davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-01-31
Dividends Declared

Cleveland 4 Pittsburgh Railroad Reg
lar quarterly dividend of tx per cent
guaranteed stock and ! per cent on the 81
cal guaranteed stock. both payable March
TO stock of record FEBRUARY ..
Deere & Co.-Regular quarterly DIVIDE
of q per cent on the preferred stock. w
able March to stock Of record fehruarys :
Eastern Steel Co. Regular quarterly d.
dend of 2i. per cent on the common ssal
payable April l. 10 stock Of record April I.
also the regular quarterly dividend of ls +
cent on the first and second prefer
stocks. both payable March 10 TO stock 4
record March I.
General Chemical Co.-Regular quarl.s
dividend of 2. per cent on the common ,ta
payable March ! to STOCK OF record Feha
AIRY 20.
Green Bay & Western Railroad.-Rr
lar annual dividends of > per cent on y
capital STOCK. . per cent on Series dese
lures and u per cent on Series B de5e
lures. All payable February s to stock d
record February ..
Illinois Traction Regular quarterly dla
dend Of a per cent on the common stoA
payabl" February 10 to stock of record re-
ruary |.
Guaranty Securities Corporation.-ReSu'a'
quarterly dividend OF pc- cent payaps
fenruarE 10 STOCK OIL record January %
Inland Steel Co.-Rcguar quarterly div
deIs.: of s. "A share, payable March TO s''h
Of iecord February :.
\ational Cloak & Suit Co.--Reguls' Qul''
terly dividend Of sl.19 a share on the pr
fcrred stock. payable March J to stock q
record February 20.
United Drug Co.-Rcgular quarterly dr.
dend Of = per cent on the second ps
ferred stock. payable March | to stock
record February Is.
J. G. White Engineering Corporstisi-
Regular quarterly dividend of Ia per .
on the preferred stock. pay able March Il
stock of record February -.
J. G. White Management Corporatisa
Regular quarterly dividend OF Is. per 90
on the preferred stock payable MaHh -
stock of record February l5.
J. G. White. Incorporated Regular o.
terly dividend of y per cent on the Vf|
ferred stock. payable March / to stock 1
record February 10.
Union Carbide & Carbon Corpor,tisaa..
Dividend of 3 share. payable April : 4
stock of record March .
New-York tribune., 1918-01-31
Relevant Comment
Il. & o. Negotiates Loan

To provide for the company's needs
until the time when the government
has worked out a definite plan for
financing the requirements of the rail
roads, the Baltimore & Ohio has negot~
ated six months loan Of $8,OO0,O0
with Kuhn, Loeb & Co., and Spe; or &
Co., secured by stock of the Reading
company.
The bankers announced yesterday
that the notes had been placed private
ly among banks and trust companies
and consequently there will be no pub
lie offering Of the securities. The rate
at which the loan was arranged is un-
derstood to be 6 per cent.
1t was announced that the funds
raised from the loan would 60 into new
equipment and construction. The road
has q large amount of construction
work under way, chiefly in connection.
with war service. Laying Of additional
trackage has been under way for sew
cral months, despite the shortage Of
labor and high price Of materials
1t is considered likely that other rail
roads will enter the market for short
road bill, now before Congress. The
Pennsylvania Railroad and tho Chi
cago g. North Western, 1T was reported
yesterday, have approached their bank
ers with the view of obtaining funds.
According to one report, each road had
borrowed $5,0O0,000 at 5at per cent.
Although the railroad measure in its
present form is not explicit as to the
manner in which aid will be given for
railroads under the plan of government
control. bankers here take the view
that where it may be inadvsablc to
attempt to meet maturities through
OfforinOS IN the ODpu M rjsnt Tho yOy-
ernment will take care of the obliga-
New-York tribune., 1918-01-31
General Chemical Co.
Sets $1,000, 900 Aside
F or War Profits Tax
Surplus From Years Earnings
Equals $42.9 95 q Share
ON Common Stock

After setting up a reserve Of $780,
600 to meet the extraordinary war
taxes, the General Chemical Company
earned net profits Of $7,671,1Sl in
1917, compared with 50 ,695 1873 in 1916.
according to the annual report issued
yesterday. Gross profits we're SILL
694 ,6S6, compared with $12,4Sl,826 the
preferred dividends was equal to
s42.95 share on the s15, 1872 500 com
mon stock, against S66.9S share in
1916.
William II. Nichols. chairman of the
board Of directors. in his remarks TO
the General Chemical stockholders.
says that the company's plants were
operated to full capacity throughout
1917 with the exception Of December,
when transportation difficulties caused
Il curtailment. which has cince become
intensified.
The company expended S4,512,25l or
extensions and new constructions IN
1917, according to Mr.. Nichols. The re-
1911 on the problem Of the tixation of
atmospheric nitrogen III the forms of
ammonia and nitrogen.
"A year ago." says Mr.. Nichols. "thc
process was considered sufficiently
worked out to warrant a large cXpedi
turc for the construction Of a plant,
and this work was begun. A commit
tee Of government experts, having
made Il careful examination Of this
and other processes. recommended il
to the government for adoption. and
after careful investigation their rec
ommendation was acted upon favor
ably. resulting in a request from the
government for the right TO employ our
processes and patents. We rendered
their use for war purposes without
compensation. This offer was accepted
by the War Department with grateful
appreciation and g. large appropriation
was made for the construction Of an
initial plant. With the aid of our tech
nical staff this construction is being
pushed to completion. and it is hoped
that ultimately, through these proc
csscs. our country will be freed from
dependency on foreign supplies"
The balance sheet Of the General
Chemical Company as of December 81
last showed cash in banks and trust
companies amounting to $2,275,44
New-York tribune., 1918-01-31
Ecffiiency Expert Called In

William II. Coverdalc. efficiency ell
glneer, has been appointed by influ-
ential interests in the American Hide
and Leather Company to make a study
OF the corporations affairs. 1t will
out if the company's earnings can be
increased by greater efficiency of
operation. There has been no sug.
gestlon of wrongdoing on the part Of
the present management. Mr.. Cover
dale has had wide experience in cor
porate reorganization work. He is
chairman of the board of directors Of
the Pittsburgh (: West Virginia Rail
way, whose affairs he helped straight
en- out. and he was the first man to
interest a group of bankers in the
affairs of the International Nercan-
tile Marine Company when an ATTEMPT
was made to reorganize the company to
the detrlment of the stockholders
New-York tribune., 1918-01-31
Steel Industry
Still Fighting
Snow Blockades
Piled Up Stocks of Finished
Products at Mills Impede
Operations

Fresh snowstorms along with low
forts made in last week or ten days by
the iron and steel industry to break
through freight blockades. The whole
industry, according to leading trade
authorities, has become so dcmoralizcd
that there is little trace Of normal
aspect in markets or in plant operation.
Evidences Of improvement arc de-
cidedly spotty," says "Thc Iron Trade
Review" "and the worst conditions in
many years of river traffic at Pitts
rail congestion to proong the heavy
loss Of production in that district.
"Snowdrifts in the Allegheny Noun
tans have cut off the Conncllsville
coke region from many blast furnaces.
1T is estimated officially that opera
tions of open hearth plants in the
greater Pittsburgh and valley districts
last week were at 50 per cent of ca
pacity and blast furnace and coke
oven productions were at 66 per cent.
"Whilc production of merchant pig
IRON on the whole has improved, re-
strictons Of shipments remain severe.
AS result various furnaces have been
plling iron. Another wave Of war buy
ing appears to be coming on in finished
mate erialS."
''Ihc Iron Age" calls attention to the
poor quality of the attenuated de-
lveries of coke TO blast furnaces in the
Conncl)svilc district, and also points
out that the scarcity Of cars to move
product from the mills is fully as seri-
Gus a factor as scarcity of coal and coke
Such large stocks of finished product
have piled up at the mills that opera
tons, 1t IS asserted, Will be mpcded for
days and in some cases even for weeks.
The same publication is also author
lty tor the statement that a promising
start has been made in releasing thou
sands Of tons of steel and munitions
awaiting shipment to the Allied armies
as a result of coaling of vessels at A.
lantic ports made possible by the Gar
field fuel saving order.
New-York tribune., 1918-01-31
New York

Court Upholds Stock Exchange
Justice BLUR declined yesterday to
continue, pending trial of suit. an IN
junction obtained by Raymond r..
Fiero. of the firm of X. II. Ficro & Co..
to restrain the governors Of the Stock
Exchange from expeling him as a
member. Fiero was tried and found
guilty by a committee Of the exchange
OF conduct inconsisten, witt just an,
equitable principles of trade"
Justice BLUR decided that the gov
ernors Of the Stock Exchange acted
within their authority in voting to ex-
pei Fiero. "Thc form Of trial. by the
governors Of the exchange, has been
repeatedly upheld by the courts" said
the justice, "and although l have care
New-York tribune., 1918-01-31

s1,301 ,970,4 Of national bank and Fed
cral Reserve notes. Of which s326.570,-
a3O were the notes Of national banks
and $976,4OO,OOO were Federal Reserve
notes. At the close of the report year
October 81, 1917, the amount of ma
tional bank notes outstanding was $716,-
276,375, and of Federal Reserve notes
$928,243, ,73O.
The cash reported on hand by ma
tional. state, savings, private banks and
loan and trust companies as of June
1917, plus the cash held Mt the same
time by the twelve Federal Reserve
increase, as compared with June, 1916
Of $838, ,482,754.
New-York tribune., 1918-01-31

The above rates express the cost Of
foreign money in terms Of the Amcri-
can dollar. You buy an English pound
sterling at, say, $4.75l's. The intrinsic
parity is s4.S63s 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 great
er than the demand in this country for
pounds with which to settle accounts in
England.
New-York tribune., 1918-01-31
Dollar in Foreign Exchange

Italian exchange was the active feat
uro Of the local market yesterday.
Lire checks sold down to S.5G4a, with a
slight rally at the close Brokers re-
ported a considerable amount Of spccu-
lation in Italian bills. The rest of the
exchange market was dull, with rates
moving narrowly.
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, 50 that daily quotations
for either marks or kroncn arc no
longer available.
New-York tribune., 1918-01-31
Inland Steel's Year

Earnings of the Inland Steel Com
pany, for the calendar year 1917 viii
equal S42.l4 share on 24,997 900 of
capital stock. Net earnings for the
year were $2l ,24O.763, compared with
~ '2Al ,olb. IN 1916, and net profits
after interest and taxes, $lO,535 ,O6S
compared with Slo,450,7S6 a year ago.
Atter payment of sl,999.S20 in divi-
dends last year. tn surplus WAS ss
t35.2aS. This comrares with $3.50
o7s surplus in 1916 after s799 9OS was
laid out in dividends.
New-York tribune., 1918-01-31
Elections

K. +. Connolly has succeeded the late
A. J. Wykes as treasurer of the Illinois
Central Railroad, and II. NJ Riseley
succeeds Mr.. Connolly as assistant
treasurer.
Edward F. Bealc, W. Barlie Henry
and Charles II. Bean have been elected
directors Of the Philadelphia & West
ern Railway.
W. B. Joyce, II. Mercer Walker, Will
lam NJ. Ramsay, +. S. Maddox and
Paul Fitzpatrick have been elected
directors of the Guaranty Securities
Corporation.
New-York tribune., 1918-01-31

fully examined the record Of the nro
ceedings. can find no evidence of N
VIII or prejudice to warrant the ten.
porary relief prayed for There IS y.
merit either in the point made BY u,
plaintiff that he was never confropts
with witnesses to tho transactions h.
volved IN the charges
Fiero VIII nov continue his adioa h
compel his reinstatement as a membs
of the exchange.
New-York tribune., 1918-01-31

Here is the way the native Chinese
view the rise in silver prices, accord
ing to the "North China Herald":
"'Gold is getting pretty cheap now;
in fact, it costs but little more
than half what it did few years
ago, and if you want to buy a gold
bangle, or ring, or an ear-pick,
now is the time before the price goes
up again. Those wondrous gold
shops on the Maloo, in Shanghai, are
having bargain sales Of all sorts Of
gold ornaments, and if you fail to
take advantage of their offerings
while they last you will be missing
the chance of a lifetime.' Tell him
that gold has fixed value and does
not change, that it is silver that has
become unusually dear, and he will
look at you with a vacant stare. If
he is of the more intelligent class he
may say something about the present
conditions proving China's wisdom
in not adopting the gold Standard
Just see how much our silver money
is worth now"
New-York tribune., 1918-01-31
News Digest
Foreign

OA\i6AA
London Stocks Steady. y.-LONDON,
Jan. 30.-The stock market was steady
to-day. Gilt-edged securities were in
active owing to tho tank campaign for
the sale of war bonds. Weakness in
Spanish issues was the feature in the
foreign section. Shipping shares wer.
mostly tirmer, and in mines attention
was directed TO Rhodesians and also a
few speculative tins at improving val
nes. In oils only tn, low-priced stocks
we're wanted, while iron industries
were active and higher.
There was large turnover in
money and discount rates were firm.
Paris Boursc.-PARlS, Jan so
Trading was heavy on the Boursc to-
day. Three per cent rentes, - francs
10 centimes for cash. Exchange OF
London. p francs 15l2 centimes. Five
Per cent loan. IS francs 20 ccntimes.
New-York tribune., 1918-01-31
Corporation Returns
New York, Ontario & Western
Interboro Rapid Transit
Extra Dividends

Manomet Mills. The company hs
declared an extra dividend of 81 pe
share in addition to the regular qus,
terly dividend of 81 per share, BOT.
payable February . 20 stock of reccr;
January 20.
Nonquitt Spinning Company,
extra dividend of s. per share hs
been declared, in addition to the rega
lar quarterly dividend cf s. per shsn
both payable February to stock
record January %.
New-York tribune., 1918-01-31
Another japanese Loan

According to Toxic advices. the Jap
anese government has decided TO foat
loan of .5O,00o,0OO yen (S25 900 ,00O1
a unique feature of the transaction is
that subscriptions can be made with
russian Treasury bills. of which
oo'oooooo yen have been recently
fioated in Japan and fall due on Feb.
ruary 9.
New-York tribune., 1918-01-31
Money and Credit

Money was in fairly liberal supply
at the Stock Exchange yesterday, where
call loans ruled at per cent, COM
pared with 3A per cent the day be-
fore. A small amount of business was
done on 3la per cent basis.
With the banks preparing for to-
days Withdrawals Of United States
government deposits, offerings Of fixed
date funds were even more restricted
than heretofore. A small amount Of
business was done in loans against in
dustrial securities for sixty days at 6
per cent and for thirty days at 5s4 per
cent. Loans against a mixture of rail
road and industrial securities were un-
changed at 5a4 to 6 per cent for the
several maturities.
Ruling rates for money yesterday,
compared with q year ago, were as fol-
lows:
Yesterday. Year ago.
Call money. ......... 40 134%
Time money (mixed collateraN:
Sixty days. 534eo 2N@234.o
Ninety days..... 534'o 2a4'.
Four months. o.. $780, 234@3%
Five to six mos. 5s4@6oo 2sA@3%
Certificates of Indebtedness Over
subscribed. .-WASHlNGTON, Jan. 30
The issue of s4oo,o0o,o00 of certificates
of Indebtedness, which closed last
night, was heavily oversubscribed. tho
Treasury Department announced TO-
day. The allotments will be made as
soon rs all subscriptions are reported.
The certificates are payable April %.
Commercial Paper.-Only limited
amount of business was reported in
commercial paper The demand from
New-York tribune., 1918-01-31
Liberty Bonds Still Sagging

Selling of United States second Lib
erty Loan 4s was unusually heavy on
the Exchange yesterday and a new low
record price was established for the
issue when one bond sold shortly be-
fore the markets close at 1886 The
previous low had been 96. The second
As opened a: 9614 and gradually
sagged as offerings increased In this
issue the total turnover was sl,6O0,000
Of which $639 900 went late in the day
at 96. The 3 p also made new low
declining from $3.50 to 97.30, while
$3.50 established new minimum for
the first As,
New-York tribune., 1918-01-31

The United States Steel Corpora
tion's exhibit Of earnings for 1917 is
a remarkable one. After deductions
for taxes estimated at $235 5,000,0 900,
the net earnings were less than ST.
100000 below the record established
in 1916, when prices were unrestrict-
ed and shipments and operations un-
impedcd by acute congestion of rail-
road traffic such as placed steadily
increasing handicap on the industry
almost throughout last year. Net
earnings, in round figures, were
1881 100000, against 1888, 100000 in
1916, s130,00o,o00 in 1915, $71,oO0,-
900 in 1914, and $160,000,000 in
1907, the best earnings ever reported
before the European war brought
new era of prosperity to the steel
trade. For the final quarter Of the
year the showing is less favorable,
but, on the whole, quite as good as
could reasonably have been expected
under the circumstances. Consider
able adverse comment and many
gloomy forecasts were based upon
the fact that net earnings decreased
progressively through the period, but
that is a rather poor basis for pes
simism considering the fact that in
nearly every year since the corpora
ton was formed the same tendency
has prevailed, while without excep-
ton December earnings have been
smaller than those for October. 1t
is nevertheless almost certain that
the earnings for the current quarter
Will show very heavy decrease in
net. The industry is now running
at no more than so per cent of
capacity, according to trade authori-
ties, and the chances are that at
least half the period will have
elapsed before any substantial i'm
provement occurs. Moreover, the
average price received by the corpo-
ration for its products must tend to
decline as deliveries made on con-
tracts negotiated before prices were
fixed become smaller. Beyond the
current quarter, however, the
chances are for better earnings, as
increased production and deliveries
are to be expected.
New-York tribune., 1918-01-31

That excess profits taxes, heavy as
they are, have not stifled industry in
Great Britain is apparent from a
tabulation in the London "Econo-
mist" which shows that the net
profits Of 1,200 companies in all
fields of industry we're 10 per cent
larger in 1917 than in 1916. The
tax has merely checked the rate Of
increase in earnings, but the total
keeps on growing.
New-York tribune., 1918-01-31

Below is given the current exchange
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune., 1918-01-31

BUY-SELL
MIDWEST REFINING CO.
MERRITT OIL CORPORATION
ELK BASIN PETROLEUM CO.
INTERNATIONAL PETROLEUM
IMPERIAL OIL CO., LTD.
LOBITOS OILFlELDS, LTD.
SAPULPA REFINING CO.
HOUSTON OIL CO.
PORT LoROS PETROLEUM
NATIONAL FUEL GAS CO.
NORTHWEST OIL CO.
CoSDEN AND CO.
BONDS STOCK
CARL H.pFORZHEIMER&CO
Dealers in Standard Oil Securities
rhunD 1850 1850 Broad 25 Broad ST.. y. Y.
New-York tribune., 1918-01-31

institutions was small and rates were
steady around 5la to 5% per cent.
New-York tribune., 1918-01-31

Bank Clearings.-Thc days clearings
at New York were $49O,677,766 and
balance SAL ,S25,409.
Sub Treasury. - New York banks
gained from the Sub Treasury $4,000.
Silver.-Bars in London, 4314d, down
u d; New York S65s decrease Of &c;
Mexican dollars, GSA c, off &c.
New-York tribune., 1918-01-31

German Bank Statemcnt.-BERLIN
via London), Jan. 30.-Thc statement
of the Imperial Bank of Germany, is
sued January 23, shows the following
changes, in marks;
New-York tribune., 1918-01-31
Next War Loan Awaited

Much of the selling Of the Liberty
bonds can probably be traced to ap-
prchension in investment circles over
the effect that the next government
Offering will have on the outstanding
issues Secretary Of the Treasury Nc
Adoo has admitted that $4,000, 900, 600
must be raised between l7ow and juno
30. 1t only remains to arrange the de-
tails of the loan. Wall Street is still
in tn dark as to the terms Of the next
loan. 1t is recognized on all sides that
another per cent issue similar to the
last one cannot be sold at par.
New-York tribune., 1918-01-31

! Official rates Of discount for each Of
7 the twelve Federal districts are as fol-
| lows:
New-York tribune., 1918-01-31
4 Scene from the Heights

1t is inevitable that in the years to
come financial operations of the whole
world will centre around the great city
of New York, Theodore f. Burton, for
mcr United States Senator from Ohio
and now president of the Merchants
National Bank, told members Of the
Bond Club yesterday at their regular
monthly luncheon.
"The financial centre Of the world, if
you 90 back to remote antiquity" said
Mr.. Burton, "was first at Tyre, then at
Carthage, then at Rome, then for cent
uries at Venice. Then it shifted to
Amsterdam, then to London, and now
it is inevitable that the centre of the
worlds greatest financial operations
will change from the banks of the
Thames to the banks of the Hudson.
This gives a splendid future for you.
No one can foretell the greatness of
this city in its commerce and finance.
We read in Scripture that the Devil
took the Saviour of mankind up into
an exceeding high mountain and
showed him all the kingdoms of the
world and the glory thereof. The
temptation would be 'spurned now. lust
as it was then, but the temptation
would have been much more enticing if
he had taken Him up to the top OF this
Equitable Building and showed Him
what is around here in the city Of New
NOrl. - ~'0''
New-York tribune., 1918-01-31
No Time for Dogmatism

G. T. Childs & Co.. who make a spe-
cialty Of United States government
bonds, has this to say:
eve feel any attempt to maintain a
4 per cent maximum interest rate for
these war bonds would jcopardize their
hotation by failing to attract invest
ors sufficiently. This not the time to
undertake dogmatically an expensive
experiment. Recognizing that all pri-
vate, commercial and financial endeav
ors during the life of the war should
and must be given secondary rank. and
that personal and corporate affairs
must be subordinated to our national
undertakings, would it not prove to be
a shorts GIFTED policy to endanger the
popular reception Of the next loan by
attempting to give it any technical or
indirect embellishments which would
be beyond the grasp and appreciation
of the average minded individual? ?
Probably no factor has continued to
keep the market level of the outstand-
ing Liberty Loans at discount so
much as the questions of doubt which
have daily been set forth as to what
may be the terms of the next loan"
New-York tribune., 1918-01-31
Liberty Loan Suhscr;nt;o,s

The Controller recommends that ma.
t.onal banks during the period of the
war be authorized to subscribe. through
their boards of directors, to the RCD
Cross for war purposes
During the twelve months ended Oc.
'ober 81, 1917. there were issued BY the
office Of the Controller of the Currenc,
New-York tribune., 1918-01-31

Commercial Paper.-Only limited
amount of business was reported in
commercial paper. The demand from