davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-05-04
St. Paul Failed
To Earn Preferred
Dividend in 1917
Despite Larger Gross, Com
pany Makes Worst Show
ing on Record

The Chicago, Milwaukee e. St. Pau
Railway in the calendar year 1917. ac
cordlng to the annual report ISSUED
yesterday, earned only $685. a share
on the $115,845,80O preferred stock
outstanding, contrasted with 1882 q
share earned in 1916. For the fiscal
twelve months ended June 80, 1916, the
last report issued before the fiscal year
was changed to correspond with the
calendar year, $14.43 share was
earned for the preferred stock and
S1.3o share on the S117,406,O0O COM
mon stock in the hands of the public.
=, Last years poor exhibit, which was
the worst in the history of the COM
pany. probably offers the real reason
for the failure of the directors to take
action on dividends since the first of
the year, although the official explana-
tlon has been that payments on both
the preferred and common stocks were
deferred pending completion of the
company's contract with the railroad
administration provided for by the
plan of government control. The pre-
ferred stock is non-cumulative 7 per
cent issue. In September, 1917, 31a
per cent was declared and 2 per cent
on the common, but none has been de-
clared on either issue since.
dWlndled to new low record last year,
the st. Paul's gross earnings, amount,
ing to S113, ,201, not only showed
an increase of $3,129,512 over 1916, but
they were the largest in the roads
history. The explanation for the drop
IN net was found in an increase of
Sl1,430,912 in operating expenses.
There was an increase in maintenance
of equipment of $4,481,7 1852 and in
Transportation expenses of $7,775,128.
Other income for 1917 amounted to
Sl,ol9,953, compared with $2,80O, ,294
the preceding year.
Last years operating income was
$22,026,025, loss of S14,81S,613. Other
income brought the total before fixed
charges up to s23,e45, ,379, compared
with $34,164,813 in 1916.
II. E. Byram, president of the ST.
Paul, refrains in the report from max
lng any general comment on the opera
tlons of the road in 1917. He confines
his remarks to the bare figures. Thus.
he says:
"The revenue from freight traffic
was $79,957,271, an increase of S3O8,-
1853. The number of tons of freight
carried was 38,444,353, decrease of
1,541,783 tons.
The revenue from passenger traffic
during the year was S21,329,946, an
increase of $1,573,111 compared with
the previous year. The number of pas
sengers carried was 15,484.374, a de-
crease of 4o5,003. The number of pas
sengers carried one mile was $50, ,72s.-
974, an increase of 58,735,142."
Mr.. Byram said that the electrifica-
tlon of the company's line between
otheilo and Seattle and Tacoma, Wash,
winch was begun in March. 1917, will
probably be completed by July /, 1919.
New-York tribune., 1918-05-04
War Work Concentration
Government Orders Exerting
Greater Influence on
Business

Conditions in the various channels of
domestic trade reflect greater concen-
tratlon on war work, with extension of
governmental domination of produc-
tion and distribution and of prices.
"The movement to control commodity
market" says "Dun's Review" "is
spreading and available supplies of
materials and merchandise are not
only diminishing steadily, but some
important articles are no longer OBJ
talnable for civilian uses. This obvi-
ously tends to limit activities, and or
binary transactions. while still bulking
heavy IN the aggregate, are not in all
instances what they were before it
became necessary to subordinate all
other demands to government REQUIRE
ments. Considering the extraordinary
developments arising out of the war.
however, there is comparatively little
unsettlement in general business"
Civilian buying continues rather
large despite the heavy government
demands, according to "Bradstreet's" ="
Though clamps are on the ultra non-
essentials says this review, cit is to
be noted that buying of female, wear
lHs aPparel uoeS not aDate, DuC THIS IS
condition that can readily be ascribed
to increased purchasing power of
women in general. Commodity prices
continue at high levels, meats espe-
cially, the jacking up process being
caused by heavy domestic demand, by
buying for our oversee forces and by
increased export trade with the Allied
countries. In fact, governmental inter-
vention as we'll as the rentroduction of
meatless days is again being mooted."
New-York tribune., 1918-05-04
Corporate Returns

fierce Oil Corporation.-Tradino
Ppro1lts for the year ended Decembe1r s 3
81 las last amounted to $3,954 ri, apanst Hn :
?o,oo I,oo9 Tor the previous year. Other
income was $154,272, bringing 'tbe the
20 e9'as 90 income to Sd, 109,043, an increase
Ga+ Ga |o4a'|o4 over the preceding wear.
lntf.elesc, ETC., amounted to $3.50 400
nn'er eraf +aepreciatlon Of $933,445 and Fed
erai eI w. taxes axes of $195709, a surplus Of
$l,6o9,4S9 was accounted for. This
surplus was equal to $3.50 per share
on the $17,485,75O outstandinp Stool
compared with $3.50 per share earned
in 1916. cal iieo
road.-Operating revenues for Ma~ot
amounted to $1,665,1T, an increase of
So9o .463 over the same month of the
previous year. Operating exnensns
were $l,256,515. Total deductions
were $60,117, an increase Of S1O.117
over over the corresponding period of the
Sl4o'o4o. Operating revenues for the
l1ase quarter OF 1913 were $3,772,9 a
decrease of $54,o95 from the same
quarter of the preceding year. operata riue
net revenue of $182166. Defcit ~ fs
the period was 1921 ,O88. comnared red
with deficit of $1,166,213 for the cor
responding months of last year.
Northern Pacific Railwav.-Renor+
for March shows operating revenna uapo, ~ :
$7,H6,353, an increase of sI,11o,o50
over the corresponding month of the
preceding year. Operating exnensas
were $4,851 ,086. Net revenue fro,,
operation amounted to S2,865.2S6
Total revenue for the quarter ended
March 81 last was s19,912,619, an in
crease OF $1,587,626 over the same
montns OF 1917. Net revenue from
operations was $5,434,342. Operating
INCOME for the quarter totalled S5,9l5s,
aO9, decrease of S2,128,533 from the
hrst quarter of last year
Central of Georgia Railway Com
pany.-Total earnings for March
AMOUNTED to $1,776,313, compared with
st'1a5,oo4 Tor the corresponding month
revenue was $591 ,43O, against $3.50.
TOR the same period of last wear.
operating income totalled $517,Oo9.
operating revenue for the first quarter
was was S4,963,505, compared with $3.757.-
o2s Tor the corresponding months of
lslf. Operating & income for the period
was $l,353,652, compared with S799 ,728
year.
Minneapolis, st. Paul & Sault Ste.
Marie Raiiway.-Statement for March
shows earnings of $1,464,34S, against
$l,bO7,244 for the same month of 1917
After expenses of $1,159, 800 and taxes
OF $i52,609, operating income for the
month was $171,749. Total revenue
for the quarter ended March 81 was
$4,0O8,117, from which expenses Of
$3,556,o and taxes of s379708 were
deducted. Operating income for the
quarter amounted to S73,376.
Central Vermont Railway COMPANY
m1peratlng Up revenue for the year
$40, compared with s4,463,5sS for tho
year before. Net operating revenue
totalled $7l2078, against S1,225,47S for
the preceding year. Deficit after taxes
amounted to $154.729. compared with
an income of $206,795 for 1916.
New-York tribune., 1918-05-04

A Washington report states tha.
the Treasury Department has been
in the market for the last three or
four days buying Liberty second
as In order to sustain the market
and so assist in the fotation of the
present loan. This report has not
been confirmed, and the action of
the market certainly does not indi-
cate that any important support
has been Forthcoming. At the close
yesterday these bonds were almost
half a point below the last quota
tion on Wednesday. AS a matter
of fact, the discount on the out
standing issues has had little effect
on sales of the third loan; it has
been practically ignored. The bulk
of the bonds have been purchased
by investors who have no intention
of selling them and, therefore, are
not in the least interested in market
fluctuations.
New-York tribune., 1918-05-04
Lackawanna Railroad
In Splendid Condition
Truesdale Says Property Is in
Shape to Render Maxi
mum Service

While it may be that the transporta
tion system as whole "broke down"
under the pressure Of war traffic, one
road at least was practically unaffected
by the conditions which crippled so
many of the carriers. That was the
Delaware, Lackawanna 4 Western,
which was in such splendid physical
condition that it was able to handle
traffic cxpeditiously even under the try
ing conditions that resulted in govern
ment operation at the end of last year.
In the annual report, issued yester-
/, day, w. H. Truesdale, president of the
road. says:
"The difficulties and perplexities in
cident to the operation of the railways
of the country under the war conditions
which have existed practically through
out the year have not seriously affected
this company as they have many other
railways, and in turning over its opera
tion to the government, as was'required
by the act of Congress, it did so with
all it's properties in first class condition
and able to render the government, as
also the communities and shipping in
terests it serves, the maximum service
of which it's railways and rolling stock
are capable.
"This company's traffic, while by no
means SO large in volume or difficult
to handle as that of several of the
larger and more important systems in
the Eastern territory, was very heavy
throughout the entire year, as it's earn
ings in every branch of its service
show.
Generally speaking, it was able to
handle its traffic promptly, expedi-
tiously and to the satisfaction of its
patrons. AS in the previous year, the
chief delays suffered were due to the
shortage of ocean vessels to promptly
receive and forward the overseas traffic.
This at times created congestion at
New York, which affected the move
ment of domestic freight and necessi-
tated the placing Of embargoes against
further shipments until relief could be
afforded.
"There was a marked increase in the
earnings from the transportation of
COAL. e., $2,655, ,046, or 1884 per cent
due to the heavy demand for anthra-
cite coal and the increased output to
meet said demand. The increase in
earnings from the transportation of
merchandise freight was 81, ,407, $50, or
about Cos per cent. The increase in
earnings from passengers transported
was S614,975, or TOO per cent.
The total increase in transportation
revenues was $5,630,325, or 1892 per
cent. This is noteworthy, in view Of
the fact that this increase follows that
Of 1916 over the previous year, which
was $6,794 ,168, or 1917 per cent.
AS previously reported, the company
earned 40.6 per cent on its capital stock
in 1917, against 42.3 per cent the year
before.
New-York tribune., 1918-05-04
Big Slump in
Railway Income
Government Lost $1OO,OOO,-
900 i'm First Three Months
of Year

WASHINGTON, May 3.--During the
first three months of government reg
ulation, ia American railroads earned
net operating income of $54, ,108,661,
against $144, 4,O11, 1893 for the same pc
riod under private direction in 1917.
For the three-month period ended
March, Interstate Commerce Commits
sion statistics. issued to-day, show
operating revenues were $726, 1929,
against S68s, ,173,S57 in 1917; operating
expenses, $637, ,784,608, against $512,-
1880, and net revenue from railway
operations, $88,226,721, against $175,-
398,488. The operating income for
March was $50 ,62S,3O2, against $751;
592,O87 the same month last year.
The earnings report indicates roughly
that the government lost more than
$100,000,000 in operation Of the rail-
roads during January, February and
March, although railroad administra-
tion officials looked for such a record
as result Of bad weather and traffic
losses in January. They believe the
loss will be made up in later months.
March earnings, although far below
normal, are almost twice as much as
in February and are much better than
in January, when deficit in railway
operating income was reported
For the first time the Interstate
Commerce Commission reported the
item of "net operating income" which
is the basis for government compensa-
ton. This, for the ia roads report
ing, amounted to $46,59S, 900, which is
the operating income, less expenditures
Tor equipment, rents and joint facility
rents. For the same roads in the cor
responding period of last year this
item was 100000.
The commissions report for March
is incomplete, since returns are ex
pected from eightytwo additional
roads.
New-York tribune., 1918-05-04
Talking Machine
Concern Restraints
Trade, Court Finds
Victor Company Enjoined
From Fixing Resale Price
and Allotting Territory

A decree adjudging the Victor Talk
ing Machine Company of New Jersey
combination in restrain of trade and
commerce, in violation of the Sherman
antitrust law, was yesterday signed
by Judge Augustus N. Hand, of the
Federal District Court, and the usual
dissolution restraining orders were
issued. The finding was reached after
Henry A. Cutler, special assistant to
United States Attorney General Greg
ory, had presented the governments
petition alleging that the company had
systematically made contracts in con-
travention of the law.
Judge Hand found that the company
had eliminated competition among ap-
proximately 110 wholesale distributors
and 1000 retail dealers in purchasing
and selling its products and otherwise
had restrained trade by effecting a
combination agreement with the dis
trlbuters and dealers under which they
were required to observe in reselling
talking machines restrictions as to
territory and prices. 1t was also found
that the law had been violated by re-
quiring those handling it's records and
appliances to refrain from using or
permitting the use Of the products of
other companies.
The decree perpetually enjoins the
defendant from further directly or in
dlrectly adherlng to or CARRYING out
the contracts, agreements, understand
lngs and combination in restraint of
trade and commerce among the several
states, and from directly or Indirectly
bringing about Or carrying out any
similar contracts, agreements, under
standings or combination with any per-
sons. The company is further en-
joined from entering into any restric-
tive or territorial agreements regard
ing prices at which it's products shall
be resold. ''-''-4
The decree in conclusion enjoins the
company from requiring the Wholesale
ana retail dealers selling it's products
hoC to use or deal in or permit to be
used talking machines, talking ma
chlnes records or appliances produced
by rival manufacturers.
The company is required to nav the
costs OF the court proceedings.
The Victor Talking Machine Com
p1amy was Incorporated on October S.,
l9ol' IN New Jersey. to manufacture
and sell "sound reproducing machines,
sound records, ETC." The property is
located at Camden.
There is s5,Ooo,Ooo common stock
authorized and outstanding, but of the
$ooo,oO0 non-cumulative per cent nre-
1erred authorized only 5000 is out
standing, having been reduced to that
amount from $4o9,2oo in 1914. Divi-
aends o1 haye been paid on the common
stock as follows: From the date Of or
gaanization to 1911, s per cent; from
l9l2 to October, 1914, 10 per cent:
1918 and 1915, 20 per cent each: 5 ner
cent IN each of the months of January
April and July, 1917.
Extra dividends of 10 per cent each
were were paid on the common in 1912 and
1913. In 1914 the stock holders "su rs.
fe'Xed in Marah 2' per per cent melon in cash, and
January, 1915, they received speciai
dividends Of 10 per cent in each Of
ents en4se months. Thirty-6ve per cent
extra sXtr was paid in April and October
New-York tribune., 1918-05-04
Pullman Still Prospers

Contrary to the general belief the
curtailment of de luxe train service
in the United States as a war meas
ure is not hurting the Pullman Com
pany to any marked degree, at least
so far as it's sleeping car service is
concerned. "The sleeping car business
is the best we have ever had" said
John S: Runnels, president of the COM
pany, in a Chicago interview yester-
day. "Travel is in normal volume.
When trains are taken off or the num-
ber of sleeping cars reduced the upper
berths are packed. The extra persons
carried in a car increase profits rapid
ly. Our earnings are the best we have
ever shown, and the prospect is en-
couraging."
When Pullman Company shares de-
clined from 1914 to 1864 last year. the
liquidation in the stock was attributed
to selling by shareholders who feared
that the effect of the changed condi-
tions in the transportation world
would mean large cut in earnings.
One hundred shares of the stock sold
at the exchange yesterday at 1l4h.
UP 'A.
New-York tribune., 1918-05-04
Relevant Comment
New Discount Bank

The bankers who are interested in
the projected discount bank have de-
cided to go ahead and organize the new
institution it was learned yesterday.
Details of the bank are now being
worked out and it is expected that
an official announcement of the capital
and personnel of the organization will
be given out within the next week Ten
New York banks, among the largest in
the country, are behind the project.
Canadian Car Dividend Prospects
Senator Curry, president of the Ca
madam Car T. Foundry Company, was
quoted in a Montreal dispatch yester-
day to the effect that payments will
shortly be inaugurated on account of
the back dividends on the preferred
stock. "While | am not at all disposed"
he said, "to make forecasts in connec-
tlon with the payment of the deferred
dividend on the preferred stock, l will
say that it is the intention at the pres
ent time to declare at our directors
meeting in July dividend payment on
equal to full years dividend on that
issue. While we are doing some NUM-
tlons business, the great bulk of our
output at present is and for the re-
mainder Of the year will be in the
nature of our regular line of business,
the orders now on hand being sufficient
to take us up to the end of our current
fiscal year, which closes September 80
next. When issuing our annual state
ment we stated that according to the
figures of the controller, the first six
months of the current fiscal year would
show net profits of S1,50O,000. A more
complete statement brings this fip1re
t. $1.64o,OOo, or at the rate of So $4,000
for the twelve months. AS matter of
fact, the company's output for the
month of March was equal to $3.50 900,
and the month of April will show even
better results; in fact, at the present
time our daily output is equal to
$250,000."
New-York tribune., 1918-05-04

Those who advocate the curtail-
ment of operations of non-essential
Industries in order that labor and
materials may be available for war
work are called extremists and told
that it is impossible to make a radi-
cal shift from non-essential to es-
sential production, because no one
can tell what is essential and what
is not. Such considerations did not
trouble Mr.. Replogle when he ad
dressed the representatives of the
steel trade last week. He told them,
In effect, that, for the time being
at least, practically 100 per cent
OF their output would have to 20 t.
the government, and added: "Some
of you gentlemen say we have a
surplus of this or that and can put
that in this commercial order. We
are going into your plants and take
that pig iron under government
communicating order, or we are go
ing to take that steel and give it to
another steel manufacturer who is
short, if that other steel manufacture
er is working on government ma
terial. That has been determined
absolutely. There is too great
percentage of non-war material be-
ing produced" Determination of
what is non-essential is simple
enough If one follows Mr.. Replogle's
idea: it is anything that gets in the
way of winning the war. The tests
are not SO complicated as many per-
sons imagine.
New-York tribune., 1918-05-04
Copper Output Varies

The amount of copper produced at
the Anaconda mines in April. while
showing a decrease compared with
March, was considerably above the
January and February totals. Last
months output amounted to 2s. 500 900
pounds, compared with $4,000 900 the
month preceding, 24,100,000 pounds in
February, and 24,9S4,ooo in January.
33,3o0,Oo0 pounds. Inspiration last
month produced 9,250,O00 pounds, com
pared with S,750,000 pounds in. March.
and l0.122,686 pounds in April wear
ago. Miami output was 4,913,590 in
April, compared with 5,l74,365 in March.
and 5,l28,195 in April, 1917.
New-York tribune., 1918-05-04
The Dollar in Foreign Exchange

Swiss exchange displayed a strong
tone in this market yesterday, advanc.
ing to rate Of 4.19 francs to the dol
lar. new high record for the war
period. Italian exchange recovered fur
ther on reports of new Italian credits
here, closing at 895 for cables. This
compares with a recent low of 9O2.
Dutch exchange was firm. Other rates
showed little change.
Exchange on London was easier in
Paris yesterday, being quoted 81 francs
and 151a centimes.
Closing rates yesterday, compared
with week ago. follow:
(QuOted dollars to the pound.l
New-York tribune., 1918-05-04
Retire French Credit TUESDAY,

Bonbright & Co., Inc, announced
from the French banks part;c;nst;ne
in the s15,ooo.Ooo French export f
credit of March IL, 1917. for nav
ment of the second $4,000 900 instah
ment, due May next. This makes
total OF S55,000,O0o repaid. by the
French banks against four similar
credits for like amount arranged bv
bonbright q Co., Inc, to finance
part OF the large French purchases Of
war materials in this country. There
now remains to be paid only one more
I:. 1nsss.meht OF S5,O00,000 under this
S1So1e' Wnlcn has not yet matured.
New-York tribune., 1918-05-04
Copper Men Optimistic

Copper men who returned to this city
yesterday from Washington expressed
confidence that the War Industries
Board will give fair hearing to their
arguments that advancing costs make
it necessary to establish the price for
the metal above 231a cents a pound.
Another meeting, will be held on May
22. 1t was said that it was impossible
to reach any definite agreement at the
conference on May 1, owing to the great
mass of figures presented to show that
at the present fixed price many COM
panies are not able to operate at what
they term fair profit.
New-York tribune., 1918-05-04
News Digest
Foreign

London Market Cheerful.-LONDON
May BIN the stock market the news
from the Western front inspired good
sentiment throughout the list. There
was larger volume of business, in
which the investment shares moved up.
Japanese and French issues were
strong. There was a considerable call
TOR shipping shares, which were diff
cult to obtain. In the base metal and
gold mining section an expansion of
the demand was evident. The indus
trials were firm, particularly the GEM
ent stocks, on the revival of rumors
that the government intends to take
over the cement works.
Paris Bourse.-PARIS, May 3.-Trad-
ing was active on the Bourse to-day.
Three per cent rentes were quoted at
50 francs so centimes for cash; per
cent Joan, 81 francs so centimes.
New-York tribune., 1918-05-04
Steel Fails to Cross Years High

For the second day in succession Steel
common yesterday touched it's previous
high price for 1918 at 981a without
crossing it. This was said in commits
sion houses to have been the occasion
for some selling by "chart fiends," who
reasoned that If the stock failed to ad-
vance further it was due for setback.
Whatever profit taking there was, how
ever, was not in great enough volume
to cause the stock to decline from the
high of the day more than three
fourths of q point.
New-York tribune., 1918-05-04

The above rates express the cost OF
foreign money in terms of the Ameri-
csn dollar. You buy an English pound
sterling at, say, $4.75ss. The intrinsic
parity is S4.S6M per pound. Thus you
say either that pounds are ct discount
or that dollars are at premium. which
the demand for dollars with which to
settle accounts in this country is greater
than the demand in this country for
pounds with which to settle accounts in
England.
New-York tribune., 1918-05-04
Dividends

American Beet Sugar Compsny.--Qez.s
ly dividend of ! X per cent on the preae~
stock. payable July ] TO stockholders q
ord June 80.
Deere & Co.--Quarterly divslend 9 ri
per cent on the preferred stock.
June to stockholders of record ny -