounting to
$27, ,4S7 ,631 were reported yesterday by
the Atlas Powder Company. This was
an increase of S6,S34,715 over the pro
ceding year. The net profits were
S3,050,4 ,4s1, which, after allowing for
preferred dividend requirements of
S4S6,512, was equal to $51.25 share
earned on s5,OO2,4 common stock,
compared with 5000 share earned
in 1916.
The annual balance sheet showed
that cash on hand increased from
81, ,4S7,745 on December 81. 1916, to
1854 ,073 at the close of 1917. Bills
receivable increased from S2,245,65S to
s3,956,4 ,469. materials and supplies from
$2952,662 to $5,922. .761, and total as
sets from S18.427 .S79 to $26, ,672.
Explaining the taking over last year
Of Richards e. Co., manufacturers Of
leather cloth; the Zapon Leather Cloth
Company and the Zapon Cclluloid
Company. the report said these proper
ties had been acquired under the com
pany's general plan of permanently
utilizing excess capacity of sulphuric
and nitric acid plants that were es-
pecially constructed for war business.
New-York tribune., 1918-03-05
Opposed to Long
Acceptance Credits
Reserve Board Announces
Policy in Relation to One
and Two Year Paper

The Federal Reserve Bank of New
York issued yesterday memorandum
giving the Federal Reserve Boards
policy IN dealing with acceptancss
drawn under credits extending over q
period of one and two years. IheI
memorandum was obtained at the rel
quest of various New York bankers
who wished particular Information
with respect to the boards policy M
passing upon the eligibility Of bankers
acceptanccs issued under syndicate ac-
ceptance credit arrangements. The eS
sential principles of the reserve boarGs a.
views are summed up by Governor v"
Z. q. Harding as follows:
81. Acceptance credits opened fo,
periods in excess Of ninety days shou'u
only in exceptional eases extend over
period of mere than one year, ana III
no case fer time exceeding two years:
"2. Banks which are members o.
groups opening these credits should no.
buy their own acceptanccs, and where
an agreement is made with the drawer
for purchase Of acceptances for future
delivery the rate should not be tSea
one. but should be based upon the rate
ruling al the time OF the sale.
credits should be OF i legitimate com.
mercial nature. and acceptances mus
be eligible according to the rules anu
regulations of the board
a. Whenever syndicAtes are iormeS
FOR the purpose of granting accep'an.,s
credits Cor more than moderate amouns
Federal Reserve banks should be COZ
suited with regard to the Transaction
The question OF eligibility. both if9n .ss
the standpoint of the character OF las
bin and Of the amount involved, VII
be passed upon By the Federal Reses.ss
Bank, subject TO the approval IN ss'~
case of the Federal Reserve Board. :
Mr. Harding states that IN pass'aa
upon these transactions not onl y qua
ity brt also quantity must be the cor;
trolling factors. The aggregate, -, y,
these acceptarces. he adds, shoulo Nv, ~,
be permitted to constitute the gfea.ss gs.
proportion Of outstanding accep'ah''s
at any time
New-York tribune., 1918-03-05
Note Issue of
$25,00o,00o Gets
Official Approval
Proctor & Gamble Co. Pays
s Per Cent for Funds to
Retire Bank Loans

Upon the recommendation Of the
United States food administration the
capital issues committee of the Fed
eral Reserve Board has approved the
issuance of S25,OOO,OOO one to five
year per cent gold notes of the Proc
ter & Gamble Company. The notes
have been purchased by a syndicate
consisting of the Guaranty Trust
Company, the First National Bank and
the National City Company, and are
being offered by them at prices to
yield ~ per cent for the onc-year ma
t.rity to IL per cent for the five
year notes. 1t is understood that the
cost to the company will be per
cent.
This is the largest piece Of corporate
financing announced since the forma-
ton of the capital issues committee
The proceeds from the sale of the
notes will be used largely to take up
the company's present bank loans,
amounting to S1S,5O0,00O The new
financing, according to a letter to the
banking syndicate from William
Cooper Proctor, the company's prcsi-
oent, was made necessary because of
increased cost Of raw materials and
enlarged production under war condi-
tlons. Upon completion of this
financing the current assets of the COM
pany will approximate S65 900 900.
q ct ,Dl,,
The Procacr e. Gamble Company.
with its subsidiaries, is to-day the
largest producer in the United States
Of soaps, glycerine and foodstuffs
manufactured from vegetable fats,
such as cotton and cocoanut oils. Re-
G&rding the company's earnings. Mr.,
!rocter, in his letter to the bankers,
says:
Net profits available for interest,
after ample deductions for deprecia-
ton, reserves, etc, for the first seven
months of the current fiscal year, to
January 81. 1918, have been subs tam
TALLY in excess Of the net profits for
the corresponding period last year,
ana concluslvely Indicate net profits
tor the current fiscal year we'll in ex-
cess of the maximum annual REQUIRE
ments of these notes for interest and
maturing lnstalments of principal. The
let profits for 1917. even after deduc-
tlons for taxes, depreciation, reserves
interest and profit sharing expenses
were equivalent to four times the an
nual interest requirements on these
notes."
The company has outstanding So
100000 cumulative per cent pre-
serred stock and S14.598, ,46S common
stock. The former issue has receive d
8 per cent dividends regularly from
1890 to date, and since 1892 the com
mon stock has received cash dividends
at the rate of II per cent or more, the
regular rate now being 20 per cent
payable III cash, and in addition 4 per
cent, payable in common stock.
New-York tribune., 1918-03-05
Sometimes He Isn't, Though

The Controller Of the Currency is
out with a recommendation to Con-
gress that a law be enacted to provide
FOR the guarantee of deposits in ma
tional banks whore the credit of cach
individual is $4,000 or less He thinks
such law would bring a good deal Of
boarded money into circulation and
would contribute immensely TO the
peace and comfort of the small dcpos-
tor For depositor who is frugal
enough to accumulate more than $4,000
the Controller offers no succor. 1t is
implied that any one who can accumu-
late such sum should have sufficient
won't fail.-A mericon Erchanqe Na-
tional Bank of San Francisco.
New-York tribune., 1918-03-05
Protest Tax Bill
Trust Companies Against I'm
post on NONRESIDENT
Property

Representatives of New York trust
companies will go to Albany to-day
to protest against the enactment into
law of bill providing for the pay
mcnt of an Inheritance tax on Gin
tangible" property held by non-resi-
dents of this state.
Last year similar bill was pre-
pared, but was defeated when delega-
tions of bankers presented data to
show that the state would gain moth
ing by its passage, while individ-
ual trust companies stood to lose q
large amount of their business. The
campaign to defeat the proposed leg
islation this year has been aided by
hundreds of letters sent to Albany
from bankers throughput the state urg-
ing the defeat of the bill
Representatives, of the safe deposit
companies led by j. Lynch Fender
CAST, president of the New York State
Safe Deposit Association and of tho
United States Safe Deposit Company,
will oppose q bill permitting savings
banks to have safe deposit vaults.
New-York tribune., 1918-03-05

Money conditions arc likely to ex-
ercise an important restraining in
fuences on the stock market for
long time to come. 1t is not prob
able that the rate for call loans will
be allowed to go above 6 per cent,
but on the other hand, there is lit
tie prospect that it will go much
below that figure except for brief
intervals; in any event, the supply
Of funds available for speculation
is strictly limited, and is likely to
become increasingly small. "A
banker remarked yesterday that
stock market operators might soon
abandon discussion of surplus re-
serves for the simple reason that
there would be no excess to talk
about. The demands for money are
so heavy that local banks have had
to refuse credit to non-essentlal m
dustries in order that there might
be an adequate supply for essen
tials and for purposes connected
with government financing. Specu-
lation naturally is not regarded as
essential; and it may be starved for
credit for d time.
New-York tribune., 1918-03-05
Other Cities

Call Rule" for Grain Not Illegal
WASHINGTON, March 1.-The "call
rule" for grain "to arrive" established
IN 1906 by the Chicago Board of Trade
was held by the Supreme Court to.
day not to be in restraint of trade
under the antitrust law.
lnJunctions issued by Federal Dis
trict Judge Lands restraining the
RUE S operations were set aside. Board
otiicials contended the rule increased
instead of decreased competition and
prevented monopoly. but it was abro
gated after the governments suit was
filed in 1913.
Under the call rule no member OF
inc Board of Trade was permitted to
bid to the country for grain at prices
IN excess of quotations established by
a formal call or auction held daily at
l:l5 p: m. on change here. The rule
was abolished about two years AGO.
and there has since been no restric
tion whatever on bids.
New-York tribune., 1918-03-05

These figures reflect clearly the
effect of restrictions imposed on
new capital issues, for the heavy
slump in offerings is coincident with
= rather keen demand for munlcl-
pals. Heavy taxation, and the
prospect that imposts will be still
further increased, is causing large
investors to favor municipal securl-
ties, owing to the fact that they
are exempt from taxation. In IN
vestment circles it is believed that
the demand may continue to outrun
the supply until all restrictions are
removed-that is, until after the
war. That the restrictions against
unnecessary issues are going to be
rigidly enforced is evident from the
fact that several issues have al
ready been withdrawn from the
market after having been pro-
nounced "non- essential.
New-York tribune., 1918-03-05
Relevant Comment
Misinterpreting Stamp Tax

Officials of the local Federal Reserve
Bank pointed out yesterday that con-
siderable Misunderstanding has arisen
over some interpretations of the stamp
tax on the so-called ffteen-day bor-
rowings by banks. This has caused an
increase in the resale by banks of
Treasury certificates of Indebtedness,
where money is needed temporarily.
when it would have been less expen-
slve to obtain funds at the Federal Re-
serve Bank on short time notes that
run for about thirteen days 1t is only
on the loans that run for the shorter
period where recourse to the use of
certificates of Indebtedness is more ex-
pedient
New-York tribune., 1918-03-05
u. S. Trade With Cuba

Trade OF the United States wiz
Cuba in 1917 was s445. .o00.0 agsll'ss'
$l9S 100000 in 1918, the year presosg, aog
ing the war. an increase OF ga. w.
600. A compilation by the NatioaSs. Is,
City Bank of New York shows tina. ~ -,
United States is now supplying 10 -;
cent of the imports of Caba, ags,",,. ~,
53 per cent in 1918. and taking 20 ri, -,
cent of its exports, against 80 per Va
IN 1913, this reduction in our share !,
the exports being due to the hse.s
European demands for Cuban SUE
due TO the shortage of beet sugar .sl N
Europe since the beginning OF ~
war
New-York tribune., 1918-03-05

Business Put on
Credit Rations
Loans Not Necessary for
War Work Heavily Cur
tailed by Local Banks

Credit rationing for non-essential
business is being rapidly extended.
Not only arc industries whose activi
ties are not necessary to the success
full prosecution of the war barred from
the capital markets through the con-
troll exercised by the capital issues
committee, but it is no longer possible
for them to secure all the accommo-
dation at the banks upon which they
normally rely for the financing Of cur
rent requirements.
Acting upon "unofficial' suggestion,
New York loaning institutions have
extensively curtailed advances to in
dustries and business regarded as un-
essential. This curtailment has been
imposed to some extent for several
months. Following recent confer
ence Of bankers with Benjamin Strong,
governor of the Federal Reserve Bank
OF New York, however, at which local
banks and trust companies were urged
to limit loans as far as possible to
essential enterprises, in order that the
credit supply might be used to the
best advantage Of the nation the re-
strictions have been much more rigidlv
exercised. The prospective borrower
now must not only be able to exhibit
financial statement that will warrant
the extension Of credit, but must in
addition show that the money applied
for is to be utilized for necessary
work. Otherwise credit will be re-
fused, or at best the amount extended
sary to insure the continued solvency
Of the borrower.
An officer of one of the leading
banking institutions stated yesterday
that the curtailment of such loans has
been so extensive that the total loans
Of New York banking institutions
would have shown reduction of at
least 20 per cent in the last two or
three months were it not for the fact
that the money withheld from un-
essentials has been utilized to take
care of the swiftly expanding require
ments of those businesses engaged
directly or indirectly in war work.
I'm considering applications for
loans" this banker said yesterday.
"two things are taken into account.
First, the patriotic necessity of fol-
lowing the suggestions we have re-
ceived to restrict non-essential loans
III order that essentials may be freely
supplied with credit and labor released
for vital work; and, second, the fact
that the demand for money is so heavy
that we can afford to pick and choose.
We can employ our funds where they
will do the most good for the country
and at the same time make satisfac-
tory profits. There is. therefore. every
reason why we should adopt the in
timatons received from Washington
and elsewhere"
The curtailmcnt of bank loans to
unessentials is not being effected under
any specific plan. The determination
of what loans should be made and
what businesses should be starved for
credit or put on credit rations is left
entirely to the individual judgment of
the bankers.
1t is understood that the lean re-
strictions applied by local banks are
being followed by loaning institutions
throughout the country.
New-York tribune., 1918-03-05
The Dollar in Foreign Exchange

Further selling of Italian exchange
yesterday drove the rate for lire checks
down to S.95 to the dollar. compared
with 8.S6 last Saturday. The selling
by Italian bankers was reported to
have been for account of Italian bank
crs The rate is now the lowest for
several weeks. Swiss francs were also
easier. Transactions in the other cx-
change markets revealed no change Of
Importance.
Closing rates yesterday, compared
with a week ago, are given in the table
below. American bankers have sus-
pended all dealings in German and Aus
trian exchange. so that daily quotations
fo~ either marks or kronen are no
longer available
New-York tribune., 1918-03-05
Elections

+. A. Shredder, formerly assistant
cashier of the State Bank of Chicago,
has been appointed assistant cashier
Of the National Bank of Commerce in
New York.
Benjamin V. Becker has been elected
director of the Westinghouse Air
Brake Company and J. D. Gallery sue
cceds the late Cyrus S. Grey on the
board of directors.
r. c. Morse. former vice president
OF the Chalmers Motor Company, has
been elected vice president of the Cur
tiss Acroplane and Motor Corporation.
New-York tribune., 1918-03-05
New Haven Report

The report of the New York, New
Haven & Hartford Railroad for the
three months ended December 81. as
filed with the Massachusetts Public
Service Commission, showed a deficit
of S46,S7S, after charges. compared
with a surplus of $2,065.179, after
charges, for the corresponding period
of 1916. Total operating revenue for
the period was 21,S45,623, against
20,72O,415 in 1916.
New-York tribune., 1918-03-05
Wilson & Co. Report

After deducting interest on current
debt and charges for depreciation, and
making provision for excess profits
taxes, the 1917 profits of Wilson
& Co., Inc, amount to $7,4OS,171
The surplus account shows balance
of S15,O51 ,045 at the end of the year.
In statement accompanying the re-
port, Thomas +. Wilson, president of
the company, says there is prospect of
an unusual demand for food and urges
labor to cooperate in speeding up pro-
duction.
New-York tribune., 1918-03-05
Copper Output

Production of the Anaconda Conner
Company last month amounted to o.
100000 pounds, compared with 25.0OO.-
600 pounds in the corresponding month
of 1917. The Inspiration Copper Com
pany's February production was 5000
600 pounds, compared with 1O.250 900
a year ago The Butte and Superior
Mining Company produced 1880. 900
pounds of zinc in concentrates and
100000 ounces of silver. The produc-
ton IN February of the East Butte
Copper Company's smelter was 1924 =
040 pounds of conner.
New-York tribune., 1918-03-05
Holland Buyingo

Buying by Dutch interests was de-
clared to have been factor in YES
terday's market. Transactions which
were reported to have had their origin
from Holland created considerablo
comment in brokerage Offices, in view
OF the present German Russian stua-
ton. Was it possible" declared one
broker, that Dutch operators had in
ternatlonal information of an important
nature that has not yet been passed bv
the censor?" ~
New-York tribune., 1918-03-05
Current

The above rates express the cost o.
foreign money in terms Of the Ameri-
can dollar. You buy an English pound
sterling at, say. S4.75I'a The intrinsic
parity is S4.S63< per pound. Thus you
say either that pounds are at discount
or that dollars are at a premium, which
IS owing to the fact that in England
the demand for dollars with which to
settle accounts in this country is
greater than the demand in this coun-
try for pounds with which to settle ac-
counts in Enpland
New-York tribune., 1918-03-05
News. Digest
FOREIGN

Investment Business at Standstill.-
LONDON, March 1.-The investment
section of the stock market was prac-
tlcally dead to-day. and it is expected
to remain so during the weeks war
bond campaign. A few industrals,
nome rails, oils and mines. including
Russians, hardened on speculative buy
ing, but there was no feature anywhere
Money was in large supply and dis
count rates were steady.
New-York tribune., 1918-03-05

The influence of business condl-
tons on the appetite is strlkingly
reflected in statistics which show
that the per capita consumption of
meat in this country was 2O0.2
pounds in 1912, normal year, 1919
pounds in 1914. year of extreme
depression, and 1887 pounds IN
1916, a year Of abnormal prosper
ity. The figures suggest that food
consumption is controlled chiefly by
the ability to buy; yet the govern
ment in striving to make food cheap
will expand the purchasing power
Of the individual through imitation.
This is the record of municipal
borrowings in the United States,
in the first two months of the last
six years, as tabulated by The
Daily Bond Buyer:
New-York tribune., 1918-03-05
Money and Credit

While the ruling call money rate on
the Stock Exchange yesterday was q
per cent increased offerings in the last
two hours trading drove it down to 31a
per cent at the close. Money brokers
reported that loans by Canadian banks
were instrumental in reducing the rate.
The sharp drop came as surprise to
traders in view OF the cut in New York
Clearing House reserves of $45, 1000
last week.
The time money market continues
deadloched, with no funds being offered
at the nominal rate of 6 per cent.
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
Nncta,fo,-
New-York tribune., 1918-03-05
New York

Bank Merger Approvcd.- Two thirds
of the stock of the Market and Fulton
National Bank having been turned in at
the bank, under the recent offer to
pnrchase, the merger between that bank
and The Broadway Trust Company is
now made possible.
New-York tribune., 1918-03-05
United Cigar Stores Weak

United Cigar Stores developed further
weakness in yesterdays market. SELL
ing down to s7'a, the low price since
the publication of the 1917 earnings
statement. The recent rise we'll above
W was attributed to rumors that the
report was to be much more favorable
than it turned out to be.
New-York tribune., 1918-03-05
New Oil Companies

The total authorized capitalization
of oil companies chartered in February
with capital of 100000 or more no.
cording to "The Oil Trade journal" ;"
approxmnted $60,000,00O involving
ABOUT hfty-hvc companies. These fig
nao nros compare with total of $700O0.-
900, covering eighty companies, in
January, and S6O,000,OOO, with ffty
companies, in December.
New-York tribune., 1918-03-05

Boston Banks.-The statement Civ
ing the condition Of The Boston banks
on March shows an increase of S779,-
coo in loans and discounts, and an in
crease of S7.265,00O in deposits. Cash
reserves fell off 81 ,264 900, compared
with an increase the previous week of
S15S 900