davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-08-14
Bonds for Investment
Harris, Forbes & Co.
Pine Street, Corner William
NEW YORK
Oversubscribed Quota
Chicago Exceeds Certificates
Allotment by $21. 10000
Especial Dispatch to The Tribunal

Especial Dispatch to The Tribune)
CHICAGO, Aug. 13.-Banks in the
Chicago Federal Reserve District over
subscribed their quota of the last offer
ing Of s5oo,ooo,ooo United States
Treasury Az per cent certificates of
Indebtedness by about $21 100000. The
local allotment was s7o,ooO,ooo. The
percentage Of oversubscription ranged
from 25 to 35 per cent
On the third Liberty Loan, the final
instalment OF which is due Thursday,
$50 9,422, 900 is due to be paid here Chi
cago's subscription to the loan was
S608, ,000 OF which s549 ,000, 900 has
been paid in full.
Figures were withheld at the New
York Federal Reserve Bank regarding
this districts subscription to the last
issue of Treasury certificates of in
debtedness. The subscription lists
were closed yesterday
New-York tribune., 1918-08-14

Municipal and state bonds, which
were at first stimulated by the
news, that the Kitchin committee
contemplated applying the income
tax to income derived from future
issues of such securities, except
those for refunding purposes, are
now sagging. The demand has sub
sided, and there is some pressure to
sell, offerings coming mainly from
large institutions. 1t is an odd
situation. Seemingly, if such tax
were imposed, the effect should be
to put a premium on outstanding
issues, because the supply is limited
and the demand would tend to in
crease as the levies on income we're
raised. Instead the mere proposal
has impaired confidence in these
bonds. Large holders fear that if
new issues are taxed as war meas
ure it may be only matter of time
when the governments needs will
be so urgent that it will go step
further and apply the tax to old
issues. Having taken one extraor-
dinary radical step, they argue, the
other might follow as a matter of
course. This feeling is responsible
for the present reactionary tend
ency Of the market. 1t is hardly
we'll founded, however. Taxation
of outstanding municipals would, in
effect, amount to partial repudia-
ton, and the government is not like
ly to break faith in this way, espe-
cially as the largest holders of such
bonds are savings banks and insur-
ance companies.
New-York tribune., 1918-08-14
Utility Issue Sells Quickly

The National City Company, with
Harris, Forbes & Co., yesterday Of
fered and sold an issue of s2,l00,00o
fve-year per cent bonds of the Po-
tomac Electric Power Company. The
bonds were placed on sale at 93, yield
ing approximately 7.75 per cent. This
concern does the entire commercial
electric light and power business in
the city of Washington and adjoining
communities having an estimated pop
ulation of 475,000. For the year ended
June 80 last the net earnings of the
company were more than 20 times the
interest charges. The proceeds of the
present issue will be used to finance
the cost of a new $4,000 kilowatt turbo-
generator and of other improvements
and extensions to the company's prop
critics.
New-York tribune., 1918-08-14
Wealth and Commerce

ming midland can be delivered unless
cotton market, whereas tive -one
grades. varying greatly in their quality
can be delivered on future contracts.
The large amount of the poorer grades
on the market has led to the fear that
the purchase of futures would receive
an undue proportion of the poorer cot
ton.
Liverpool Men a Factor
Another important factor in making
the disparity which in the early spring
exceeded 900 points and which has
now been considerably reduced for
variety of causes, but chiefly because
the new crop will soon be ready and an
expected large supply of the better
grade cotton has reduced the premium
on it, has been the operations of Liver
pool cotton people. Desiring only the
better grades of cotton. the Liverpool
interests have bought spot cotton and,
fearing that the cotton might not be
of tonnage, they have hedged against
loss by selling futures in New York
This oreration," Walter L. Johnson,
president of the New York Cotton Ex-
change, testified, "has taken much de-
sirable cotton off the market and has
operated to widen the disparity between
spot and future prices by depressing
futures and by appreciating spots"
In stating the purpose of the inves-
tigation into the futures market, which
will continue in New York to-day mad
be resumed in Boston Thursday and
Friday and then later in Southern
centres, Mr.. Brand said at the outset:
"The Department of Agriculture rec
ognizes that the exchanges have very
real functions and services, and moth
ing very revolutionary is expected to
come from these hearings. But we de-
sire to get fabric of fact on which
constructive recommendations can be
based. improvements in the parity be-
tween spots and futures have been no.
ticed since April, and have been due
no doubt to normal influences rather
than to corrective steps.
"Complaints had come in large num-
bers, particularly from the South, that
the exchanges were useless to spin
ners. Complaints were general, and the
matter became so acute that Congress
sional committees called on the depart
ment to take some steps"
New-York tribune., 1918-08-14
Regular Declarations

American Felt Company. Semi-annual
dividend of per cent on the preferred stock.
payable September 3 TO stockholders OF record
August 20.
Atlantic Refining Company - Quarterly
dividend of per cent payable September )
to stockholders of record August 20
Canadian Pacific Railway Company.
Quarterly dividend of ~ per cent on the
common stock and semi-annual dividend OF
per cent on the non-cumulative preferro,l
stock. both payable October to Stockholders
of record August 81.
General Asphalt Company. Quarterly divi
dend of a per cent on the preferred stock.
payable September 3 TO stockholders of record
August l5
Northern Pennsylvania Railroad Company.
Quarterly dividend of per cent, payahle
August 70 to stockholders of record August
a.
:. Pittsburgh Brewing Company Quarterly
dividends OF ! per cent on the common stock.
New-York tribune., 1918-08-14
Corporate Returns

s. 5. kresge Company. - Sales for
July totalled S2.S46.300 compared with
$2,09S.115 for the corresponding month
OF the year before, an increase Of
$14S.l27 Sales FOR the first seven
months Of the current year were s1S-
4o4 ,oSl, which compares with Sl5,SlS,.
$50 Tor the same period Of last year,
an increase of $3,169.l45.
Associated Oil. - The company re.
ports income, after operating expenses
for the six months ended June 50 last
amounting to $5.692.235. against 81
959,761 for the first half OF 1917, an
increase of $2,732.4-4. Taxes and in
terest totalled $1.Og0,420. leaving q net
income Of $4,671.S15 which compares
with $2,536,1S7 for the corresp sponding
months of the preceding year, an IN
crease in net of S2,135.09S. Reserve
for depreciation. etc. was Sl.465,,0S
compared with s1.334.345 for the same
period Of the year previous. Balance
amounted TO S3,2o6.l1o, which is the
equivalent to $7.97 per share on SO.
220,094 capital outstanding, agalns,
S1,2O2,442 for the six months endeo
June 80, 1917. After dividends Of $685.
919 were paid surplus for the 81!
months was S2.3O2,l95. an increase o.
S2,O93,670 Tor the same period OF tns
year before.
California Petroleum Corporation
Statement of operations Tor the hfss
half Of the current year Giscloses gross
earnings totalline Sl.Sl9,253. trom
which operating expenses OF S45o'.'.
were taken, leaving net earnings loi
the period of s1.363.979. After depreel.
: lori lotion
reserve of S75,262, other reserves
amounting to s76,25l, interest OIL
bonds totalling S49.o7S and earnings
of S13,042. balance available ior pre-
ferred dividends was SS7I.771. Pre-.
ferred dividends paid during the 80
months amounted to S339,453, lesSi"e
a surplus of $532,33S.
Pacific Gas and Electric The com.
pany's report 70 June shows grosss
earnings Of $1,S60,Sl compared W., NJ.
S1,663.S32 for June OF last year. Ne
after taxes including miscellaneous ~;
come totallod SISS.7Nl. an lncrease .ts
S36,697 over the same period OF ~ .as
year before. Surplus after charges '''
preferred dividends was SS0O'o4S'
American Telephone and Teles1s.rrr .er
Company. The operating revenue j.; IN.
June amounted TO S2.f2-7SS. an
crease Of S2S6,S55 over the correspv".s.
ing month Of last year Net ope.st
ing revenue totalled $l.59o.779. opsrs,n ps,.
ing income was $l.S45.l22. an ine'ssns isnps
of Sl6o,a26 Total operating reseass d,S wss
for the first six months OF lslo .ru.
Sl7,3S4 .545 Net operating re'e-. ~.
totalled se.7S6.45e, an increase n n d
of s9l5,2o2 over the first hsn sn.rod
1917. Operating income for the p'''
amounted to $S.lSS,4Ni-
Cumberland Telephone and to ,o.s
Q operating era revenue for the drss sso h,p al
Of the current year Of S4,79S,2su,,, ,,r.., =.
Increase OF $SoS,57s over the '0i;st Sst
spending months of last year; ssss 3
operating revenue was Sl,+S4,o..s' six
decrease of sl0s,l12 from the mr., rpsr-
months of the preceding year. u.rss, mi,
ating income for the SIX p'@
amounted to sl.0Tassas
New-York tribune., 1918-08-14
$2,OOO,OOO for Power
Electric Station Will Operate
u. S. Nitrate Plant in Ohio

The Columbia Gas and Electric
Company has obtained an advance of
S2,0OO,000 from the United States gov
ernment for the purpose of equipping
new power station which will supply
the electrical energy for the big gov
ernment nitrate plant to be erected
near Cincinnati
Details of the contract, made public
yesterday by a. B. Leach G. Co.. stated
that the government will take during
the first year from and after comrle-
tion Of the plant II monthly maximum
of power equal to not less than 10000
kilowatts nor in excess Of 10000 kilo-
watts. After July !. 1919, the quantity
may be. reduced or again increased to
the maximum, at the option of the
government. upon three mo|nths' notice
New-York tribune., 1918-08-14
The Dollar in Foreign Exchange


Rates on Italy which are controlled
by the Italian Institute and the Fed
eral Reserve authorities, again spurted
yesterday, reaching a new high water
mark for the year. Cables rose during
the day from 7.S9 to 749 and checks
from 100 to 75O. Foreign exchange
bankers expect the tendency toward
stabilization to be carried further.
Francs showed much strength again
yesterday, and sterling was steady All
the neutral exchanges were weak. re-
fecting among other factors the re-
peated Allied successes on the West
crn battlefront.
Closing rates yesterday, compared
with a week ago, follow:
(Quoted dollars to the pound.)
New-York tribune., 1918-08-14
Join Federal Reserve

WASHINGTON, Aug. 15.-State banks
admitted to the Federal Reserve sys-
tenn to-day include the following:
Provident Savings Bank and Trust
Company, Cincinnati, resources s13,-
$4,000; Pontiac Savings Bank, Pom
tiac, Mich. S4,695,00O; Bank of Com
merce, Little Rock, Ark, S4,O82. 900;
Bank of Sheboygan Sheboygan, Wis,
S3,608,o00; Union Trust Company, Lit
tie Rock. Ark, s3,O91 900, and the Erie
County Trust Company, East Aurora
N. Y, S1,009,0 900.
New-York tribune., 1918-08-14
At prevailing prices Liberty bond:

the ones not exempt from taxa
ton, that is-are a remarkably good
investment, especially for the men
of relatively small means. They can
be bought to yield about AZ per
cent, an almost incredibly large re-
turn for United States govern
ment security. This high yield is
obtainable only because no attempt
is made to develop the latent de-
mand for the bonds in the intervals
between loan campaigns. If the
Canadian plan, the adoption of
which is being urged by many bank
ers, were put in operation here, the
opportunity to obtain such fancy
return as can now be had would, in
all probability, soon vanish.
New-York tribune., 1918-08-14
Liberty Bond Instalment

The final instalment on third Liberty
bonds purchased on the government
plan will be due tomorrow. Inasmuch
as large proportion of the payments
have already been made, the effect of
the turning over Of money to the gov
ernment is not expected to have any
perceptible effect on the money market.
Completion of payments on the third
Liberty bonds tomorrow will give bond
buyers more than month and a half
to prepare themselves financially for
the fourth appeal of the United States
for the dollars Of Liberty.
New-York tribune., 1918-08-14
Japanese Loan to China Discredited

Bankers here who are interested in
the current negotiations providing for
an American loan to China did not
credit yesterdays dispatch from Peking
stating that a contract had been signed
calling for an advance of 80,000.OOO
yen by Japan to China. 1t was pointed
out that if such an agreement had been
made it would contravene the four
power consortium involved in the con-
templatcd American financing, which
has the sanction not only of Japan,
but Of Great Britain and France
New-York tribune., 1918-08-14
Extra Dividends

F. Wesel Manufacturing Company
A dividend of per cent on the pre-
ferred stock has been declared, payable
August Is to stockholders of record
August 5, and another dividend of 1a4
per cent on the same issue, payable
August 81 to stockholders of record
August 20.
New-York tribune., 1918-08-14
Elections

DR.. ]. T. Holdsworth, dean Of the
school OF economies of the United
University of Pittsburgh. has been
r.ec,ed an active vice president of the
charge of developing new business in
connection with domestic and foreign
commerce, with special reference to
Utilization of trade and bankers ac
ceptances.
New-York tribune., 1918-08-14
DIVIDEND NOTICES
THE CANADIAN PACIFIC RaTIWAY co.

At meeting of the Directors. held to.
day. the usual quarterly dividend of two
and one-half per cent. on the Common
Stock for the quarter ended goth June last
being at the rate Of seven per cent per
annum from revenue and three per cent.
per annum from special income account,
was declared payable 1st October next to
shareholders of record at ] p N. on 3lst
August. 1918
ERNEST ALEXANDER. Secretary.
Montreal, August l2th. 1918.
New-York tribune., 1918-08-14

The above rates express the cost Of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say, $4.7695. The intrinsic
parity is s4.S65s per pound. Thus you
say either that pounds are at dis
count or that dollars are at premium
which is owing to the fact that in Eng
land 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 England
New-York tribune., 1918-08-14

Even if income from municipal
bonds were subjected to the Federal
income tax; such securities would
have an advantage over corporate
obligations in that they would be
immune from state taxation.
New-York tribune., 1918-08-14
Dividends
Reductions

Philadelphia, Germantown & Norris
town Railroad.-The company has re
duced the regular quarterly dividend OF
$1.50 per share to S1.25 per share, pay
able September 4 to stockholders of
record August 90
New-York tribune., 1918-08-14
Money and Credit

Money was q degree easier yester-
day than it has been in more than a
week, though offerings remained small.
One bank put out 100000 of time
money for thirty-day engagements.
Nearly half of this was used for re-
newals, however.
The situation in call money also
showed a slight improvement, and the
money pool was not called upon to
make any loans, as it had been Monday
and Friday last. Rates remained firm
at 5A to per cent for mixed col
lateral and 61z per cent for industrial.
Ruling rates for money yesterday,
compared with year ago, were as
follows:
Yesterday. Year ago.
Per cent. Per cent
Call money:
New-York tribune., 1918-08-14
To Postpone Wilson & Co. Financing

Plans under consideration for rails
ing new working capital for the meat
packing concern of Wilson e. Co. by
an issue of new securities will prob
ably be held in allegiance until after
the fourth Liberty Loan campaign is
ended.
New-York tribune., 1918-08-14

payable September il. and ia per cent Oh
the preferred stock. payable August 81.
Cresson Consolidated Gold Mining and Mill.
ing Company Monthly dividend Of 10 cent?
per share. payable September 10 to stock
holders of record August 81
New-York tribune., 1918-08-14

Below is given the current exchange
value of foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune., 1918-08-14

Bank Acceptances-Owi to the
hrml money market the demand for
bank acceptances is somewhat lighter.
Rates yesterday were as follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent. Per cent. Per cent.
E igible
m m ber
banks. .4h@4 4h@4I4 4A@4I4
| igibla
non-mem-
Der banks.4A@4Is 43s@4A 43a@4a
! n eligible
bank bills.5A@4 5A@4s4 5N@4A
For delivery within thirty days:
Per cent.
Eligible member banks ...... 4N
Eligible non-member banks. ~
Ineligible bank bill.
Discount Rates.-Tha following table
gives the current rates of the twelve
Federal Reserve banks on commercial
New-York tribune., 1918-08-14

Commercial Paper.-Country institu-
tions are fairly large buyers of COM
mercial paper. The rate is firm at
per cent for the best regular ma
turtles.
New-York tribune., 1918-08-14
telephone
Hanover 65f4

New York and other cities were as
follows:
Exchanges. Balances.
New York. S588,845015 s3e,455,512
Baltimore -. 11,375,426 3.700,082
Boston .... 5o,836484 5,771, ,o04
Philadelphia. 56,9O8,731 9,33O,008
Silver.-Bar silver in London was
4Si}d, unchanged; New York, 99Mc,
unchanged; Mexican dollars, 77c, un-
changed.
Sub-Treasury. - The banks lost
s3,953,oOo to the Sub Treasury yester-
day.
London Money Ratcs.--LONDON,
Aug. 13.-Money was unchanged at 3
per cent. Discount rates We're: Short
bills and three month bills 1872 per
cent. Gold premium at Lisbon renamed
10000.
Bank of Germany Statement.-BER-
LIN (via London), Aug. 13-The state
ment of the Imperial Bank Of Ger
many, issued August Z, shows the fol
lowing changes, in marks
Total coin and bullion Inc. $4,000
EOld ............... Inc. on ,ooo
Treasury notes ...... Inc. 22.bb6,OOU
Bills discounted. 49,. Dec.13o, 600
Notes in circulation. Inc. S1.845.0o0
Deposits ... Dec172, ,324,0O0
Total gold holdings 2,447, ,629, 900
marks, an increase of 100,3A7 900
marks over July 81.
New-York tribune., 1918-08-14
TO THE HOLDERS OF
JEFFERSON Il CLEARFIFIn co.,
IRON COMPANY "I
Second tYnrfpoca 90
second Mortgage 81 Bonds

SINKING FUND NOTICE
Notice is hereby given as providaa,
fsas f}Ss of the indenturs dated June A. +
offers viii be received up To 10 s%saed
Monday, September Is. 1918. bv th. Yaa.0na M, 0n
States Mortgage & Trust Companv o.'sd
ottlce, No. 90 Cedar Street, New yors - 10 is
the sale to 1t as Trustee at the lowest r-,s' is'
at winch such bond shall he offered rss .ss
exceeding 1865 and accrued inter.s,, %,
SUFFICIENT Of the above bonds to 49,, ,,I,. q
the sum OF Forty-nine thousand SA"SeN N,a
Hundred Fifty y-seven Dollars and N,ns.a ls
five Cents s49.95795) -''neS'
Offers shall be sealed and endors.a "a.
fers for the sale OF jefferson & CI.sr..: w.
Coal Iron Company Sc, Bond, to sss
ing l1is Fqnd, l1 and addressed to the rRiiSr
JEFFERSON & CLEARFIFI,D co.r
IRON COMPANY 9
BY GEORGE H. CLCNE. Treasure,
Dated Rochester. n. y. August ~ III,
New-York tribune., 1918-08-14

Sub-Treasury. - The banks lost
S3,353,0 600 to the Sub Treasury yester-
day.
New-York tribune., 1918-08-14

Silver.-Bar silver in London was
4Si}d, unchanged; New York, 99Mc,
unchanged; Mexican dollars, 77c, un-
CHANGED
The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-08-22

save the Indians from the penalty of
sudden death for revealing II.
Overjoyed at gaining so much. she
had two burros packed with provi-
sions and mounted on mules she and
two Indian women sent out. They
travelled mostly at night, passing
through deep canyons and over lofty
mountain passes. The fourth night.
some hours after dark, the Indian
women led her into deep canyon
and paused a short distance from a
large rock. In the dim moonlight an
old arrasta was seen, and across the
canyon was large ore dump, from
which opened tunnel. The woman
gathered pieces of ore from the dump
and arrastra, but was hurried away
by the Indians, who said they would
be killed if they delayed beyond the
time given them by the chief.
They travelled until the moon went
down, rested few hours and went
on before daylight, completely baffl-
ing the Mexican woman as to the
route by which they had brought her.
They arrived at the pueblo at night
fall. and, having taken four days to
reach the mine and but one to re-
turn, the obvious conclusion was that
she had been led about In a circle-a
curious method of satisfying the
complex Indian conscience.
Despairing Of getting more, the
Mexican woman returned to her
home. A few months later she re-
turned to search for the elusive Tai
opa, but without success.
The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-08-22
NOTICE OF ASSESSMENT.

Office of the Sabina Mining & Milling
Company, Wallace. Idaho, August g.
1918.
Notice Is hereby given that at a
meeting of the board of directors OF
the Sabina Mining & Milling Company
held on the 5th day of August, 1918, an
of three (3) mills per
share was levied upon the capital
stock of the corporation, payable on or
before the 9th day of September, 1913,
to e. c. Allen, treasurer, at the Office
of the company in Wallace, Idaho.
Any stock upon which this assess
ment remains unpaid on the said 9th
day of September, 1918, will be delin-
quent and advertised for sale at pub
lie auction, and unless payment is
made on or before said date will be
sold on the 30th day of September,
1918, at 700 o'clock p. m. at the office
of the company (Which is also the Of
flee of E. C. Allen, secretary of the
company, Woodland Park, to pay the
delinquent assessment thereon, to-
gether with the costs of advertising
and expenses Of sale.
r. c. ALLEN,
Secretary of the Sabina Mining &
Milling Company. Phone 434-W-4;
Woodland Park, Wallace Idaho,
AuS-S5-5t
The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-08-22
GOLD COM MITTEE.
Bureau Of Mines Issues Question naire
Regarding Industry.


Before rendering any advice for the
relief of gold mining, the bureau Of
mines will gather accurate informa-
ton. A committee consisting of Hen
men Jennings, Charles Janin, H. d.
MacCaskey, j. L. Mackenzie and F. L.
Ransom has been appointed to invest
igate the matter. A questionable will
go to all those engaged in gold mining
in the United States, and one Of the
principle points it is hoped to estab-
fish is the loss of output which will
probably result on account of present
conditions.
In the meantime, members Of con-
gress and government officials are be-
ing importuned to make provision for
a bounty on gold production. Some
are urging that the secretary of the
treasury should recommend that gold
mining operations be relieved of all
state and county taxes. The director
of the mint is in conference almost
daily with those interested in MAIN
tanning gold production. 1t is believ-
ed that the committee on ways and
means is fully alive to the situation,
and that a way will be found which
will allow excess profits to apply on
such gold operations as are regarded
to be proper subjects Of taxation, at
the same time allowing immunity in
cases where the accumulated profits
Of years become suddenly available.
The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-08-22

The Beef You Do Not Eat for the
Rifle You Can Not Carry.
The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-08-22
NOTICE TO DELINQUENT STOCK.
HOLDERS.

Office of the Washington Mining
Company, Burke, Idaho, July H..
1918.
Notice is hereby given that there Is
delinquent upon the following describ-
ed stock on account of an assessment
The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-08-22
STEWART MINING COMPANY.
NOTICE OF ANNUAL MEETING OF
STOCKHOLDERS.

Notice is hereby given that the an
nual meeting of the stockholders of
the Stewart Mining Company for the
election Of directors and for the
transaction Of such other and further
business as may properly come before
said meeting as provided by the by
laws, will be held at the Office of the
company, in Kellogg, county of Sho-
shone, and state Of Idaho, on Thurs
day, the goth day of August, 1918, at