davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-02-06
Allies Must Reinance Russia
Is. II. BunneU IN Iron 1oe,

Is. II. BunneU IN Iron Age)
Undoubtedly, Russia must come to
the Allies for further loans to use in
restocking the country. Such loars
cannot be refused, because the invest
ments of the Allies in Russia are
already too great to be abandoned. Tie
position is precisely the same as that
when an investment has been made in
a factory which has since got into dit-
iculties and must be rcfinanced or
wound up for a heavy loss. Whatever
the sentiment of the individuals at
present claiming to speak for Russia,
the nation cannot exist without clothes
and shoes. tea. tools ard machinery,
arN must buy these in Allied markets
on Allied terms, because the German
shopkcepcrs are not in position to fur
nish the quantities needed. For tic
moment business with Russia is virtu-
ally at halt When the dreamcrs and
takers arc exhausted with the effort
to live on promises and decide to so to
work. business will be resumed on a
scale beyond anything ever recorded.
New-York tribune., 1918-02-06
Pipe Line Profits
Increase i'm 1917
Oil Carriers Work Under
Pressure to Keep Re-
f1neries SUPPLIED

In keeping with general prosperity
IN the Oil industry, earnings of pipe
iine companies in 1917 were substan-
TALLY larger than those reported for
1916. These companies were working
under heavy pressure throughout the
year in the effort to feed the refneries
with enough crude petroleum to enable
them to satisfy the enormous demand
for gasolene and other products. While
TO definite statistics are now available
it is believed that more oil was forced
through the pipes of these carriers
than III any other year of record.
Four of the leading companies. for
merly subsidiaries OF the Standard Oil
company. reported Yesterday results
Tor the year ended December 81 last.
New-York tribune., 1918-02-06

The New York Transit Company stated
ITS net profits at Sl.46l.G19. com.
pared with Sl,339,121 in 1916. equal 10
2-9.-5 a share on the $4,000. 900 cap;-
tal stock. against s26.7s a share The
preceding year
The Southern Pipe Line Compauv
earned s2,554,565, against s2.354.37l in
l@lo: the 1917 profits being equal 70
s2o.34 share on $4,000. 600 capital
E5ock' compared with S23.54 share in
Net profits OF tne Cnn,her,anA
Plpe Line aggregated s487,75s against
81 1886 in 1916, equal to s3a7s a
snare on S1,4SS,S51 capital stock
against Sl9.7S share On 81 ,ooO. .ooO the
in" Net profits 1oi t OF the Buckeye Pipe
1e.l nlne l IN 1917 We're 50 $50. .OS3. AGAINST
s2:os2o6S in 1916. This vas eanai "a
s1d.So '1s, share on $4,000, 600 capital
ssocK' against S10.41 a share in l9is.
New-York tribune., 1918-02-06
Relevant Comment
Distillers' Shares Boosted

Directors of the Dstillcrs' Securities
Corporation are scheduled to meet one
week from to-day for dividend action,
and it is intmatcd by those who are in
a position to speak with authority that
a substantial increase in the rate of
distribution will be voted. Prior to
the meeting of the board statement
Of earnings will be made public, which
is expected to show such action will be
justified. On turnover of moro than
$4,000 shares Distillers' stock advanced
from 40 to 43E yesterday and closed
at 421s, net gain for the day of Il
points. Up TO December 81, 1916, the
company had bought and retired
slightly over S2,000,00O of it's $l6,000,-
600 outstanding bonds Last year, it
is understood, that an additional S5.-
100000 Of these bonds were retired.
" anticipation Of the countrywide
movement for. prohibition the company
several months ago began the manu-
facturc of commercial alcohol on
large scale. Current operations have
been somewhat retarded by lack of
corn and fuel. At yesterdays top price
the stock sold the highest since last
tall, when it rose to 42M. In April,
1917 just prior to the reduction of the
dividend from 6 per cent to per cent
1T fell to $l2 a share.
New-York tribune., 1918-02-06

1t has been said that since a great
rise in prices will inevitably result
from the governments policy of
financing the war by initiation, the
wisest thing that one can do is to go
into debt as deeply as possible be-
cause the borrower pays in depreci-
ated currency, the purchasing power
of the principal Of loan depreciat-
ing faster than the accumulation of
interest. From that premise it is
argued that imitation is the best
method of financing the war, since
the government is the great borrow
er, anf the burden is distributed as
equitably as could be done in any
other way. But those who take this
position overlook the facts, first,
that all other borrowers share in
the notwithstanding, though per-
maps unconsciously, proftecrs-and,
second, that the war bill goes up
with prices, while the widest ex-
experience has clearly shown the
vicious effects of undue expansion
Of bank credits. The creation of
new purchasing power by this
method invariably has been followed
by an increased demand for COM
modities. The public uses part Of
this purchasing power to buy gov
ernment securities, and to the eX-
tent that it does this no harm is
done, but the balance it spends
for luxuries and more of the
necessaries than are actually need
ed, thus raising prices against
itself and the government 1t is
estimated that 10 per cent increase
in prices in this country will increase
government war expenditures ST.
100000 a year. And economists
believe that if the policy Of unlim-
tied initiation is carried out, as ap-
parently it is going to be, the in
crease in commodity prices in the
next eighteen months or two years
will be at least so per cent, and per-
haps more.
Prices at the Stock Exchange
generally sought lower levels yes
terday on moderate volume of SELL
ing. The Streets explanation of the
reversal in trend was disappoint-
ment among holders of stocks over
the apparent failure Of the strike in
Germany to produce the results
hoped for. In other words, it was
argued that the peace prospects that
induced some Of the buying of last
week had been dimmed by the devel-
opments over the end of the week.
Whatever the true explanation for
the increasing irregularity displayed
by stock prices, it was evident from
the action Of the market that the
bulk Of the operations was furnished
by professional traders; that the
bulge in prices Of last week had not
attracted the important public fol-
lowing the speculative element had
hoped for. The tendency of number
of the specialties tc move against the
current of the general market, nota-
bly, New York Air Brake, Distillcrs
Securities, General Motors and Indus
trial Alcohol, pointed to the profcs-
sional character of most of the trad
ing. General Motors performed spec
tacularly again, rising to 14012 after
an early dip to 1914. The real mar
ket leaders, on the other hand,
Jagged behind, with United States
Steel closing the day at a net loss
of "A points.
Il
New-York tribune., 1918-02-06
french Concession for
Exhibits at the Ivon Fair

Merchandise intended for the Lyon
+ ar, according to Consular aavices,
VIII be allowed temporary admission or
entry under deposit of duty without
special authorization. according to
notliication from the Foreign Office to
the American Ambassador The period
aiiowed for reeSporting these goods
Will be one month from the time of the
closing of the Fair and no special
1ormallties viii be required. The
usual customs duties will be ap-
,,'eS TO certain articles if they remain
~ france. Assurances are given that
samples from the United States will be
granted priority OF freight.
New-York tribune., 1918-02-06

and semi-fnished material used Nv con-
tractors or war work disclose policy
to pay as promptly as invoices can be
properly checked. The government is
entering into such extensive contracts
mat reasonable promptness on the part
OF all contractors in making settlements
Is essential to avoid serious disturb
ance of existing relations among manu-
banker.
New-York tribune., 1918-02-06
Reserve Board Does Not
Favor Foreign Exchange Branch

WASHINGTON, Feb. S. - Senator
owen to-day gave President Wilson ,
copy OF bill which he proposes soon
10 introduce in the Senate nrov;d;,,,,
1or the establishment abroad of foT'
eign exchange branch of the Federal
Reserve system. 'e''' al
=, it Is UNDERSTOOD that members Of tho
rederal Reserve Board do not looI,
With favor on the measure.
New-York tribune., 1918-02-06
\ Matter of Policy =

An official of the Chase National
bank stated yesterday that no particu-
lar significance attached to the with
drawal of a part of the city's funds
from the National City Bank to that
institution. The transfer, he said was
largely matter of policy city officials
regarding it as more desirable to have
two checking accounts rather than one
intlmations that the City Chamber
laln's action was inspired by politics
were declared to be without founda-
ton. Comment on the city's change in
poIlcy was withheld at the National
New-York tribune., 1918-02-06
News Digest
Foreign

London Stocks Quiet-LONDON,
Feb. 5.-The stock market was quietly
cheerful to-day, gilt-edgcd securities
picking up fraction, now that the
sales of war bonds are decreasing
Shipping shares were strong features
on amalgamation rumors, and Egyp-
tlan securities, especially oils, were
prominent. English tin shares had a
good tone and home rails were firm,
Hull g. Barnsley Railway shares adj
vancing 4 points on the declaration of
an increased dividend
New-York tribune., 1918-02-06
Money and Credit

Call money was in fairly liberal sup
ply on the Stock Exchange yesterday,
where most of the loans were made on
a 51a per cent basis, compared with 6
per cent on Friday.
The market for fixed date funds con-
tinued firm. with only small amount
of business doing Rates on practically
all maturitics ranged from 5s4 to 6.
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
Yesterday. Year ago.
Call money. 5I2fo 2 %
Time money (mixcd collateraD:
Sixty days. .5a4 2I2@224oo
Ninety days. .5a4oo 2s4ro
Four months... 5sA@6eo 2a4oo
Five to six mos. 5s4@6oo 2a4@3 60
Commercial Paper.--Ratcs were un-
changed in a quiet market yesterday
with the best regular maturitics quoted
at 5% to 5#a per cent
Official rates Of discount for each of
the twelve Federal districts are as fol-
lows:
New-York tribune., 1918-02-06
n. Y. Air Brake Shares Strong

New York Air Brake was one of the
strong spots in the speciality depart
ment of the stock market yesterday,
advancing points to 1872, the highest
price since last summer. The directors
of the company meet this month for
action on the dividends. 1t has been
reported of late that the stock would
be put on regular 20 per cent divi-
dend basis. The company has been
paying 10 per cent regular and 10 per
cent extra. II is estimated that the
company earned between $40 and $50
share in 1917 before taxes. After
taxes about s33 a share was earned.
against $50 in 1916. The company IS
engaged in filling contracts for war
munitions for the United States gov.
ernment in addition to its regular line
of business. '"o
New-York tribune., 1918-02-06
Dollar in Foreign Exchange

Narrow fluctuations were the rule in
the foreign exchange market yesterday
About the only change Of Importance
was a slight decline in Scandinavian
rates owing to somewhat larger sup
ply of bills.
Closing rates yesterday. compared
with 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
for either marks or kronen are no
longer available
New-York tribune., 1918-02-06
More Financing by City

The announcement by Deputy Con-
troller Philbin that the city would re-
ceivc tenders tomorrow for $4,000 900
OF new revenue bills took the financial
district by surprise, as it had not been
generally supposed that such a large
amount was needed at this time. Since
the Hylan administration took Office
about S9,000,000 of revenue bills have
been sold in anticipation of tax re-
ceipts, the first Offering of between
$a,ooo,ooo and $4,oooo 900 Being disposed
OF at about a 1.60 per cent basis. A
later. offering of $5,00O,0OO was dis
posed of on a 4.o2095 per cent basis.
In view of the advantageous terms at
which the larger amount was placed
the opinion is that tomorrow sale
will be a SUCCESS
New-York tribune., 1918-02-06
Corporation Returns

Carbon Steel Company.-Nct profits
for the quarter ended December 2l,
1911 ,6o4 dividends, s25o,ooO; balance.
$621 ,6O4 bonus, litigation, fees, con-
tributions, $14A,741; balance, S4T6,s63;
reserve for Federal and war taxes,
$349, 72s: balance, $127,135; deprecia-
tion, S1SS,071; deficit, s60,936 total
surnluS S291S633
New-York tribune., 1918-02-06
Continental Can Co.
Earns $29.36 a Share
On Common Stock
$85O,OOO Set Aside From 1917
Earnings for Excess
Profits Taxes

Net profits of the Continental Can
company for the 1917 calendar year
were s3,28o,977 after all deductions in j..
ciudlng SS5o,oo0 reserved for taxes
lhls compares with net profits Of 50 =.
lao'oo4 in 1916. The surplus last year.
after dividends on the preferred stock
was equal to S29.36 share on SIN
ooo'ooo of common stock, compared
with s22.97 share earned on ss,o0O.-
200 of common stock in 1916.
lhe income for the two years COM
pareS as follows.
New-York tribune., 1918-02-06
Current

The above rates express the cost Of
foreign money in terms OF the Ameri-
can\dollar. You buy an English pound
sterling at, say, si.7ois The intrinsic
parity is S4.S66s per pound. Thus YOU
say either that pounds are at discount
or mat dollars are at premium. which
IS owing TO the fact that in England
'he demand tor dollars with which to
ss.'le accounts IN TINS country is greater
than the demand in this country for
pounds with which to settle accounts IN
England. '''
New-York tribune., 1918-02-06

practically our estimated output for

practically our estimated output for
1918 sold"
The company last year built and
equipped large machine shop at SYRIA
cuse, thus doubling facilities for thu
manufacture of can n-making machinery.
1t also built and equipped what is
said to be one of the largest and best
appointed can factories in America at
Clearing, Ill.,, suburb of Chicago, and
this factory will be in full operation
the coming spring.
New-York tribune., 1918-02-06
Paris Bourse.-PARIS,

ParlS BOurSe.-FARIS, Feb. j.
Trading was quiet on the Boursc to-
day. Three per cent rcntcs, 81 francs
SO ccntimcs for cash; exchange on
London, n francs 16 confines; per
cent loan, 81 francs 55 confines.
New-York tribune., 1918-02-06
Pays Of Bonds

Announcement was made yesterday
that the international Paper Company
has paid off with cash an issue Of
S3,327,0o0 OF first mortgage consoi-
dated mortgage & per cent bonds which
came due on February l.
New-York tribune., 1918-02-06

IHE MORTGAGE-BOND COMPANY OF
NElI WORK

r.. NEW YORK.
~ 1ei payment on April l. 1878. which
90 30 ,ie interest viii cease: Series >, Nos.
30 % - l44o. l76s, 20Si. A-e22, B-6i.
,'i,l i'-"ds9, and viii bs redeemed at par
go o," 'o'erest to that date upon prcsento-
naynso, 'Ay of the following places f''
In New York
&c N y ,he office of The Mortsagc- Bond Go.
!, ~ .he "''ice Of I.adenburg rhalmann
In London
co'nn.,f At the Banking ronse OF coutss 4
In Psrls--
In A,d.,l,, ~ The Bsnque de- rUnion Fsrisienns.
ea NJ the Administratieksntoor Broes 6
New-York tribune., 1918-02-06

ANDRt,W j. MCCORMACK. Auctioneer.
REGI LAR AUCTION SALE,
SIOC KS AND BONDS.
by ADRIAN II. MULLER L son,
OFFICE, 50 WILLIAM ST.
" DNESoAH, FEBRUARY 4. 1918,
a. ESQ o'clock, at the
EXCHANGE SALESROOM.
NOS. II and l6 NIGSEY STREET
FoT Account Of Whom 1t May Concern.
~ shs United Gas d Electric Corpn.
lst prefd.
,9V sns. Susquehanna Realty Co.
@ doo shs Hillyer Sperr.ng Dunn Co.
i'ooV shs. Scranton Foundry ~ Engine
l'o9o shs- Sawyer shipyards Corpn. COM
i.99o 99o shs. Sawyer shipyards Corpn prefd
''9oo 80 shs. s western Steamship Corpn.
o'V shs. Lufkin Salvage & Shipping
CQrpn
S69 shs. Scripps- Booth Corpr.
:, 80 sns Hecla Coal Il Coke co.
% shs: ID. Appleton Co. common $50
scrip.
New-York tribune., 1918-02-06

Below is given the current exchange
value Of foreign money in dollars and
cents, together with the intrinsic gold
States Mint:
New-York tribune., 1918-02-06
$3.50 a Share Earned
BY Morris & Co.
Packing Concern Nearly
Doubles Its Profits

Manufacturing profits Of Morris &
Co. for the year ended November last
were $10,35S,4S9, and net income was
5,401 OIL equal to about $3.50 a share
on the concerns s3,000,OOO Of capital
stock. In 1916 the company earned over
1927 share, it's manufacturing profits
that year having been $5,694,5S9 and
net income s3,832,213 The income ac-
count for the two years compares as
fellows:
1917. 1916.
Manufact'g profit .$10,35S, ,4s9 S5,694, ,589
Other income. 81O,5S8 977,734
Total income .$11, 1869, ,077 $685. 1923
Bond intcrest... 496,50 sos, 500
exp. 1894, ,406 1,2e0.224
Tax, interest, etc. 1877 ,099 1,054,386
Net income.... $5,4o1,07 $3,832,213
Penn. fund. ..... 100000 100000
Dividends. 10000 100000
Surplus. ~ $5,151,o71 s2,e32,213
The 1915 surplus was 81 ,571 ,415.
New-York tribune., 1918-02-06

Silvcr.-Bars in London, 4@la d, un-
changed; New York, S6@sc. unchanged;
Mexican dollars, G9c. unchanged.
Sub-Treasury.-New York banks
gained from the SubTreasury s3,27s,-
ONn
New-York tribune., 1918-02-06
sisal Monopoly Acquires Ships

1t developed yesterday that the seven
ships of the Mexican Navigation Com
pany, subsidiary of the Atlantic.
Gulf e. West Indies Steamship Com
pany, which were sold by the latter to
the Yucatan Comision Regu1adora
del Mercado de Hencquen, had previ
ously been seized by the Mexican gov
ernment and were actually in tho
possession of the Carranza govern
ment when the transaction was
made. The ships, with an aggregate
OF lb,ooo tonnage, were being operated
by the Mexican Navigation COMPANY
and are the only vessels to-day hyins
the Mexican flag. The Atlantic, Gulf {:
west Indies company sold the ships of
Its subsidiary for s4.25OO0O cash after
negotiations had been under wav for
several months. 1t now remains for
the Comision Reguladora de Mercado
dc Henequcn, or Sisal Commission. an
agency Of the Yucatan government, to
obtain the release of the vessels from
the Mexican government. In shipping
circles the opinion was expressed YES
terday that the Sisal Commission had
made master stroke in purchasing
the ships, lnasmuch as it will furnish
the iucatan sisal grass monopolv Wit,
ehe shlps needed to carry that COM
modify to market. Practically all of
inc OUTPUT OF Yucatan sisal grass has
been sold to the United States. It is
used here in the manufacture of bind
ing twlne, and is therefore almost an
absolute necessity in the ,arvcstiro of
wheat and ether grains.
New-York tribune., 1918-02-06

London Money Market.-LONDON.
Feb. 5.-Money was in better supply at
ga per cent; discount rates for short
bills. a 1872 per cent; three months.
Lie per cent; gold premiums at Lis
bon, 1000.
New-York tribune., 1918-02-06

Giant Portland Cement.-The con.oany',
report for year ended December 81, 10i7.
shows surplus OF S27.29l after all dc.
duetloAs. compared with S63, 53l surplus in
19lt. Income account compares as follows:
Gross earnings $1,833.757 S1,3S3. .677
Net earnings ........ 178,7o3 227. 1853
Surp. after chg. & tax 27,291 63531
New-York tribune., 1918-02-06
Finance Economics

Mid olnEEA oFFlNE:
Mills Building IL u.nov.- .x,a
New-York tribune., 1918-02-06
More British Bills Offered

The sale of British Treasury ninety
day bills in this market was resume
yesterday by j. P. Morgan G. Co.. who
offered for subscription on 5%
discount basis what was termed
small amount 1t was stated that
this weeks offering was less than the
pre*lous weekly offerings of SIS .OOO.-
0oo. 1t has been two weeks since tho
Morgan firm placed any of these bills
among bankers here, and Yesterdays
announcement came as somewhat of a
surprise, in view Of previous reDorts
that no further offerings would be
made: On February is an issue Of
sao'ooo'ooo will be paid off. The rate
announced Tor this weeks offering was
one fourth of l per cent below the
rates that had existed previously for
several weeks.
New-York tribune., 1918-02-06

Bank Clearings.-Th days's bank
clearings at New York and other
in,.
New-York tribune., 1918-02-06

Manufact'g profit s1o,35s, ,4se s5,ee4,5ee
Other income. ... 810,5e8 977,734
Daily capital journal. (Salem, Oregon) 1903-1919, 1918-10-28
GERMANS ATTEMPT
TO Defend BANKS
OF RIVER NEUSE
Bitter Counter Attacks Are
Launched Without Success
Against Americans.
EDDIE RICKElBACKER
GETS ANOTHER PLANE
British Take Alleppo, South
ern Gateway To Turkish
Capital,


Ff With the American Armies in France
Oct. %. The Germans are now at,
tempting to hold the Amcricans on the
banks of the Mouse. They have been
ordered to hold ground at all costs and
are launching bitter counter attacks
against the Americans on the east bank
of the llvcr.
The american pressure, however, con
tInues. German communications are
threatened on 25-mile front on both
sides Of the Serre river.
One hundred and fifty American
bombing and battle planes attacked en-.
eniv trenches and dropped five tons OF
bombs on enemy concentration areas
yesterday.
Eddie Rickenbacker, American ace
cowned his twenty-first victim yestcr.
day within the American lines.
American aviators made twelve
flights during yesterdays bombing ac-
tiyitles.
Daily capital journal. (Salem, Oregon) 1903-1919, 1918-10-28
Belief Prevalent In Washing.
ton Peaceful Revolution
Has Occurred.

Paris, Oct. 2S.-Austria replying to
President Wilson accepts all his condi-
tions, it was learned officially from
Berne today.
Austria accepts Wilson s terms re-
garding the Czeeho Slovaks and the
Jugo4Slays.
(The president said that Austria
must negotiate directly with the Cze-
cholSlovaks and Jugo,Slavs, who desire
to establish independent nations.)
Austria, it is said, declares her read
mess to enter negotiations Immediate
ly, regardless of the result of other me-
gotiations, and asks Wilson to take ap-
propriate measures towards an a.Aiis-
tice and peace.
L'Heure says:
'sThe Austrian note is complete
capitulation. Germany, in turn, is fac
ing the necessity of accepting condi-
tions of an armistice which will rem
der renewal Of hostilities impossible