davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-06-01
Uncertainty Hurts
Railroad Men
Efficiency Impaired by Swiftness
With Which Changes
Are Made
Snecial Corresnondence)

CHICAGO, May 30.--The poison gas
ing the efficiency of many railroad men.
Lack of knowledge as to what farreach
ing move the Federal railroad admin
lstration is going to take next appar-
emily is preventing a large proportion
of the higher officials of the roads from
giving their best services to the ma
tion's transportation system, it is said
Astute railroad observers frankly point
out that the atmosphere surrounding
the employees and officials, particularly
the latter, is not wholesome.
To what extent the removal of the
presidents of the roads by the Director
General intensified the condition is
matter of speculation, but it is felt that
it vastly increased the uncertainty. The
abolition Of Offices and quarters and the
tendency to loose the individuality of
roads in unifying the national system
are said to be primary causes of the
feeling.
A manifestation of the lack of conf
dence of some of the officials is their
hesitancy now in giving out even mat
ter of fact information. They take no
sure steps. They are in some cases
dazzled by the swiftness with which
basic changes have been made. Much of
the ineficiency that is being charged
against railroad operation, observers
declare, is due to the morale of the
railroad men, who are being borne
down by uncertainty.
New-York tribune., 1918-06-01
The Twine Situation-1919

By this time it is too late to remedy
the twine situation, so far as it bears
on price. So far as it sears on supply,
it is still decidedly remediable. Mat
ters have turned out in such way as
to compel the farm equipment dealer
to stock twine-and plenty of it--re-
gardless of the unlikelihood of his
making the usual fair .rofit. The small
grain crop, which now promises to
yield heavily. must be saved. Lack of
binder twine at the critical juncture
would waste it,
If it can be determined beyond doubt
that the regulation of the twine mar
ket has considered the retail dealer too
scanuy and the facts can be so mar
shalled as to impress the food admin
istration, it should be the aim of all
directly concerned in the retail distri-
button of twine to present their case
where it will do the most good. But
it is futile to hope for remedy this
year. Any remedial steps taken now
should contemplate only the 1919 sea
son. And it isn't at all too earlv
'to be thinking seriously about TT
Implement and Tractor Trade Jour
New-York tribune., 1918-06-01
Canadian Car Pays
3H P. c. ON Preferred
Directors Will Discuss Resmmp-
ton of Regular Divi-
dends

Directors of the Canadian Car and
Foundry Company, Ltd, declared a
dividend of 3h per cent on the pre-
ferred stock yesterday. This is the
first dividend since June, 1914, when
the last quarterly disbursement Of 1%
per cent was made.
According to a statement made by
Nathaniel Curry, president of the COM
pany, the dividend payment just
authorized will be made on account Of
deferred dividends on the preferred
stock, and the directors will discuss
the question of the resumption of reg
ular quarterly disbursements and a
further payment on account of the
back dividends at later meeting.
"The company's earnings continue to
show very satisfactory results said
President Curry, "but the directors
feel that the high cost of materials
and the large output now being main
tanned make it necessary to maintain
strong cash position. The car COM
pany's bank loans have been paid off.
New-York tribune., 1918-06-01

Here is significant dispatch,
printed in "The Wall Street Jour
nal":
Houghton, Mich.-At least six and
possibly eight smaller mines, pro-
ducing at a loss with copper fixed at
23h, or who are conducting explora-
tions, are figuring on shutting down
altogether.
If, as authorities state, we have
need of all the copper that can be
produced, it is time that some ac-
ton were taken to insure uninter-
rupted operation of those mines
which now produce large quantities
Of the metal, but which cannot con-
tinue to make profit with copper
at 237s cents pound. No good
reason has yet been shown why high
cost producers should not be al
lowed more than the present maxi
mum, which is an arbitrary price
and therefore necessarily made
quate in some cases and overlib-
eral in others.
New-York tribune., 1918-06-01
Marine Preferred
Skyrockets After
Directors Meeting
Reports That Deal Is Prac.
tically Completed Cause
Sensational Advance

A special meeting Of the board of
directors Of the International Mercan-
tile Marine Company was held yester-
day, at which were discussed develop
ments in the plan to transfer the
British subsidiaries to an English
financial syndicate. P. A. S. Franklin,
president, when seen later in the day,
stated that he was able to report fur
ther progress in the negotiations, but,
as on previous occasions, he declined
to discuss details.
After it became known in the finan
clal district that the Marine board had
met the shares of the company were
unusually active on the Stock Ex-
change. The preferred, which in the
morning trading attracted little atten-
tlon and sold more than a point below
Wednesdays close, in the afternoon
skyrocketed to 104% for a net advance
OF 9s points. The turnover in this
issue amounted to about 68,500 shares.
The common stock, on a smaller aggre-
gate of transactions, rose Az points
to 30aa.
What lent color to reports that all
but few minor details in connection
with the pending plan had practically
been consummated was the strength in
the company's per cent bonds, which.
it is said, will be retired at 10 if the
deal is finally approved by all the in
terested parties. After selling as low
as 97A they advanced steadily on
heavy buying until, on transaction of
$1,000, they sold up to 101%, and
closed at 1915, compared with Wednes
days last sale at 97H
Inquiry among directors who attend
ed yesterdays meeting brought forth
no further information than was given
out by Mr.. Franklin. In brokerage
circles the sensational advance in the
preferred stock was attributed in some
degree to large short interest that
had been built up this week on the
unfavorable war developments and the
announcement by President Wilson
that the war profits of corporations will
be taxed higher to help meet the gov
ernment's expanding financial REQUIRE
ments,
1t is stated in banking circles where
knowledge of the current negotiations
involving the sale of the British owned
companies is claimed that the plan
provides, in addition to the retirement
of the outstanding bonds at 10. the
calling in of the preferred stock at
price said to be substantially above the
present market quotation.
The common stock, it is said, will be
exchanged share for share for the stock
of new company which will be or
ganized to operate the vessels now ex-
clusively under American registry.
New-York tribune., 1918-06-01
High Cost of Gold

High operating costs and shortage
of labor are two factors which are
hampering the gold mining industry
the world over and reducing produc-
ton. The agent of .the Geological
Survey Of California estimates that
the cost of mining gold was eighteen
per cent higher in 1917 than in 1915.
In the Transvaal district of South
Africa, the biggest gold producing area
in the world, production costs rose six
per cent last year. In Australia one
OF the large mines has been shut down
after eighteen years of operation in
which total of approximately s25,-
100000 of virgin gold was produced.
Montreal advices received in Wall
Street yesterday were to the effect
that the difficulty of getting labor
for the Canadian gold mines, owing to
military requirements, has already
compelled number of the smaller
mines to curtail operations. The need
Of maximum output of gold may lead
to some steps being taken in Canada
toward the. .amclioration Of the situa-
ton
New-York tribune., 1918-06-01
Corporate Returns
United States Realty and Improve

United States Realty and Improve
ment Company.-The annual operating
statement for the fiscal year ended
April 80, 1913, dIscloses total income
of $2,417,173, which compares with
$2,432,343 for the preceding year. In
terest, depreciation, etc, amounted to
$1,045,252, against S1,342,451 for the
year before. Debenture interest to-
tailed S596,500. Surplus for the year
amounted to $775,421, which is the
equivalent of S4.79 share on 161 ,62s
shares of outstanding stock, against
$493, 1892, or $3.05 a share, earned in
the 1917 fiscal year.
Vulcan DEFINING Ccmpany.-The re-
port for the first quarter of 1918 shows
sales amounting to $335,472, an in
crease of $4,000 over the correspond
ing quarter of last year. After expenses
of $268,40 the balance amounted to
same period of the year before. Other
income totslled s2.567, bringing the
total income to $79,633, against $36,051
for the first quarter of 1917. Deprecia-
tion, taxes, ETC., amounted to $34 645,
leaving net income for the quarter of
$44,988, compared with $36,051 for the
same months of the preceding year, an
increase of $8,937.
Canadian Northern Railway.-The
company reports gross earnings for
April of $685. 100, against S3,3I5, 500
for the corresponding month of 1917.
Net earnings were $541, 800, compared
with $757,900 for the same period of
the year before. Gross earnings for
the ten ms this ended April 80 last
amounted to S34,657,5OO, against s33 :.
All, 400 for the same months of Ia 81
year. Net for the ten months period
totalled $3,031, 400
Nevada California Electric Cornora
tion.-Gross earnings for the comnanv
and subsidiaries for March were Sill
OO9, compared with $143,15O for tbo
same period of the previous wear. Nat
after taxes was $89,3S7, against sra ass
for the corresponding month of 10 =.
year. Surplus after charges for ~ 10
month totalled s14.391. Gross earn;nns ,ns
Tor the quarter ended March 31 1918
were $4s9,o22, an increase of SOS os1
over the same quarter of 1917 NJ.
S22o,,s26 for the corresponding 49, VIZ, !
OK the year before. Surplus for 'tSo ~
quarter was $49,547. 1'' the
Illinois Traction Comnarv IT,,
statement for April for the cornans ns
New-York tribune., 1918-06-01
Referred to Washington
To the Editor of The Tribune.

10 the Editor of The Tribune.
Sir: The government regulation of
the prices of STEEL copper, zinc. Gem
ent, wheat, wool, etc, is commendable,
but there is constant question aris-
ing as to why cotton prices are not
also regulated. Cotton has risen from
8 cents to SO cents a pound, 400 per
cent, and millions of dollars are paid
by our government for it for war pur-
poses. The government demands on in
dividuals for economics are so urgent
that it seems strange to many of US
Liberty bond buyers why our money is
SO literally handed over in these ex-
cessive payments for cotton.
Please let US wheat farmers know
why nothing is done in this matter?
A WHEAT FARMER.
Croton-onHudson N Y, MAY 20.
1918.
New-York tribune., 1918-06-01
Russian Coupons Due
City Bank May Make State
ment To-day

The semi-annual interest payment
on the $25,ooo,oOQ Russian govern
ment external SIX per cent loan falls
due to-day and calls for the disburse-
ment to the holders of the bonds of
$6S7,500. At the National City Bank,
where the. December coupon was
paid, no information could be obtained
whether the interest due would be
paid. 1t was said that statement
would probably be made to-day.
After the December coupons had
been paid and interest on some of the
other Russian securities met here it
was reported that the United States
Treasury might prevent further dis
bursements of this kind No official
action was taken, however, so far as
is known. The Russian 51as, on which
the interest is due to-day, were brought
out by a syndicate of New York in
vestment houses at 90 and it was
planned ori riginally to sell $50,OO0,00O.
Actually only 25,0o0,o0O of the bonds
were placed. Recently these bonds
have sold in this market around 35.
New-York tribune., 1918-06-01

and subsidiary companies shows gross
earnings of S1,162 ,496. Total expenses
and taxes were ss12,s92, against sS74.-
100 for the same month of the preced-
ing year. Net after expenses and taxea
totalled S349,604, compared with $685.
"a for the corresponding period Of
1917. Total gross earnings for the first
month of 1918 amounted to $4,774,098,
against $4,368,l93 tor the same months
OF last year. After expenses and taxes
OF S3,423, 1923, net for the period was
S1,351.07
Virginian Railway-The companya
annual report for the year ended Ds-
cember 81, 1917. discloses operating
revenue of S10,244.472, compared WITH
Ss,455,964 for the year before. Balanne
alter taxes amounted to s3,972,11L -
which other income of $624,s65 wsa
added, bringing the gross income ~
S4,bs7,076. against $4.243,763 for Tia
preceding year. Surplus totalled ~
Sao,155, or equal to $l0.16 a share q
2f9,550 shares of preferred stock. eesns
pared with. $2,479,306, which l. eGea(
to Ss.s6 share. earned in 1914
New-York tribune., 1918-06-01
DIVIDEND NOTICES
WinsIow, Lanier & Co.
So CEDAR STREET
NEW YORK

THE FOLLOWING COUPONS AND DIVIDENDS
ARE PAYABLE AT OUR BANKING HOUSE DUR.
ING THE MONTH OF JUNE. 1918:
JUNE 1ST, 1918.
American Cotton OIL Co Pref Stk Div s%.
American Cotton Oh Co Com Stls Div. IL.
Cincinnati. Richmond & Fl Wayne 70.
Cleveland & Pitts. Rd. Co. Regular Guaranteed
Stock Dividend quarterly 1879.
Cleveland & Pitts Rd Co. Special Gusxanteed
Betterment Stock Div. quar-. 10.
Marion County. Ind. 31s9o Refund Bonds.
Portsmouth. Ohio. Sewer & Street Improvement
Bonds.
Randolph County Indiana, Sinking Fund.
JUNE 3RD. 1918.
Marion County. Indiana. Funding 3hs
JUNE 10TH. 1918.
Marion County. Indiana Refunding 4s
JUNE 20TH. 1918.
Marion County. Indiana. Funding SHk
Ohio, Levee & Embanknent r.
JUNE SOTH, 1918.
Indianapolis. Indiana, Refunding As
New-York tribune., 1918-06-01
Liberty Bonds Go Lower

Both the Liberty second As and the
last issue of Az per cent bonds sold
down to new low record quotations on
the Stock Exchange yesterday. Tho
former dropped to 1886 and the lat
ter to $3.50. The tax exempt 3hs,
however, again held firm, though slight
ly easier compared with Wednesdays
trading. Rejecting the success of the
new German offensive thus far, the
Anglo-French 5s sold as low as 90M,
decline of points in week.
New-York tribune., 1918-06-01
Wool Trade Faces
Many Difficulties

BOSTON, May 31.-"The CONNER
cial Bulletin" will say tomorrow:
"The government plan for handling
the new domestic clip is being rounded
into working order more and more
fully, but there are not few Difficult
ties to be otherwise, when the size of
the scheme is considered. Manu-
factQrers are anxious to get wool sup
plies, especially such as are chiefly
needed for government fabrics; that
is. the medium grades of wool"
New-York tribune., 1918-06-01
U. 8. Realty's Ship Programme

Expanding his recent statement that
the United States Realty and Improve
ment Company had organized the Caro-
lima Shipbuilding Corporation to aid
the government in building ships, Lau-
renee w. Mcclure, president. says in
the annual report that the subsidiary
concern has entered into a contract
with the Emergency Fleet Corporation
for the construction and equipment of
the plant and the building of twelve
9,500-ton steel ships. The yard is at
Wilmington, N. c., work on which is
now under way. The contract price is
$20,514,000, which includes fixed fee
and in addition a participation in any
saving realized.
New-York tribune., 1918-06-01

The above rates express the cost of
foreign money in terms of the Ameri-
can dollar. You buy an English Lound
sterling at, say, $4.75ss. The intrinsic
parity is S4.S6ss 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 &C.
counts in England.
New-York tribune., 1918-06-01
Steel "Ex-Dividend"

Selling ex-dividend Az per cent yes
terday, United States Steel common
failed to make up any of the forthcom-
ing distribution of ~ per cent regu-
lar and 3 per cent extra. On the con-
trary, the stock sold down s25s points
to 81, and closed at 975s for net loss
of 2 points. Those who had hoped to
see Steel make up at least part of it's
dividend reasoned that even a partial
advance would furnish an indication
that the general market might be ex-
pected to do better within the next few
days.
New-York tribune., 1918-06-01
UNITED DRUG COMPANY
Common Stock Dividend No. 8

COmmOn STOCK DVIdthd NO.
The Directors of United Drug Co. have
declared quarterly dividend OF 1ATs on
the common stock of United Drug Co..
payable July list. 1918. to stockholders Of
record June 18th, 1918.
JAMES c. MCCORMICK. Treasurer.
Boston. May 20, 1918.
New-York tribune., 1918-06-01
FINANCIAL MEETINGS
COLONIAL NAVIGATION COMP,

COLONIAL NAVIGATION COMPANY.
Notice is hereby given that the annual
meeting of the stockholders of the Colonial
Navigation Co. will be held at the once
of the Company. Pier No 49, North River.
City OF New York. on the 4th day OF June
1918. at o'clock p m, for the purpose
of electing directors and officers for ths
ensuing year and inspectors of election to
serve at the next annual meeting and for
the transaction of such other business an
may properly come before the said meet
ing. Polls to remain open until 4 p m
Dated. New York. May 81 1915
RICHARD f. FITZGERALD,
Secretary.
New-York tribune., 1918-06-01
Pennsylvania Does Better
Loss in April Much Smaller Than
In March

The Pennsylvania Railroad system
in the month of April made better
relative showing in the results of
operations than during March. The
falling off in the March net railway
operating income amounted to $685.,
964, whereas in April the decrease
amounted to s2,o71,s49. April gross
earnings increased $5,309,196, con-
trasted with a gain for the preceding
month Of $3,367,080. A summary of
the April earnings lines east and west
CT Pittsburgh follows:
April. Increase.
Gross ....$44, ,730,3O2 $5,309, 1876
Operating expenses
and taxes...:.. 3s,753,4S1 7,o1s,44s
Railway operating
income ........ 5,s76,s2o *1,71o,252
Net hire of equip
ment and joint
facility rents, DR.. 1,259,7O9 361 ,596
Net railway oper-
ating income. =. 4,717,111 *2,071,S4
Decrease.
Of the gain in gross earnings $4,O39,-
543 was contributed by the lines east
of Pittsburgh and s1,269,653 by the
lines west. Net railway operating
income in the case of the former de-
creased $1,440,808 The western lines
suffered a decrease of $631,0
New-York tribune., 1918-06-01

ANDREW J. MCCORMACK. Auctioneer.
REGULAR AUCTION SALE,
STOCKS AND BONDS,
BY ADRIAN H. MULLER & SON,
OFFICE. 55 WILLIAM ST.,
WEDNESDAY. JUNE 5, 1913,
at 1890 o'clock, at the
EXCHANGE SALESROOM,
NOS. IA ana Is VESEY STREET.
For Account of Executors.
! sh. New York Law Institute.
20 shs Richmond Embroidery forks.
For Account of Whom 1t May c.. -rn.
shs United Gas & E,iectI. .orpn.
1st prefd.
10o shs. Windsor Print Works common.
80 shs Hudson County Consumers
Brewing Co.
66 shs. Consumers Pie Bakins; CO.
73 shs. Consumers Pie Baking Co.
$4,000 New York Bottling Co. 6ee Regstd.
Bonds, 1895.
New-York tribune., 1918-06-01
AMERICAN CAN CO

quarterly dividend of one and three~
quarters per cent has been declared on the
Preferred Stock of this Company, payable
July lst. 1918. to Stockholders of record at
the close of business June 14th, 1918.
Transfer Books Will remain open. Checks
mailed. r. H. ISMON,
Secretary G, TreasurerS
New-York tribune., 1918-06-01
The Dollar in Foreign Exchange

Quiet conditions prevailed in the
foreign exchange market yesterday
and rates moved narrowly as a rule.
Italian lire were slightly lower, while
sterling and francs held steady. Dutch
guilders declined fractionally.
Closing rates yesterday, compared
with week ago, follow:
New-York tribune., 1918-06-01
Money and Credit

The supply of call money was fairlv
abundant at the Stock Exchange vester-
day, where the ruling rates were s to
bh per cent. A moderate volume Of
. business was done. Some loans wer.
made on mixed collateral on a basis of
"A per cent. but such cases were ex-
ceptional. Z.
Offerings OF fixed date funds con-
tinued meagrc. Some renewals were
reported at per cent for the shorter
periods. The demand is still large.
Ruling, rates for money yesterday.
compared with year ago. were as fol-
lows; 80 Ao'-
Yesterday. Year ago.
Per cent. Per cent.
On On m,hsS industrial ss''ssisal ssisa 81 Il
Time money (mixed collateral)
Sixty days......... 8 q @4N
Ninety days ........ 6 4M@4T
rour months. 8 4NG43z
Five to six months. 6 4I@4N
Commercial Paper--Prime six and
four months moving papev is being
discounted at per cent with a fair
amount OF business.
Bank Acceptances-This market ia
quiet. Rates were unchanged yester-
Gay, as follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cont. Per cent. Per cent.
Eli ible
m m bsr
banks. 4N04 4h@4A 4A@4,l
Eligibls
non-mem-
bsr banks.4lz@41s 4h@4N 4h@4h
Ineligible
bank bills.sN@434 B4@4s< 6MW4sx
New-York tribune., 1918-06-01
News Digest
New York

New 7 ork
Northern Pacific Meeting Postponed.
rIne annual meeting of the Northern
racine Railway was again adjourned
yesterday, this time until June 25.
Corn Products Plant Shut Down.
announcement was made Yesterday
that the Corn Products Refining Com.
Pany's big plant at Granite CITY. III.
mas suspended operations because Of
labor troubles.
New-York tribune., 1918-06-01
COUPONS

SECOND AVENUE TRACTION COMPANY
OF PITTSBURGH
coupons due June l, 1918, from the First
Mortgage Bonds of the above Company
VIII be paid on and after maturity on PRES
entauon at the Office of Messrs Brown
Bros & Co. SO Wall Street. New YORK
c. J. BRAUN. Jr., Treasurer.
New-York tribune., 1918-06-01
New Canadian Loan Expected

A new Canadian war loan is ex-
pected to be foated in the autumn.
Officials of the Bond Dealers Asso-
citation of Canada are now in Ottawa
comforting with Sir Thomas White, Min
lister of Finance, concerning the details
of the new loan. 1t is reported that the
amount asked will be approximately
$500, 100000.
New-York tribune., 1918-06-01

Discount Ratcs.-The fol- owing table
gives the current rates or the twelve
Federal Reserve banks on commercial
paper on all periods up to ninety days:
New-York tribune., 1918-06-01
GrNrRAI cHEMIcAI coMpANY

25 Broad Street, New York, May "a. 1918.
The regular quarterly dividend OF ono
and one-half per cent Ghe e6) VIII be pa1d
July l, 1918. TO Preferred stockholders *
Record at p NJ. june IS. 1918.
LANCASTER MORGAN, Treasurer.
New-York tribune., 1918-06-01

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., 1918-06-01
Decrease.
Relevant Comment
Sumatra aShares Command Premium

Brokers yesterday reported that
lenders of American Sumatra shares
were asking premium Of one-quarter
of l per cent. This, in their opinion,
indicated that there is still large
short interest in the issue, despite
this weeks break from 145 to below
125. The stock closed yesterday at
131, up half q point
New-York tribune., 1918-06-01

For delivery within thirty days:
Per cent.
Eligible member banks. ....... 4L5
Eligible non-member banks..... 4sa
Ineligible bank bills.