davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-01-04
Germans Increase Coal
Production of Serbian Mines

According to the "Deutsche Balkan
ze'tung," of Sofia, an expert who has
leer looking over the Serbian coal
fields to find opportunities for invest
1nent, declares that hard and soft coal
and Ignite are found in great abun
ance in Serbia, offering excellent op-
lortunities to capital While it has
.ong been known that Serbia was rich
IN coal lands, there were but fourteen
mines operating in the year 1910. The
number had increased in 1914 to twen
ty'two, but because of lack of miners
machinery, enterprise and capital no
further development seems to have
taken place. The expert referred to in
the ''Zeitung" found ten more locali-
tlcs IN which mines could be success
'ully operated, besides rich field of
coal near Usce, along the bed of the
l>lver lber Statistics show that the
product of the soft coal and Ignite in
Nefbia doubled between 1900 and 1910
ol,320 tons of anthracite coal, 1929
tocs of soft coal, and 1899 tons Of
ignite having been mined in the latter
3ear Since the occupation of Serbia
All its mines have been in the hands
of German army engineers, who have
so thoroughly organized the work upon
them that it is generally believed the
output has been increased considerably.
New-York tribune., 1918-01-04
Reserve Banks Begin
Sharing of Profits
With Government
Prosperity of New York Insti-
tuition Promises Large
Check for Treasury

The Federal Reserve Bank Of New
York will shortly announce division
Of it's surplus profits with the United
States government, in accordance with
the reserve bank law. SO far the Fed
eral Reserve Bank of Chicago is the
only one Of the twelve regional banks
to announce sending a check to the
Treasury Department for the govern
ment's share in its surplus profits, after
providing for the full dividend to Janu-
ary 1. 1t has accumulated surplus of
over $4,O00,00O, and the governments
share in the division of profits exceeds
5000 900.
The amount that the government will
receive from the local institution as its
share has not been stated, but is ex
pected to be substantial, in view of the
prosperity of the New York bank dur
ing the last year.
Under the provisions of the Federal
Reserve law, the shareholders in the
Federal Reserve banks receive out Of
earnings per cent in annual cumula-
tive dividends on the paid-up stock.
After the payment of this dividend,
what remains Of the net earnings must
be divided equally between the United
States and a surplus fund until the
fund amounts to 40 per cent Of the paid
in capital stock. After the surplus fund
has been established, all the net earn
ings above the 6 per cent dividend goes
to the government.
The law specifies that the portion de-
rived by the United States from the
division Of earnings must be used at
the discretion of the Secretary of the
Treasury to supplement the gold re-
serve held against outstanding United
States notes or for the reduction Of
the outstanding bonded indebtedness of
the country,
New-York tribune., 1918-01-04
A. T. & T. Notes
Expected to Yield
About 7 Per Cent
Proposed $40,000,000 Of
fering Causes Surprise i'm
Investment Circles

The American Telephone and Tele-
graph Company has arranged to sell
through a syndicate, consisting of j..
P. Morgan e. Co., Kuhn, Loeb e. Co.
and Kidder, Peabody & Co., $4,000,
600 of Per cent notes. Representa-
tives of the banking group said yes
terday that public announcement Of
the issue was premature. 1t is under
stood in investment circles, however,
that the notes will run for one year
approximately per cent.
Wall Street was somewhat surprised
to learn that the company intends to
engage in new fnancin~ at this time,
in view Of Il r"o announcement that
OF the $50,000,000 two-year Az per
cent notes ma.e.."a e,.uary all but
c18, 500, 900 had been redeemed through
purchases in the open market, and also
the statement made at the same time
that the company's cash balance was
large, being estimated few months
ago as high as $6O,0000 900.
The purpose of the forthcoming Of
fering of notes is to supply funds to
meet the February maturity and to
provide about SZl,OUO,OOU addltlOnal
cash to reimburse the company for cx-
rcnditures incident to filling govern
mcnt war contracts. The new notes
are not tho direct obligation of the
American Telephone and Telegraph
Company, but are issued by five sub
sidiary properties, as follows: Cum
berand Telephone Company, sG,OoO,-
COO; Iowa Telephone Company, S4,O00,-
000 Nebraska Telephone Company,
S5,000,000; Northwestern Telephone
Exchange, $10,OOo,00O; Southwestern
Telephone Company, S15,000.0oO.
The new issue Of notes is the larg-
est piece of corporate firCncing that
has been undertaken since the gov
crnment entered the investment mar
ket for funds for war purposes. The
largest previous offerings were S10,-
100000 of per cent notes Of the Gen
cral Electric Company and S15,000,000
Of 512 per cent bonds of the Miami
Conservancy District of Ohio
New-York tribune., 1918-01-04
Denver & Rio Crande
Secures Funds to Paw
January Coupons

The Denver & Rio Grande Railroad
Company announced yesterday that the
recent attachment proceedings against
It's property in New York and Chicago
would not interfere with the payment
Of the January l coupons on the consol-
ld2ted mortgage per cent bonds and
on the first trust mortgage 4s of the
Mo Grande Western Railway. The
tttal payments require approximately
1925 ,0o0
An officer of the Denver company
stated that the funds used to pay the
January interest had been received by
the company after The road had been
taken over by the government For this
reason, he said, the funds could not
be attached by the Equitable Trust
Company as trustee for the bonds of
tie Western Pacific, the interest on
Nhlch was guaranteed by the Denver e.
Rlc Grande, but has not been paid for a
considerable period.
New-York tribune., 1918-01-04
Subscriptions Still Welcome

The Federal Reserve Bank of New
York issued this statement yesterday
relative to the status of the latest
offering Of United States Treasury GER
tihcates Of indebtedness: an reply to
inquiries Secretary McAdoo stated
that subscriptions are still being re-
ceived for the issue of Treasury Ger
tlhcates of Indebtedness, dated Janu-
airy z, and maturing June Is, 1918,
large amount of certificates Of this
issue having already been subscribed
for: Allotments are being made by the
Federal Reserve banks as subscriptions
are received When the books close
public announcement will be made. 1t
VIII be recalled that in the original
announcements concerning this issue
IT was stated that payment for certifi-
Gates allotted might be made on and
after January 2 and on or before Jan
uary Is, 1918. These certificates will
be received in payment of income and
excess profits taxes" No announce
ment was made as to when the sub
scrIption books will close on this offer
inO
New-York tribune., 1918-01-04
Over $5,OO0,OOO in
Fees Collected by
State Controller
Heaviest Contribution for the
Year Is Made by Insurance
Department

ALBANY, Jan. 3.-Over 1929 ,5o4
was received during the last fiscal year
for the fees and fines collected by the
various state departments, according TO
State Controller Travis's annual report
made public to-day. OF the several de-
partments, that of insurance proved to
be the largest contributor, netting ST.
$50, JOS. The next highest amount came
from the receipts of state hospitals,
which yielded S562,3O3, while the Con-
servation Department collected $4O4,-
$50. Interest on bank balances totallcd
$494 ,402.
The receipts collected by the Health
Officer Of the Port of New York amount
ed to Sl12,450. The Saratoga Springs
Reservation received S59,S85 while the
Educational Department fees aggregat-
ed S1O1 $40, and the Secretary Of States
were SlS7,449. Receipts from the Fed
eral government for land at Rockawav
Beach totalled S705,O0O.
New-York tribune., 1918-01-04

100000 pounds less than for the pre-
vious year, the falling off being due
largely to the labor troubles that took
place in the fall.
Production Of the Inspiration Con
solidated Copper Company in Decem-
bcr amounted to 100000 pounds, com
pared with 100000 pounds in Novem-
Der and 1o,400,00o pounds in December
year ago. For the year ended De-
cember 81 the output was 80,15O,0O0
pounds, contrasted with 1870, 0,793,8S5
pounds in 1916.
The Old Dominion Copper Company
reported December production of $685.
600 pounds Of copper, compared with
2,844 900 pounds the month preceding
and 3,270,000 pounds in December, 1916.
Production in the twelve months
amounted to 31,921, 900 pounds, a de-
crease of 8,516,00O pounds.
The East Butte Copper Mining Com
pany produced 100000 pounds Of cop
per in December and for the twelve
months just closed 20,249,848 pounds.
In 1916 the company produced 1862
26O pounds,
New-York tribune., 1918-01-04
Merchants National Bank of Bosto
Dividends Declared

United Railways and Electric Company OF
Baltimore Declared dividend of 90 cents
a share on the comoa stock. payable January
10 registered January =
Brooklyn City Railroad Company. Regular
quarterly dividend of 2ia per cent, PAYABLE
January ID to stool. of record January 3.
American Milling Company. A dividend Of
II per cent. payable January Is to stock OF
record December 81 has been declared.
Carolina Power and Light Regular quar-
terly dividend of u per cent on the common
stock payable February ! 10 stock Of record
January j..
Kelly Springfield Tire Regular
quarterly dividend of 81 share on the com.
mon stock, payable February ! to stock OF
record January -.
Hartman National Bank sem-annufi
dividend of per cent. payable Oh or afsel
January to stockholders OF record at the
close of business January ), has been de-
clared.
Midwest Refining Regular quarterly divi-
dend of 81 q share, payable February |, 1915
to stock of record January IS, 1913.
Union Regular quarterly dividend OF
Sl5o IA share and the usual extra of 81.
both payable January 10. Book closing jan
uary 9.
New-York tribune., 1918-01-04
Washington

United Shoe Briefs Filed in Disso-
luton Suit.-WASHINGTON, Jan. 3.
The United Shoe Machinery Com
pany to-day filed briefs in the Su-
preme Court in the governments dis
solution suit, which is set for reargu-
ment Monday. The government yes
terday asked the court to continue the
shoe machinery case and other pend
ing antitrust suits until the next
term, owing to the war, and this was
agreed to in all cases except the shoe
company and the Steel Corporation.
Decision as to postponing these cases
is expected tomorrow.
New-York tribune., 1918-01-04
News Digest


London Supports Argentine Rails
LONDON, Jan. 3.The stock market
maintained a good undertone to-day
Long dated, high yielding investment
shares we're in the best request, but
oil and rubber stocks showed increased
activity, while Argentine rails and
shipping issues were steadily sup
ported. Tin shares were easy in sym
pathy with the decline in the metal.
Paris Bourse.-PARIS. Jan. 3.-Trad-
ing was quiet on the Bourse to-day
Three per cent rentes. SO francs so
centimes for cash. Exchange on Lon
don, 81 francs 21 centimes. Five per
cent loan, 50 francs 35 centimes.
New-York tribune., 1918-01-04
Joseph T. albert
To Retire From the
National City Bank

Joseph 7. Talbert, a ice-president
Of the National City Bank, expects to
retire from that office in the near
future and take up his residence in
California.
Mr. Talbert has not been active in
the affairs of the National City Bank
since the time about two years ago
when he suffered stroke of paralysis
on the golf links at Atlantic City. Pre-
viously he had been credit man for the
hank, and in this capacity was well
known to business men and bankers in
ali parts Of the country.
New-York tribune., 1918-01-04
Finance Economics
WALL SIkEET OFFICE: Tclephone
Mills Building Ii Hanov.r eh1A

income is in greater or less degree
regulated by law or custom, SO that
they cannot READILY adjust their
charges to the value Of money. If
issues of paper money should be re-
sorted to and gold should 60 to
premium e new and very grave COM
plication would result from the fact
that these securities are usually
payable in gold. Corporations which
were obliged to buy gold at
premium with which to discharge
their obligations would be in pre-
carious situation and the whole
financial community would be in
volvcd.
1t is said to be impossible to carry
on the war without imitation, and it
is doubtless true that some degree
of it is inevitable. All countries
have it, and there has never been
war without it. The reason is that
war calls for immediate and gigantic
preparations, and the readjustment
Of industry and Of habits of the
people cannot be made at once. But
the more promptly a people can be
brought to see that they must get
out of the way Of the government
and relinquish labor and shop ca
pacity to government work.. the more
quickly the government will get its
full strength into the war.
New-York tribune., 1918-01-04
cent; three months, 1892 per cent.
Gold premium Mt Lisbon, 1000.
Dollar in Foreign Exchange

In the foreign exchange market yes
terday Spanish pesetas were strong,
advancing to 24h cents on small
volume OF buying. italian exchange
displayed slightly nrmcr tone at S.42
lire to the dollar, compared with s.43
on Wednesday. scandinavian bills
ensed off fractionally. There was no
change in rates on London and Paris.
Closing rates yesterday, compared
with week ago, are given in the table
below. Am, rican bankers have sus-
pended all dealings in German and
Austrian exchange, so that daily quo
tations for either marks or kroncn are
no longer available.
New-York tribune., 1918-01-04
Money and Credit

Further Improvement occurred in the
call money market yesterday. With
the strain of the first of the year dis
bursements practically at an end the
banks were more liberal with their Of
ferngs and the call rate at the Stock
Exchange, although it ruled at per
cent most of the day, dropped at the
close to 3 per cent, the lowest since
the middle of December.
Somewhat larger offerings of fixed
cate funds were also reported yester-
day, and a moderate amount Of money
secured by industrial and railway col
lateral was placed at per cent The
increased supply represented to some
Hxtent the return flow of money dis
bursed in interest and dividend pay
ments over the turn Of the wear.
Ruling rates for money yesterday,
compared with year ago, were as
follOwS:
New-York tribune., 1918-01-04
Changes in Farm Loan System Rec

0mmended.-W WASHINGTON, Jan. 3
Important changes in the farm loan
bank system are the features of the
first annual report of the Federal Farm
Loan Board, made public to- day. The
board recommends that borrowing
through farm loan associations be tried
for another year before making bor-
rowing more direct; that the maximum
which can be loaned to any one Dor
rover be raised from $4,000 to So 900,
and that farm loan bonds be issued in
denominations of $40 and $40.
The board also recommends that
Congress authorize the Treasury to
take up 100000 coo of farm loan bonds
tc ccunterbaance the withdrawal of
foreign and domestic capital from the
farm loan field as a consequence Of
war financing.
New-York tribune., 1918-01-04
Elections

Carl J. Schmidlapp. vice president of
the Chase National Bank, has been
elected director of the American Cot
ton Oil Co.. to succeed A. Barton Hep
burn.
New-York tribune., 1918-01-04
New York

Stock Exchange Seats Higher. Two
seats were sold on the Stock Exchange
yesterday at $4,000 each, an advance
of $4,000 over the last previous sale.
The buyers were Ernst r. Tiefenthal
and Joseph c. Mayer.
Foreign Trade Bank Increases Capt.
tal.-The Mercantile Bank OF the
Americas. Inc, has increased its capl-
tai to s2,5O0,O0O and its surplus to
$625,0O0
John j. Cannon, president of the Hi
hernia Bank and Trust Company, of
New Orleans, has been elected dl
rector.
New-York tribune., 1918-01-04

Commercial Paper. Rates were
steady around 5la to per cent yester-
day, with a slight increase in business.
Bankers reported broadening market
FOR acceptances, with more activity
than has been shown in several weeks.
Official rates of discount for each of
the twelve Federal districts are as fol-
lows:
New-York tribune., 1918-01-04
Dividend Changes
Homestake Mining. compa

Homestake Mining. The company
has declared a monthly dividend Of
so cents a share, or Is cents a share
less than paid heretofore. The present
dividend is payable January % to stock
Of record January 49,
Merchants National Bank of Boston.
The dividend rate has been increased
from a 10 to II per cent basis by tho
declaration Of quarterly dividend OF
SO. payable January l5 TO stock Of rec
ord January 4
New-York tribune., 1918-01-04

in addition to the regular 3 per cent
quarterly dividend have been declared,
all payable January 10 to stock Of rec
ord January ;.
New-York tribune., 1918-01-04

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., 1918-01-04
Relevant Comment
New York Central Earnings

Increased expenses cut deeply into
November earnings of the New York
Central system, the statement issued
yesterday disclosing a decrease Of S3,-
2S0.5l9 in net operating income of all
lines, after tax deductions. compared
with a year ago. This showing was all
the more striking, in view Of an in
crease in gross operating revenues of
S3,360,368, compared with November,
1916. The combined figures for all the
Central lines for November and for
the first eleven months Of 1917 follow
Nov, gross. $33, 3,s53,759 $3o,493,3e1
Net, after taxes. 5,75A, ,037 9,034,55C
Net, after taxes. 82,906,8 1856. 1O5, ,783, 1863
New York Central stock sold ex-div-
ldend yesterday and on active trading
advanced sharply, recovering the full
amount of the disbursement, closing
"A points up, at ~
Copper Production Increases
Four important copper companies of
the country produced 34,06S 900 pounds
of the metal in December, compared
with 4,l31 900 pounds in the CORE
spending month year ago. They in
clude the Anaconda Copper, Inspiration
Consolidated the Old Dominion Copper
Company and the East Butte Copper
Mining Company.
The Greene Cananea Copper Com
pany, which shipped about 1.67S.oOO
pounds of copper last month, did not
report any production figures for De-
cember, as it's properties have been
practically shut down since June, when
the output of copper was 3,21O,OOO
pounds. In Deormber, 1916, it amount
ed to 4.975,000 pounds.
Anaconda's December output was
22,600,OOO pounds, against 100000
pounds in December, 1916. An increase
of approximately 900 900 pounds over
the November production was smaller
than had been looked for in view of
the more favorable weather conditions.
The company's total of $500, 900
pounds produced during 1917 was about
New-York tribune., 1918-01-04
American Light and Traction A

.dcnd of two and a half shares of COM
mon stock on every 100 shares out
standing has been declared in addition
to regular quarterly dividends of IL
per cent on the preferred and 2ls per
cent on the common, all payable Feb
ruary tc stock of record January TO-
New-York tribune., 1918-01-04
Special Dividends

Pittsburgh Steel. l.-T,iis company has
just paid a special dividend Of 20 per
cent on the common stock.
New-York tribune., 1918-01-04

The industrial output in 1918
probably will be the greatest of
record, but production will consist
more of war goods and less of the
things normally used. Those who
are making commitments in the Sc
curities markets should take ac-
count Of that fact.
New-York tribune., 1918-01-04
Standard Underground Cable Cor

pany.-An extra dividend of per cent
and special dividend of per cent
New-York tribune., 1918-01-04

Silver.-Bars in London, 43% d, up
I'd; New York, S7asc, an increase Of
14c; Mexican dollars, 7O1ac, an advance
of 1ac.
Sub-Trcasury.-New York banks
lost to the Sub-Treasury s2,o0l 900.
New-York tribune., 1918-01-04

Bank Of England.-LONDON, Jan. 3.
The weekly statement of the Bank of
England showed an increase in gold
holdings Of es61,371 The proportion
Of reserves to liabilities now stands
at 1880 per cent. against 1856 last
week. The statement, with the changes
New-York tribune., 1918-01-04
Benjamin franklin ,a,,.
=" one today is wovfh fns to-
morrows.'
To Those
IN the Serul;ce
nOrrOWs.'

n
lN any of our patrons who have
j oincd the colors have opened
checking accounts with US, allortinp
their pay each month to the Frank
lin Iynjf Company.
In numerous cases these men have
hit upon the happy idea of opening
a joint account, enabling the wifi:
or other member Of the family to
enjoy the advantages Of paying
personal bills by check.
We welcome account, Of $500.
or over.
Member Federal Reserve System
Member New York Clearing House Assn
New-York tribune., 1918-01-04

Bank of France.-PARIS, Jan. g.
The Bank of France reports an increase
in gold of 10000 francs. The state
ment with the changes, in francs, from
q week ago follows:
Gold 80. 5.355, 5,463,OOO Inc. 1892. 600
Silver.. 248, 1877 900 Dec. 82o 600
Circ 22,789,078,C00 Inc. 452, ,324,O00
Gen. dep 2.804,662 900 Dec. 136. .o20, GOO
Bills dis 2,167,O25,OOO Inc. 136.282. 900
Treas. dep $3.50 900 Inc. 84.745.OOO
Adv'nces 1888, 100000 Inc. 8,7O4 600
London Money Market
Jan. 3.-Money was in good supply and
discount rates were quiet. Bankers re-
duced deposit rates to 3l2 per cent, but
the Bank Of England made no change
IN the rate allowed to foreign funds.
Money quoted at ga per cent. Dis
count rates: Short bills. 3l-32 ner
New-York tribune., 1918-01-04

hen production reaches its
MAXIMUM and the supply of the pur-
chasing medium, either in the form
OF money or credit. goes on increas-
ing, the result will be that the new
purchasing power must expend itself
IN driving up prices. This is pure
imitation, which places the business
of country on a false basis and
almost inevitably ends in disaster.
The disastrous effects would be
far more serious at this time than
at any previous period of history
on account of the great volume of
securities outstanding, largely the
obligations of corporations whose
The Birmingham age-herald., 1918-10-10
LUKE M,LUKE SAYS

You can keep company with girl for
 10 years. But you do not get acquainted with her until after the parson has
 said them fatal words
 You claim that you are overworlSed
 But isn't it fact that you are merely
 trying to make up the time you wasted
 while you were loafing?
 We have always maintained that a
 mar has no business wearing a mono-
 cle unless he has only one eye.
 Why is it that a small town sir! dresses like city girl and that small
 town man dresses like a small town man?
 Even when man is married and has whiskers you cant get his mother to believe that he is old enough to think
 for himself,
 What has become of the o. f. girl who used to take the pins out of fher belt so her fellow wouldn't scratch himself when he called? The reason mother knows daughter has talent for music is because daughter is so lazy that she would rather pound a piano than wash dishes No matter how we'll you know your business. some cheerful idiot is al- ways trying to tell you how you should run it.
 wise woman never recommends a washerwoman or dressmaker to any of her women friends. The trouble with remorse is that it
 never shows up until after the damage has been done. Lawyers are smarter than other men You never heard of the lawyers going on strike. did you? About all you learn from arguing with another man is that the other man | Is a thick headed wampus who is so blind that he can't see and won't lei you show him.