davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-03-13
Trust Companies To Be
Heard on Rate Curb

Preliminary steps toward revision
of the resolution drafted by the Clear
ing House Committee providing for a
limitation of the interest on bank rate
deposits were taken yesterday at a
luncheon in the Bankers Club, attend
ed by members of the committee and
trust company officers. The latter are
opposed to the plan in it's present form,
and it is likely that as a result of this
opposition substitute resolution will
be drawn up which will meet the
unanimous approval of all the members
of the Clearing House and those who
clear through them.
The trust companies will be repre-
sented in the future conferences by a
committee consisting of Charles II.
Sabin, president of the Guaranty Trust
Company, as chairman; Howard Baync,
vicepresident of the Columbia Trust
Company; Edwin P Maynard, presi-
dent of the Brooklyn Trust Company;
Edward o. Stanley, vice-presdent os
the Title Guarantee and Trust Com
pany; James N. Wallace, president Of
the Central Trust Company, and Alvin
w. Krech, president Of the Equitable
Trust Company.
Appointment of Mr.. Wallace and Mr..
Krech to membership on the commit
tee was regarded as particularly sig
nficant, as neither the Central nor the
Equitable trust company is a member
of the Clearing House
New-York tribune., 1918-03-13

This class of investor naturally saw
the danger Of the rising income tax
and preferred TO purchase Stocks and
shares of an industrial character, as
they'had been accustomed to business
Of this character and knew that an
industrial undertaking can often pass
on the effect Of higher taxation to
the consumer. They therefore care
fully abstained from purchasing fixed
dividend stocks and have preferred
to take an interest in securities which
in the old days were considered to be
of a lower grade. AS result there
has occurred marked appreciation
in the values of shipping, iron, coal
and steel, brewery and many other
industrial undertakings, while the
rubber and oil sections have been
consistently firm almost throughout
the period of war.
New-York tribune., 1918-03-13
The Evil of Combinations

Several of the largest London bank
ing institutions have merged in the
course of the last six months. This
tendency toward combination has
evoked considerable discussion in Eng
lish banking circles. A London finan-
cial writer says: "From the point of
view of the banking profession as a
whole it is earnestly to be desired that
the attractions of amalgamation should
not lead to a great reduction in the
number of existing banks. In the past
the multiplicity of banking institutions
in this country led to a certain amount
of trouble, as was evidenced by the re-
curing banking crises that used to be
a regular occurrence every decade until
the last fifty years. Without question
the amalgamations that have distin-
guished this latter period have contrib
uted very largely to preventing a re-
currence of such troubles, but the pos
sibility should never be overlooked that
the remedy might bring in it's train
other disorders of an unpleasant char
acter. The danger for all commercial
interests at the present time is the
chance of serious interference by the
government with their working IN the
future. The war has compelled the
state to place it's hand upon so many
clements of business life that the ten
dency to resist government interference
in general business has been greatly
weakened, and, in fact, the public has
ernment for assistance whenever events
should cause Inconvenience or embar-
rassment, however temporary they
might be-
New-York tribune., 1918-03-13
Canadian Pacifc's
Surplus $36,316,875
Full Statement of 1917 Earn
ings Made in Annual
Report

MONTREAL, March 12.-The opera
tions of the Canadian Pacific Railway
for the year ended December 81 last,
according to a report made public here
to-day, resulted in surplus Of $780,
316,S75, after expenses and charges
were deducted. And for the fiscal year
ended June 80, 1917, the surplus, after
charges, was $38,919,724.
The gross earnings of the railway
and the lake and coastal steamers for
the last calendar year reached $751;
3S9,334, whereas working expenses
totalled $46,546,018. From the gross
earnings $10,229,14 additional was
taken away for fixed charges. The
sum of 100000 went to the company's
pension fund.
The net earnings of the coastal
steamers, commercial telegraph and
news department, which were trans
ferred to special income account,
were $1,968,683, and the net revenue
from the earnings Of the railway and
the lake steamers available for div
idends amounted to S33,848,192 After
ell dividends had been paid, the sur
plus from earnings Of the railway and
lake steamers was $12,420,919. And
the special income for 1917 was s1O,-
713,299, after allowances for contingent
reserves were made
New-York tribune., 1918-03-13
Lorillard Shareholders Vote
to Double Stock Issue

The income account of the P. Loril-
lard Company, tobacco manufacturers,
was made public yesterday at meet
ing of the stockholders at the home
office. The net income for 1917 was
S8,312 ,343, compared with $5,874 OFT
tor the previous year; and the balance
for last year, after war taxes and bond
interest were deducted, reached SIS, ,949,-
240. against $4 ,604, 1926 for 1916.
After preferred dividends the bal
ance earned on $15,155,6O0 common
stock was $34.03 a share, compared
with $25.15 earned in 1915. The stock
holders ratified the proposed authori
zation to double the outstanding com. E.
mon stock, which the directors recon-
mended after deciding to pay to the
common stock. holders an extra divi-
dend of 20 per cent of their holdings.
Before yesterdays action the common
stock outstanding equalled 1886
shares. The Lorillard Company is a
former subsidiary of the American
Tobacco Company.
New-York tribune., 1918-03-13
Pennsylvania r. r.
To Increase Debt
BY $4,000, 900
Stockholders Authorize Bond
Issue to Heighten Roads
Efficiency

PHILADELPHIA, March II. The
stockholders of the Pennsylvania Rail
road, at their seventy-first annual meet
ing here to-day, approved an increase
of 75,O00,OO0 in the Indebtedness of the
company, in accordance with the man.
agement's proposal providing for capt.
tai requirements, including maturing
obligations.
Concerning this sum, which is to be
raised by this issuance Of bonds and
other obligations of the company, Sam
uel Rea, who was reelected president,
said: "In large and growing corpo-
ration like the Pennsylvania Railroad
there is constant demand for funds
with which to serve the government
with the utmost efficiency. These
funds will be required for new equip
ment and enlargement of freight ham
ding facilities.'
Moreover, the shareholders ratified
the acquisition by the Pennsylvania
Railroad of the properties and fran
chises of the Cornwall & Lebanon Rail
road Company and the Susquehanna,
Bloomburg & Berwick Railroad Com
pany. After these matters were set
tied the chairman was authorized to
appoint committee of seven stock
holders to nominate candidates for four
directors to be elected on March 26.
The following resolution, offered by
John Gribbel. authorizing the direct
ors and officers to execute for the
company an agreement with the Presi-
dent of the United States for the use
Of railroad properties during their con-
troll during the war follows:
"The board of directors Of this COM
pany are hereby empowered to approve
and authorize the execution upon be-
half of this company, by such officers
of the company as such board shall
designate, of an agreement with the
President of the United States of the
character defined in the act of Con-
gress, which shall, in the judgment of
the said board, secure for the company
just and adequate compensation for
the use of its properties during the
period Of Federal CONTROL and make
proper provision for the maintenance,
renewals and depreciation thereof and
for the return of the said properties,
together with all additions thereto or
extensions thereof constructed or ac-
quired during such control, at the end
of the period of Federal control in
substantially as good condition in all
respects as they were at the beginning
thereof"
New-York tribune., 1918-03-13
Montana Power Shows
Increased Earnings
Greater Profits in Sight for
1918, John D. Ryan
REPORTS

In spite of serious labor disturbances
and increased taxes, the Montana
Power Company reports higher net
earnings for 1917 than for the previous
year. The figures for 1917 are $4,889,-
O32, compared with S4,753,282 for 1916.
A larger disparity between the gross
earnings for the two years. is recorded
in John D. Ryan's report to the share
holders of the company, which was is
sued yesterday. The gross earnings in
the year just passed amounted to &c.
912,364, a gain Of $667,459 over 1916.
A large part of the increase was alb
sorbed in the expanded operating ex-
penses and taxes. which total $685.
332, an increase of S532,7O9 over 1916
figures. The report covers the opera
tions of the Great Falls Power Com
pany, Thompson Falls Power Company,
Montana Reservoir and Irrigation Com
pany. and Great Falls Water and Power
Company. all of which are owned by the
Montana Power Company.
In sketchlng the general conditions
in the Montana territory Mr.. Ryan
points out: "The power business of the
company was affected to a considera BILE
extent by the labor troubles, but sew
eral new power contracts were taken
on, together with additional require
ments under some old contracts, and
other branches of the business showed
favorable increases. Service was eX-
tended and substantial additions were
made. during the year to municipal
lighting systems throughout the state"
The company expended during 1917
$3,6OO,000 for new construction work
and improvements, extensions and ad-
ditions to its plants and property The
chief increase in business was due to
a larger demand for lighting and power
in the small towns of the state. In the
Butte. Anaconda and Great Falls dis
strlcts labor matters. says the report,
seriously interfered with mining ana
smelling operations, and affected prac-
tlcally all the large industries using
our power" The company at the end
of 1917 had 1859 miles of transmits
sion lines in operation altogether
Further expansion in equipment and in
profits is forecast for 1918. "The out
look for business in general" the sur
vey states, Gin Montana during the wear
1918 is very good. All of the principal
products of the state will doubtless
bring higher prices, and as a result we
may expect the usual increases in the
lighting and small power business of
our branches and towns, as we'll as
increased income from electrical op-
erations of railroads and the larger
power business, which we estimate will
more than offset the probable increases
IN higher cost of labor and materials
and any increases in taxes"
New-York tribune., 1918-03-13
U. S. Alcohol Expanding

Horatio S. Rubens, chairman of the
board of directors of the United States
Industrial Alcohol Company, told stock
holders at the annual meeting yester-
day that an additional distillery at
Peoria, Ill.,, had recently been pur-
chased for the purpose of manufacture
ing alcohol to meet the growing gov
ernment demands for the use Of that
commodity in making powder 1t was
pointed out that, included in the 1917
earnings, amounting to $12,511,277,
there was $1,O00,OO0 received from the
sale of an old steamship and that about
$1,500,000 of the revenues were derived
from operations of boats used to carry
molasses and oil for the government.
The company's charter was amended
designating the third Thursday in Ap-
ril rs the date of the annual meeting
hereafter.
New-York tribune., 1918-03-13
Odell to Head New
Aetna Explosives Co.

According to the plans of the reor-
ganizers, Benjamin B. Odell, receiver
for the Etna Explosives Company,
Inc. will be elected president at the
annual meeting of stockholders, sched-
uled to take place next Tuesday. Mr.
Odell, it is expected, will also be made
director Other important changes
in the board as now constituted will
include the election Of representatives
of j. and w. Seligman e. Co., who are
carrying out the readjustment, and
George c. Holt, who is co-receiver with
Mr.. Odel.
A stockholders committee, sponsored
by the Columbia Trust Company, pro-
poses that, three directors representing
the original stockholders also be added
to the board, and that representative
of the stockholders in the Scranton
district be elected along with a repre-
sentative of one of the large brokerage
firms interested in the securities of
the company.
New-York tribune., 1918-03-13
Canada's War Contracts

Within the last five months the
United States government has placed
orders in Canada for munitions, ma
rine engines and other supplies for war
purposes to an aggregate value of ap-
proximately S50,000,000. Of the total
S35,000,000 of orders have been placed
through the Imperial Munitions Board
of the Dominion. Since the war began
the British government has given Cana
dian manufacturers orders for approxi-
mately 100000. Recently there has
been a diminution in the total of new
British orders placed owing to the
growth of the munitions business in
England and also in measure because
of the lack Of ocean tonnage to trans
port the stuff
New-York tribune., 1918-03-13
Unable to Renew Contracts

According to "The Coal Trade Jour
nal," consumers Of bituminous coal in
this territory are now being supplied
with sufficient coal to take care of
their immediate needs, but few of them
are able to make much headway in ac-
cumulating a reserve to carry them
much beyond April !, when their con-
tracts run out. This is causing manu-
facturcrs and the managers of small
public utility companies a good deal of
worry, for their efforts to secure con-
tract renewals are reported as not
meeting with success. The market is
said to be bare of free coal at the gov
ing offered for bunkering.
New-York tribune., 1918-03-13
Will Finance Sugar Irop !,

HAVANA, March IA COM !nn inter
representing American oahA"fs Cubs'
ests met representatives " for =
bankers yesterday to arrans rralanes tie
credit of $100.00O,000 to hnsd h.asd thst
Cuban sugar crop. 1t was ss assn on th
s per cent should be charge .ent ir
amount loaned and that per e;s.sursncs
terest would be added for I...oIusi&
including protection agaihss
New-York tribune., 1918-03-13
Amster to the Rescue

Dispatches from New Haven to the
financial district yesterday stated that
Nathan L. Amster, president of the In
vestors' Protective Association of
America, had called special meeting
of New Haven stockholders for March
ID. for the purpose of presenting an
appeal to President Wilson and the Di-
rector General of Railroads for greater
compensation than that provided for
under tho government railroad bill.
New-York tribune., 1918-03-13
Relevant Comment
8 Per Cent on Cuban Loan

Advices received in the financial dis
trict from Havana yesterday were to
the effect that at conference held
there between representatives of Amer
lean banking interests and Cuban bank
ers to arrange for the details of the
$100,000,000 credit to finance the Cuban
sugar crop it was agreed that per
cent should be charged on the amount
loaned. To this would be added, it was
stated, an additional per cent to
cover insurance, including protection
against revolution.
New-York tribune., 1918-03-13
@ Wealth Markets Commerce @

with a recent low record of 897. The
closing rate was 8.37. Brokers said the
market for lire had been oversold by
spectators, which was one factor in
bringing about the sharp recovery from
the. recent low level.
Spanish pesetas were strong at 24.65
cents. The rest of the market showed
nc important change.
Closing rates yesterday, compared
with week ago, are given in the table
below. American bankers have sus-
pended all dealings in German and Aus
trian exchange, SO that daily quotations
for either marks or kronen are no
longer available.
New-York tribune., 1918-03-13
News Digest
New York

Kelly-Springfeld Stock Reduc''o''
The stockholders yesterday Vo'e1
the annual meeting Of the A'M
Springfield Tire Company to reoue' - ;,
6 per cent cumulative first preiess;;,I
stock to the extent ofs$24s,9oo,, "n, MI.
represents the amount OF stocA
chased for the sinking fund.
Normal Business Exceeds war III ~.
for Enameling Company. hii' :,
company has no doubt beneh'ea ~.
extent by the conditions growing -,
of the war;" says +. A. W; k'eeSnslins kH'eesmslins
president OF the National a"aamuh.
and Stamping Company, in the pSaa..s lie
let report published yesseraa."o "ordsn
amount of direct so-called wai ,,ms v d
rs compared with the total VS.ah S.s hesa
the business of the compan! hss lsss
relatively small" The earnings ssxss as ID.
year. before deducting Tor s1S ss1;rS;dends
terest charges and preferred u''
eQualled $5,61S,54S.
New-York tribune., 1918-03-13
A. I. & 7. Breaks Badly

Heavy selling broke out in American
Telephone and Telegraph stock yester-
day. following publication of the an
nual report showing only S3 cents a
share earned in 1917 above the COM
pany's dividend requirements. From
106, the high price of the day, the stock
dropped to 10l2s and closed Mt 1Ol 3. -,
net loss of Az points, compared with
Mondays last transaction. The com
pany's per cent bonds were also
weak, closing at s2A, off y from Mon
days last sale.
New-York tribune., 1918-03-13
Are Really Time Deposits

In connection with the controversy
over interest rates to be paid on de-
posits by the banks it developed yester-
day that fully rs per cent of the de-
posits Of one Of the large Wall Street
institutions were nominally demand de-
posits, whereas in reality they amount
to time deposits, innsmuch as they are
seldom checked against.
New-York tribune., 1918-03-13
Current

The above rates express the cost of
foreign money in terms Of the Ameri-
can dollar. You buy an English pound
sterling at, say, $4.7oIAS. The intrinsic
parity is $4.S65s per pound. Thus you
say either that pounds are at discount
or that dollars are at premium, which
is owing to the fact that in England
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., 1918-03-13
AMERICAN CAN cour..v

n quarterly dividend of one and tbreu.
the Preferred Stock II this Company naws'
BILE April End. 1913. 10 Etockholdere -,
Tec1rd ~ the ciose ~ business March 1stb
1Zls. Transfer BooHs viii remain open
Checks mailed
y. II. IsMON. aee.y Il rreaa
New-York tribune., 1918-03-13
Railway steel-sprIng Companx

~ Church Street. New York CItv
n,,-... February IT, 1919
<,.sp qgarteriy dividend of ONE AND
~. ~ AFTER PER CENT. IAMl has
sns sm,s <nay been declared on the CCNuC,V
nsIock OF this Company. payable Wa,ct
~ isis, to Stockholders of record Marc,
The Transfer Books Will not hc c,ouoa
=. Ihccks wiil be mailed by Bankers Truai
r. MCCORMICK. T,eanursr
New-York tribune., 1918-03-13
NATIONAL LrcoK,cy coupaSv

FEEFEEEED DfyIDE@D so So
The regular quarterly Dividend III mn
on the PYeferrec Ttock III this eonnnany t..,
this da1 tesn declared payable on March
Eofh next 10 all Preferred Etockh1Iders oi
eseDYd March 18th
H. ". FETUgkyEIDGE, Treasurer,
March 18th, 1913.
New-York tribune., 1918-03-13
DIVIDEND NOTICES
Railway steei-spring Company.

A nIH"Hy stte1-sprIng Company,
= - Church Street. New York Civ
February 27. 1918.
,.rs,, quarterly dividend Of OSE AND
bh ~ hkEE- -ocAkTEHs PER CENT. GMmI
FEREED STOCK OF this comnanv rle ~. ~
,nes n.e march 70 1913. to stockholders OF
me transfer Books win not he cIo.ea
- Checks viii DC mailed By Bankers IT,.
Company. ''"'he's trust
f. MCCORMICK. Treasurer
New-York tribune., 1918-03-13
Elections

Thomas A. Conway has been i. 4 4 c..
a vice-president of c. +. eh.,aS emSs
specialists in government oo"'s
New-York tribune., 1918-03-13
Money and Credit

Firmness continued to characterize
the call money market at the Stock Ex-
change yesterday, where the bulk of
business was done on per cent basis,
unchanged from Monday.
Brokers reported a minimum of
activity in the market for fixed date
funds. A few small loans were made at
6 per cent for sixty-day periods on q
mixture of railway and industrial Sc
curities as collateral.
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
New-York tribune., 1918-03-13
Quoted dollars to the pound.)

Below is given the current exchange
value Of foreign money in dollars and
cents, together with tine intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune., 1918-03-13

Commercial Paper.-This market was
quiet and firm. Prime four and six
months paper continued to be discount
ed on 6 per cent basis. Most of the
transactions were for QUITO town in
stitutions.
Bank Acceptances.-A small amount
of business was reported in bank &C
ceptances. Rates were slightly higher
as rule.
Discount Rates. - Official rates of
discount for each of the twelve Fed
eral districts are as follows:
New-York tribune., 1918-03-13

Sub-Treasury. - The banks gained
s26o,ooo from the Sub-Treasury yester-
day.
Silver.-Bars in London were quoted
at 43A d, unchanged; New York, S61ac,
up 1ac; Mexican dollars, 691Ac, an ad-
vance of lac.
New-York tribune., 1918-03-13

London Money Market.-LONDON
March 12.-Money loaned at 2% per
cent to-day. Discount rates were firm.
with short and three months bills
quoted at 9-16 per cent.
New-York tribune., 1918-03-13

Dollar in Foreign Exchange
Exchange moved sharply in favor of
Italy again yesterday, the rate rising
as high as 500 to the dollar, compared
The Bridgeport times and evening farmer., 1918-07-29
ENROLMENT IS,
 NOT ACCEPTANCE

Volunteers in the governments drive for the enrolment of student nurses to be held July 29 to August Il should be warned that enrolment at recruiting station does not mean acceptance by the government, ac- cording to information given out by the Womans Division of the Con- necticut State Council of Defense, which is in charge of the drive in this State. No woman who has thus enrolled should leave her present place of employment until she has been assigned to definite hospital. Signing an application blank means only that the volunteer will hold her self in readiness until April 1, 1919, to go to one of the civilian or army and navy hospitals when called
 Recruits will be sent to training schools as fast as possible, but it must be clearly understood by all candi- dates that there may be no delay in such assignments and that it is pos sihle for various reasons that not all who enroll will be accepted. Con necticut's quota is 450 young women.
The Bridgeport times and evening farmer., 1918-07-29
BATHING PEIGNORS.

As long as the bathing suit remains dry it looks smart, but once wet it of ten loses its chic and appears bedrag- gled when madame emerges from the waves. For this reason no Paris ienne considers her beach costume complete without the long peignor that completely conceals all defects. These robes are usually made of wool or cotton eponge, with cotton as first choice. They come in apricot, delft blue, lemon yellow, khaki and old rose, and either have printed motifs on a colored ground, with a border that matches the shade of the de- sign.
 The peignors are wide enough to permit the front breadths to be cross ed and draped, but they must not be long enough to drag on the sand. The sleeves are loose, so that the gown may be easily slipped on and off, and the fastenings are as little complicated as possible. Some robes have wide collars to protect the neck against sunburn; others have hoods, and as one of the seasons fancies arc large pockets these are put on most of the peignors.
 Despite these convenient carryalls there are also fascinating little rub berized bags that are carried on the arm and which hold the many indis- pensable little toilet accessories dear to the heart of the French bather The newest of these bags are attach ed to the handle of the Jananese pa per parasol.