davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-03-16
Opposition Grows
AS Bankers Reveal
New Aetna Plan
Judge Mayer Authorizes
Present Receivers to
Pay Out Dividend

Upon the official announcement yes
terday of the terms of the reorganiza-
ton plan of the Aetna Explosives Com
pany, Inc, by ]. e. W. Seligman e. Co.,
who are carrying out the readjustment
insurgent stockholders renewed their
consummated.
At the same time Judge Julius NJ.
Mayer, in the Federal District Court
authorized Receivers Odell and Holt to
pay out of the s2,SOS ,O63 cash in the
company's treasury dividend equal to
80 per cent of the allowed claims,
which amount to S1,316,S42 The pay
said, was not to be cons dered a waiver
OF the right of the receivers to contest
the balance alleged to be due by the
claimants and not allowed by the re-
ceivers.
The reorganization plan, general
outline Of which has previously been
announced unoffically, provides for the
organization Of a new corporation, for
q voting trust controlled by Seligman &
Co., and for the payment Of back dvi-
dends on the preferred stock New 6
per cent bonds, it is proposed. shall be
issued to refund all outstanding bonds.
The plan provides for waiver of sink
ing fund payments for the preferred
stock, aggregating $4,000, on which
the present company defaulted. Fifty
per cent of the surplus net earnings
are to be used for the retirement Of
the preferred stock.
All the common stock is to be sub
jected to a voting trust for period Of
five years. 1t is proposed that the pres
ent receivers shall be made voting trus-
tees along with representatives of the
rcadjustment managers.
1t is provided that the compensation
of Seligman e. Co. as readjustment
managers shall be fixed by the prcsi-
dent of the Chase National Bank and
the Bankers Trust Company, but it is
not to exceed 80 cents share on the
common and l per cent of the par value
of the new preferred stock.
Louis A. Lehmaier, stockholder Of the
company in statement issued yester-
day, called upon the other shareholders
to cast their votes at the annual meet
ing next Tuesday in opposition to the
plan. He declared that Seligman & Co.
would make profit of 100000 out of a
reorganization, which, he asserts, is not
necessary
Tho readjustment managers ycster-
day issued call for proxies in the
name Of Henry Seligman, Frederick
Strauss and William P. Phillips.
New-York tribune., 1918-03-16
FINANCIAL MEETINGS
SOUTHERN PACIFIC COMPANY

NOTICE OF MEETING.
l65 Broadway, New York. n. T., Jan. I, lNI
The Annual Meeting Of the Stockholm
OF the Southern Pacific Company will )
held at the Office of this Company In An
chorage. jefferson County, Kentucky, 0
Wednesday, April 3, 1918, at twelve o'cIoc
noon, standard time. for the following pul
poses. viz:
!. TO elect fifteen Directors.
.. To transact all such other business
may legally come before the meeting, h
Guiding the approval and ratification Of 4
action Of the Board Of Directors and
the Executive Committee since the Ia
annual meeting OF the Stockholders Of til
Company.
For the purposes of the meeting t.
books for the transfer of stock will .
closed at 8 O'Clock P. NJ. ruesday Mari
le, 1918. and Will be reopened at 10 oclOt
A. NJ. Thursday. April I. 1918.
BY order Of The BOARD OF Directors
HUGH NELL. Secretary
New-York tribune., 1918-03-16
8 Wealth Markets ss
Relevant Comment
Rebels Seize Bank

Revolutionary forces in Finland
have seized the State Bank of Finland,
according to information obtained in
international bankers quarters yester-
day. The advices received were meagre,
but it was stated that before the revo-
lutionists took possession of the insti-
tuition the gold reserve, amounting to
approximately $S,000000, was safely
transported to Stockholm, Sweden.
The Bank of Finland. while a small
institution compared with the great
state banks of Europe, is nevertheless
one of the oldest on the Continent, and
was organized prior to the conquest of
Finland by Russia. The latest state
ment Of the institution shows deposits
of about 325, 100000 Finnish marks,
worth normally about 19 cents to the
unit. The bank is capitalized at 25,
coo 900 marks
New-York tribune., 1918-03-16
Money and Credit

a slghtly easier tone developed In
tne call money market yesterday, and
the ruling rate for loans at the Stock
E1cbangc was 5A per cent, compared
with 6 the day before. Renewals were
also made at this figure.
a fen small, scattered loans for fixed
periods we're reported yesterday at 9
per cent. against half industrial and
half railway securities az collateral
ISe demand for time funds continued
large, with borrowers bidding per
cent, bat offerings were limited. Local
hanxs ere not piacing any money on
time, and the scanty offerings that are
New-York tribune., 1918-03-16
Duluth. South Shore & Atlantic
Dividends
Extras

Prairie Pipe Line.-The company has
declared an extra dividend of SIS Der
share, in addition to the regular quar-
terly dividend of $5, both payable April
30 to stockholders Of record March so.
Loew's Theatre. lnc.-The company
has declared an extra dividend OF u
OF per cent in addition to the regular
quarterly dividend of 9 per cent, both
payable April l to stockholders of rec
ord March %.
The board Of directors of the Prairie
Pipe Line Company. in Independence
Kan, yesterday declared quarterly
dividend of IS share. and in add
ton an extra dividend of S5 a share.
payable April 80 to all stockholders of
record March 80
New-York tribune., 1918-03-16
Dollar in Foreign Exchange

Quiet prevailed in the local foreign
exchange market yesterday. Quota
tions on Russian rubles were marked
up to II cents, an advance of q, al
though there were no actual dealings.
The market for Dutch exchange was at
a standstill, with rates strong, pending
the outcome of the action of the United
States and Great Britain in announcing
their intention Of taking over all Dutch
vessels in American ports.
Exchange on Italy held fairly steady
around S.5S for lire checks. Spanish
pesetas were firm at 24.9O cents. Rates
on Paris were firm. Brokers said they
were expecting heavier demand for
francs for account of the United States
government to provide funds in France
for paying the troops there.
Closing rates yesterday, compared
with a week ago, follow:
Quoted dollars 20 tie pound.)
New-York tribune., 1918-03-16
Canadian Farm Lands
Show Increase u "

The average value Of farm ,S"
The whole of Canada, including iS''
proved and unimproved. toge,n :;
dwelling houses, barns, s'aD' ,s
other farm buildings, is app'os, "a
s44 per acre, as compared " with A. "a q
1916, according to returns VI
sus and Statistics Office: ..rr 4
The average wages for foru.,ssed ,sd q
during the year have lnclsss ssSs ~
stantially since 1916 and ns n.s.ea
reached the highest lever or .sha. N
many cases they are doue,ss he swhek
Ssrs cs"sds ths 's Wages s' per month Ass
help during the summer' IN ,er male
board, average s6s.Ss for for,,n.rsas'| s
sS4.sl for female help, as co''fs
S43.a3 and $22.i6 in 1910.
New-York tribune., 1918-03-16
Canadian Pacific Breaks

From an opening of 145la Canadian
Pacific broke on the Stock Exchange
yesterday to 1412s, and closed at 141&
for net loss of A points compared
with Thursdays last sale. The ex-
decline was the action of the Cana
dian government in increasing taxes
of the road and limiting the dividend
order in council mentioned limit of
Z per cent in dividends from railroad
operation, but this was taken to imply
that the remaining per cent would
be taken from the company's "other
income" as this has been the practice
for years.
New-York tribune., 1918-03-16
Steel Institute Takes Up Price Cues
Other Cirles

COZ Market More Activc.-BOSTON.
March l5.-"The Commercial Bul]et;n,
will say Tomorrow:
80, mere has been fairly keen inter
est III the local market this woel, j., 81,
medium wools which are available and
Tree OF government CONTROL Fine wools
alSo are held more firmly, although
relatively ess strong than medinm
grades The government terms for ,ir
;nnnnt ;;an,lS.err'ng foreign wools under its
import options indicate that it will
take the great bulk of the wool ;m-
Guided under those options. Manufact
urers report very firm situation. with
.lttle effort on their part to sell goods
new cup wools apparently have not
oegun to move in the West vet. owinr
TO pn,nent ,ne lack of transportation. The gov,
erhment has stated that it has no in
tentlon to interfere with the market;ng
or this years domestic clip." W. 5
New-York tribune., 1918-03-16
Australia's New Industry

Inc exports of frozen rabbits from
Auseraila have assumed large propor-
tons In the state Of New South Wales
alone 100000 crates containing twen-
'y-four rabbits each were packed for
export during the year ended December
81; i9lI, making total of 36 600 OOo
RABBITS, valued at $7,29o,25O. New
Soutn Wales exports comprise about 81
per cent OF the total for Australia. Tho
.olai exported from the com:,onwealth
$4,000. "' *'f'-
New-York tribune., 1918-03-16
Corporate Returns

La Belle Iron Works.-The company
reports total earnings for the year
ended December 81, 1917 of S14,19S,-
404, compared with $6,434,31S for the
preceding year. Net earnings after
general depreciation, ETC., were ST.
791,56O compared with S5,758,753 for
the year before. Charges were S6,394.-
632, compared with $l,27O,151 for the
previous year. Dividends amounted to
ST. 1888 0S0, an increase of $594 .o24 over
1916 Surplus was S4,413,S4S, compared
with S31OO,445 for the previous year.
Yale & Towne Manufacturing Com
pany.-Annual report for the year
ended December 81 last shows total
net earnings of S2,S67,51 compared
with S3,386,426 for 1916. Depreciation
amounted to 1923, $3.50. compared with
S662 $40 for the year before. Net proiits
were 81 89,991, or S4021 share, com
pared with So, 723,847. equal to SoIoo
share, for the previous year. Dlvldends
were s9S9,614, compared with 81 ol3'oo9
for the preceding year. Surplus was
S1,OO0,377, compared with S1,21O,3Oo
for 1916.
Porto Rican- American Tobacco Com
pany.-Report for the calendar year
ended December 81. 1917, shows net
earnings of S450,S51. compared with
s536.235 for the year before. Other in
come amounted to S6O1,4S0, compared
with S277,955 for the preceding year.
Total income was S511.331, compared
with SS14,190 for the previous year.
Net income for the new fiscal year was
S511.331, equal to S14.07 a share, COM
pared with SSO6,979, or S24.45 share,
for the year before. Dividends amount
cd TO s5s1.24O. of which S29O.62O was
Daid in scrip, compared with S62S,43O
For 1916. Deficit was S69.909, compared
with surplus of $27S,529 for the pre-
ceding year.
National Fireproofing Company.-Re-
port for the year ended December 81,
1917, shows net earnings of S30l,soo,
compared with s10o,412 for the previ-
Gus year. Depreciation was $142.4oS,
an increase of $42,458 over 1916. Sur
plus amounted to $3.50 ,407. compared
with SAP for the preceding year.
Federal Mining and Smelling Com
pany.-Report covering operations for
the quarter ended December 81 last
shows a net loss of s167,768, compared
with S37S,652 for the corresponding
period of the year before. Estimated
depreciation amounted to S25,7o7, com
pared with S62 ,4s7 for the same quar-
ter of the preceding year. Total loss
was S193,525, compared with s3l6,l65
for corresponding quarter of 1916.
Everett, Heaney & Co.-Annual re-
port for the year ended December 81,
1917, shows net profits of s6S3,739
compared with s544,545 for the pre-
ceding year. After 10 per cent divi
dends and setting aside the reserve for
taxes Of S219.0l9 the surplus amounted
to $264,719 for the previous year.
Peoples Gas Light and Coke Com
Operations for the five months
from August 1 to December 81 were
Ss,O13,220. Operating expenses amount
cd to S7,727,393, and net earnings to
S285,S27. Other income was S50,164
After payment of bond interest
amounting to S9e5,S94, statement shows
a deficit OF $649 903.
New-York tribune., 1918-03-16
CHICAGO AND NORTH WESTERN
RAILWAY COMPANY.
NOTICE OF

NOTICE OF ANNUAL MEETING.
The Annual Meeting Of the Stockhods
cf lhe Chicago and North Western Raiw'
Company viii b. held at the Office Of d
company. 226 West jackson Boulevard
the City of Chicago. illinois. Oh Tuesds
April Q. 1918, at eleven O'Clock A. NJ. II
the election OF Directors and the trsnss'
tion of such other business as may COZ
before said meeting.
Transfer books will be closed on Ss.g'
day, March 9. 1918. at the close Of tes
ness on that DAY. and Will be reopenea o
Wednesday, April 10, 1913.
Dated. March !. 1918.
RICHARD II. ASHTON. Presdsst
IOHN y. CALDN ELL. Secretary.
New-York tribune., 1918-03-16

both payable April / to stockholders -
ord March 20. :
Lone Star Gas Company.-Q Quartes'sr 4 I
dcnd of per cent. payable ""'S'
okholders of record March q.
Michigan States Telephone tenr
Quarterly dividend of Sl.50 per sns,. an !, 10
preferred stock. payable March o.
holders of record March %. ..
Pcople's Natural Gas & Pipease .Sm M,
Quarterly dividend OF ; per eea, Iss.s ~
March % to stockholders of recoFa 80
Regal Shoe Company.-Quar'ersy, ~ e,s !
of IA, per cent on the preiertea s5 sss
able April to stockholders oil ie'"'
New-York tribune., 1918-03-16

We should like to draw the atten-
ton of those who contend that infa-
ton Of bank credits has no influence
on commodity prices to the follow
ing paragraph from an article by
Howard S. Mott, vice-president Of
the Irving National Bank, which
will be presented in full on the finan-
cial feature page tomorrow.
"a less obvious application Of the
devious and indirect method of
drawing on our current or stored-up
supplies Of capital. e., goods and
services, not money-lies in expan-
sion of the loans Of the banks. In
effect, checks circulate as currency
Any increase in the volume and the
velocity Of the circulation Of checks
causes similar relative effects on the
prices Of goods and the currency
value of services as does an increase
in other forms Of circulation. Credit
against which the government may
check may be created In a number
q ways. The Secretary Of the
treasury presently is doing it by
cling certificates Of indebtedness tc
the banks. So far, the saving quail
ity Of these transactions lies in the
fact that they have been made in
anticipation either of taxation
shortly to become payable or OF
government bond issues soon to be
foated."
New-York tribune., 1918-03-16
Use of Liberty Bonds as
Note Security Authorized

WASHINGTON, March 15.-The SEN
ate to-day passed bill by Senator
Owen, of Oklahoma, amending the ma
tional bank laws to permit banks to
lend money on notes secured by Lib
erty bonds or Treasury certificates
issued during the war. Loans would
be limited to SO per cent Of banks
capital and surplus. The bill goes to
the House.
New-York tribune., 1918-03-16
Wants Wider Spread
Of War Credit,

WASHINGTON. March 15.-A wider
distribution of war credits to prevent
Capitalization in the East was recon-
mendcd to President Wilson today bv
Senator Owen, of Oklahoma, chairman
Of the Senate Banking Committee. The
Senator called at the White House TO
point out his belief that there should
be larger balance of credits in the
Western States.
New-York tribune., 1918-03-16
CHICAGO. SAINT PAUL. MINNEAP'0gn'
AND OMAHA RAILWAY COMPANl.

NOYlCE OF ANNUAL MEETING,
The Annual Meeting Of the Stockholas,,
Of tho Chicago, Sain, Paul. Minneag,.
and Omaha Railway Company will be ,.. " !,
at the office e ;he company IN the eli! :
Hudson. Wisconsin. on "Wednesday. Az =,
10. 1918. at nine o'clock A. NJ, loi ., =, :,
election Of directors and the transacuc,, =, ,
such other business as may come N'''
said meeting. s..,.
Transfer books VIII be closed on ss... -.
day. March Q. 1918. ~ the close oi .S gs !.
ness en- that day. and w'!. be reopens' =
thursday. April y. 1918.
Dated. March !. 1918. ,,.,,
JAMES I CLARK. P'es'os''
Holm y. CALDWEI1 Secretary
New-York tribune., 1918-03-16

In general the income guaranteed
the railroads under the bill just
passed is very fair, and few of them
viii find just cause for complaint.
Those roads which have been sound
ly managed, and, therefore, had
satisfactory earnings during the
base period, will receive compensa-
tion far above normal; the less
fortunate ones will fare more thinly,
but still will be better off, in many
cases, than they would have been
had private operation continued un-
der adverse conditions. In this
class falls the New Haven. If the
government had not taken over the
carriers this road would have been
in a serious situation at present;
certainly there was no prospect for
the resumption of dividends, which
were abandoned after the disburse-
,nent in September, 1913, for a long
time to come. Under the govern
ment guarantee, the road will have
available for distribution on the
stock sum equivalent to between
la and 2 per cent on par value, and
6 or per cent on the present mar
ket value. This is unsatisfactory to
some Of the stockholders, and a
movement has been started to get
greater compensation. Nathan L..
Amster, Of Rock Island fame, who
is back Of the scheme, makes his
plea for support in this way:
1t is generally known that the
stock has cost some investors as
much as $500 a share, and that cer-
tain insurance companies own sub
stantial blocks of it costing on an
average over $3.50 q share, which
would really mean that the yield on
their investment Gas provided in the
government bilD would be less than
I.
fair Yet that is just what New
Ifaven stockholders will receive un-
der the government control bill un-
less they unite in an effort to obtain
better consideration.
The compensation, as provided In
The bill, so far as the New Haven is
concerned, is tantamount to confis-
cation, which, Of course, is not law
ful, nor can it be said to be desired
by the President, the Interstate
Commerce Commission or members
of Congress.
We do not believe that the COM
pensation guaranteed is either un-
Just or confscatory. Nor do we see
wherein the fact that investors paid
as much as 5000 a share for the
stock entities them to any special
consideration. To argue that the
government should take account of
the fact that investors were deluded
into buying the stock at that figure
IS to argue that 1t is responsible tor
the wrecking of the property, and
should, therefore. take measures to
restore its value. We do not see how
Mr. Amster can logically take such
a position in view of the fact that
he has very positive opinions as to
who was responsible fer the New
Haven smash-up, and has not thus
far tried to place any Of the blame
on the government.
New-York tribune., 1918-03-16
Elections

Arthur II. Leo, A. j. Brosseau, Henry
j. Fuller, Charlton Yarnall and George
G. Foster have been elected directors
OF the Hale & kilburn Corporation.
). X. Everett, r. j. Meehan. w IT
English, Harry j. Kane, NJ X. Law
renee, +. j. Heaney and S. X. Everett.
lr, have been elected directors of
Everett. Heancy e. Co.
New-York tribune., 1918-03-16
New York

Coffee Exchange Seats Sold.-Thc
New York Coffee and Sugar Exchange
membership of John A. Hartcorn has
been sold to A. NJ. Morris for S3.500.
An extra membership in the name of
Charles j. Walters was also sold for
the same price to Henry Hcntz &,
Co. Later in the day the member.
ship belonging to the estate of Paul f.
fequert was sold at auction because Of
non-payment of the annual assessment
to Max r. Mayer for $4,000
Steel Institute Takes Up Price Cues
tion.--7he claims of pig iron manufact-
urers that, under the conditions now
existing in the trade, they arc entitled
to higher prices for their product. were
laid before the general committee on
IRON and steel of the American Iron
and Steel Institute, in the Offices of tho
United States Steel Corporation. bv Tho
sub committee, of which c. ID. Over is
chairman. The general committed will
IN turn present these claims to the War
industries Board next week in Wash.
lngton at the conference on steel nricue
Special consideration was given at ves.
terday's conference to the question Of
price diferentials. "
New-York tribune., 1918-03-16
News Digest
Foreign

Paris Bourse.-PARIS. March 15.-
Trading was quiet on the Bourse to-
day. Three per cent rcntes. 81 francs
80 ccntimcs for cash. EXCHANGE on
London, 27 francs 231a centimes. Five
per cent loan, SS francs confines.
New-York tribune., 1918-03-16

ub-Treasury.-The banks gained
$4,000 from the Sub Treasury yester-
day.
Silver.--Bars in London were quoted
at 43d, unchanged; New York, S61zc,
unchanged; Mexican dollars, 691ac, un-
changed.
Bank Clearings.-Accord to the
compilation of R. G. Dun & Co. clear
ings through the banks this week at
the principal cities in the United States
amounted to s4,931 ,775,o17, an increase
of 3.9 per cent compared with the cor
responding period Of 1917. Exchanges
at New York decreased 27 per cent
from year ago.
London Money Market-LONDON
March 15-Money, ga per cent. Dis
count rates, short and three months
bills. 3 916 per cent. Gold premium at
Lisbon 100
New-York tribune., 1918-03-16
ANDREW J. MCCORMACK .v.,,.
REGULAR AUCTION SATpeMas SAITvpsi0ass nee
STOCKS AND BONDS
by ADRlAN II. MULLER & sox
OFFICE. 81 WILLIAM Sr 'oN'

y
WEDNESDAY. MARCH 20 ia,.
at 12:30 O'clock. al m. A'ic'
EXCHANGE SALESROOT
NOS. "A and l6 NESEY S'rREr~
For Account Of Executor
81 shs. Second Avenue r D =.
% shs. Standard I,.el Co nrsts
lo2'e shs. Standard Euel Co ro,e,a p,e,a
% sns. Portable Electric ;Vs ssts,,
Light Co. common. ''ie'!
Shs; Portable Electric s,,.,,
Light Co. prefd '"'sV
10 slis. Putnam Realty ca
- sns' shs locke locke ,riIe Tile Drill Co. common
shs. Cimetar Publishing e. s'u
loo shs. Volta Electric Lgh, { Pow,
p shs. Cumberland Lumber c,
$1,000 cum berland Lumber Co. is, NJ,
SO Regstd. BIS. due 1918 ~"
$1,000 Cumberland Lumber ca. Is, NJ.
so Regstd. Bond. due 1919 aug
For Account of Whom 1t Nav (,onc.,,
10 shs. Nassau Union Bank, Gl.,
Cove. y. y '''A
s3,5oo Sinclair Golf Corpn. lst Lien ,s
Convt. BIDS, 1927 -
100 shs. Martin &, Kohn. Inc
275 shs. Pasteur Filter sale, G. n.
pairing co ~
100 shs. Broadway Fort washlnsa,
$1,000 Debenturc Corpn. of n. Y e
Profit Sharing Bond
3l5 shs. Debenture Corpn. OF NY
oso shs. Mohegan Heights Realty Ca
common.
$1,000 Lebanon Valley Consolidated VI.
ter Supply Co. lst Mtg. s.. Bd,
For Account of Estate OF James c. roley
81. ~. l3 Bond & I'd Mtg. on property Ns
PIT az 2l9 West 18th st., Borouyt
of Manhattan. \. Y
Right. title & interest IN premIy,
Nos. 2l7 x gi9 West 18th s.
Borough of Manhattan. n Y, h.
longing TO The Estate OF James C.
Foley.
s4a4 aS Bond & "a Mtg. on property No
9o9 Flushing Ave. & No lso Cox
St. Borough OF Brooklyn, n r.
$500 Demand Note of George A.
Vaughn, dated Aug 10. 1915.
co shs. East Greenwich Water SUI,
ply Co.
New-York tribune., 1918-03-16

The above rates express the cost OF
foreign money in terms Of the Amcri-
can dollar. Yo. buy an English pound
sterling at, say, s475h, The intrinsic
parity is s4.86ss per pound. Thus you
say either that pounds at discount
or that dollars are at premium, which
is owing to the fact that in England
tho demand for dollars with whc'. 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., 1918-03-16

being made come from interior insttu-
tons.
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
New-York tribune., 1918-03-16
OFFICE OF m
EEDEEN MINING, 4 SMELTING ", "

'FV VI-INtkf' VI Z y w " III ~ ~
50 Broadway. New York city. March ,s,,;.- le.;s
The annual meeting Of tho stoeh'Ir-o-- s-H r.-
of the Federal Mining q smelling - stl Il
pany. for the election OF Directors, s1' RI,
ia~funy come p' before f5 the meeting vi ~
hcid ON Monday. April \. 1915 at r tas IA, IA,
of the company. - Broadway. Nc" -
City. at o'clock in The afternoon, ,,e
The stock transfer books do no. ",ss q s
but stock holders OF record at me e.n ~ az
business ou March IS. 1918. s'ia'
GEO W. PETERSEN. secrs'i
New-York tribune., 1918-03-16

Below is given the current exchange
value OF foreign money in dollars AMI
cents, together with the intrinsic gold
parity, as calculated by the United
State. Mint:
New-York tribune., 1918-03-16

Bank Acceptances.--A slackcning in
the demand for bank acceptances was
reported, with rates showing no change
Discount Rates. - Official rates of
discount for each Of the twelve Fed
eral districts are as follows: