davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-03-08
The Dollar in Foreign Exchange

Exchange on Italy dropped to new
low record again yesterday at S.94 lire
to the dollar. Toward the close, there
was slight recovery. Inquiry in ex-
change circles as to the cause Of the
persistent weakness of lire was met
with the response that Italy is i'm
porting from the United States far
more than she is shipping here and the
excess Of lire bills is constantly pres
sing upon the market. Efforts are
being made, it is understood. for larger
credit advances to the Italian govern
ment by the United States.
Spanish pesetas ruled strong at
24.5o cents, an advance of ten points.
A slightly easier tone was noted in
Scandinavian rates.
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
fo- either marks or kronen are no
longer available.
Quoted dollars to the Mound \
New-York tribune., 1918-03-08
Where the Money Is

Special efforts will be put forth in
the coming Liberty Loan campaign to
reach the farmers. Farmers who have al
ready bought their bonds will be asked
to go out and personally solicit subscrip-
tions from their brethren Of the soil.
Everything possible will be done to get
the bonds into the strong box of the
farmer. In most of the agricultural
districts Of the country there is no
doubt as to the ability of the farmer to
buy heavily of the war bonds. The
president of a small bank situated in q
prosperous dairying district Of upper
New York State said yesterday that the
farmers never had more ready cash. In
his opinion, all that would be needed
would be to convince them of the urgent
necessity of making this cash available
for the use Of the government.
New-York tribune., 1918-03-08
Current
General Motors
Meeting Called
Stockholders to Vote on Cap
ital Increase ON
March 20

Notice has been sent to stockholders
Of the General Motors Company an
nouncing that special meeting will
be held on March 20, just prior to the
time set for the annual meeting, at
which the proposed increase in the
authorized capitalization Of the COM
pany to $500, 100000, consisting of $50
100000 preferred and $3.50, 900 COM
mon, will be voted on 1t is provided
in the proposed amendment of the GER
tificate Of incorporation that any pre-
ferred stock hereafter issued shall be
offered to preferred and common stock
holders, provided, however, that the
directors in their discretion, may issue
such preferred stock without first Of
ferng it to shareholders, either in pay
ment for property or other assets, ex-
cept cash, necessary or desirable to
be purchased or acquired from time to
time for the corporation, or as a divi-
dend upon the common stock, payable
mon stock, the amendment proposes,
may be issued without an Offering to
the preferred stockholders. Authority
Will also be asked at the special meet
ing pe'pnitting a ma ority of Che board
OF directors to designate two or more
OF their number to act as an eXocu-
tive committee.
The pamphlet report of the General
Motors Corporation covering 1917 op-
erations was issued yesterday showing
net profits Of the General Motors Com
pany for the seven months ended July
81, last, of S17, 1856, while profits Of
the corporation for the last five months
or the year aggregated Sl7,359, ,4SS.
The General Motors Corporation be-
came the active operating company on
August /, the General Motors Com
pany, the New Jersey corporation be-
ing dissolved and its assets taken over
Dy the present concern. President
Durant. in his remarks to the stock
holders, calls attention to the rapid
expansion of the truck business during
the past year. The company plans
to extend the manufacture of tractors.
New-York tribune., 1918-03-08

The Senate amendment to the
war finance corporation bill, remov-
ing the power, proposed to be vested
in the Secretary of the Treasury ana
the directors Of the corporation, of
vetoing any security issues in ex-
cess of 100000, was widely ap-
proved yesterday by Wall Street
bankers, first, because the concen-
tration of power contemplated in
the bill as originally written was
deemed unwise, and, second, because
it was regarded as unnecessary. The
Lamont committee, in drawing up
plans last fall for the regulation OF
security issues, made the statement
that hearty cooperation from all
quarters to any plan that might be
adopted had been assured. The IN
vestment Bankers Association yes
terday added its approval in a reso-
luton calling upon all its members
to refrain from buying or selling
new securities without official ap-
proval. Moreover, experience since
the Capital Issues Committee was
formed has demonstrated that "vol-
untary" control is thoroughly ef-
fective. Already a number of issues
have been withdrawn at the mere
suggestion of the committee that
they were for non-essential pur-
poses
New-York tribune., 1918-03-08
HARTMAN NATIONAL BANK
Fifth Avenue & Forty-fourth St
New York
BANKING HOURS FROM 8 A. N. 10 SRs
SAFE DEPOSIT VAULTS 8A.M. 10 MIDAIsa

Quarterly dividend of s. per share pG'JIs pay e
March @5 to stockholders OF record Ma'e"
Ciuett, Peabody 4 Co. Quarterly ci''usa ~,
of :. per cent on the preferred stock. ~
able April To Stockholders oI
March u.
Dominion Gamers. Ltd Quarterly
dend ef II. per cent on the preierrsae,, sus, M,
payable April !. The company VIII is.rrt.
pay ah back dividends on the pss'ss.ssSirr
stock. amounting to "a per cent. ps0'-''
half IN cash and half in war loans
Electric Storage Battery CempsrSss VA
Quarterly dividends of / per cent on
common and preferred stocks. both fass' Il
April | to stockholders of record Msss"
Hart. Schaffner & Marx Quarterly .,,st r...
dend of ] :. per cent on the prcferrea .,,r ss,,
payable March 80 to stockholders et ''N
March 10.
Springfield Railway & Light CompaMs s
Quarterly dividend of la per cent 'n s,o.l
preferred stock. payable April | 10 '"'
holders of record March 10, -.
West End Railway Company. a.s,s
nual dividend of St75 on the comnsca .xss ,.,s
payable April to stockholders oi ~
March 81.
Provincial Paper Mills. Ltd--ouasI,sssr.e Nv
dividend OF Ia per cent on the p,'e ~
and per cent on the common sseeA, M
payable April | to stockholders OF 70
March Is,
New-York tribune., 1918-03-08
Railway Steel Spring
Profits Are Larger
Earnings in 1917 Equivalent
to $24.91 a Share on
Common Stock

Despite a deduction Of S3,500,000 for
Federal income and excess profits taxes
and adverse operating conditions IN
the latter part of the year, the Rail
way Steel Spring Company in 1917 en-
joyed the best year Of its history.
Gross revenues amounted to $23,9O5,-
ia, compared with S140S6,499 in 1916,
and net income available for dividends
totalled 81 1907 $50. After allowing for
preferred dividend requirements of
S945. 900, the balance of $3,362 800 was
equivalent to 24.9l per cent on the
l3,50O000 common stock. In 1916,
when no deduction had to be made for
earned was 1907 per cent.
The balance sheet as of December 8
last showed inventories valued at $5.-
1908. compared with 81 ,503,61S in
1916 f. L. Fitzpatrick, president of
the COMPANY, in this connection stated
in the report it was deemed advis-
able to carry larger amounts of ma
terials in the inventories because OF
the restrictive market in obtaining raw
supplies, and "to the very tense situa
tion prevailing with the railroad trans
portation facilities"
THE year just closed MI. Fitz-
patrick added "shows results to be the
largest in the history of the company.
and the volume of business done dur
ing the last few months of the year
has been conducted under the most
trying difficulties, yet it is hoped that
with better market ana transportation
facilities the situation will improve in
the near future so as 20 make possible
very favorable showing for the year
1918"
During the year the company retired
s3.126.000 of its bonds. leaving only
$2.967, 900 outstanding Oh December 81
last
New-York tribune., 1918-03-08
Prepares for Peace Trade

The British Trade Corporation, which
was organized in April last "to provide
financial facilities for trade after the
war" announced in its first annual re-
port that it has established an informa-
ton bureau and devised a scheme for
the insurance of commercial credits, be-
sides building the skeleton of it's or
CARNATIONS in foreign countries. The
gross profits for the period ended last
December 81 total so5,720, and after
income and stamp taxes and prelim-
nary expenses have been deducted a
balance of $40 ,O5O remains on the books
New-York tribune., 1918-03-08
John Chinaman Quits Selling

China has stopped selling Russian
ruble currency notes in this market.
Either her supply has been exhausted
or the Chinese are holding the paper
money in hopes that an early improve
ment of conditions in Russia may bring
Il quick recovery in the value of Rus
sian currency. Not long ago Russian
money sold here for Chinese and Jap
anasc account as low as Z cents per
ruble A ruble is normally worth 81 .
cents Within the last few days the
offerings from the Far East have fallen
off sharply and the price has gone to
l0l2 20 II cents per ruble. Many per
sons have been buying the notes here
as a speculation. The Chinese. who
took vast amounts of the deprecated
Russian currency in payment for
goods sold to the Russian government,
sold the money for what it would
bring and New York offered the best
market
New-York tribune., 1918-03-08
Elections

Thomas G.. Ashton has been elected
q director Of the Baldwin Locomotive
Works. succeeding Guy Trip, and Har-
old T. White succeeds Francis NJ. Weld
on the board Of directors.
Marshall Dodge has been elected a
director of the United Gas and Electric
Corporation. succeeding S. j. Dill
W. j. Knapp. NJ. J. Carney and G..
Ricks have been elected directors OF
the Union Carbide Company
7. J. O'Gara. Frank II. Woods, Will
lam Y. Dawes. J. b. Russell, Benjamin
B. Becker, Richard Fitzgerald and
George j. Woods have been elected
directors of tho O'Gara Coal Company.
New-York tribune., 1918-03-08
Van Antwerp Promoted

William G. Van Antwerp, floor mem
per OF the Stock Exchange firm of Van
Antwerp. Bishop & Fish, who, when the
United States entered the war, joined
ehe navy as first lieutenant. has been
promoted to the rank of lieutenant
commander He is now stationed at
San Francisco
Mr.. Van Antwerp is ono of the most
prominent members of the exchange
and until recently, when he resigned
owing TO his war duties, he was a mem
Der OF the governing committee and
Chairman of the special committee on
quotations. He is Il graduate of Annap-
New-York tribune., 1918-03-08
Hand-to-Mouth Buying

The editor of "The American Wool
len and Cotton Reporter" in reviewing
the conditions in the trade for The
Tribune, says: "Thc exceedingly high
prices have tended to make it difficult
to carry any large amount of goods,
and, therefore, buyers have tried to
purchase on hand to- mouth basis,
but the shipping situation has not
tended to make this easy The buyer
does not want to carry any great guam
tity of goods, because the carrying
and if capital can be turned over more
rapidly. greater profits can be obtained
at much less risk. If the buyer can
so arrange his deliveries to make a
rather small capital do the work Of
the larger amount, then he is in a
safer position, but it often is quite
impossible to secure the advantage
desired. Then there is the question
as to the quality and the character of
the merchandise which ought to be
purchased. Shall it be staple goods,
in which the wearing value is great
est, shall it be combed, or carded
merchandise, printed, piece dyed or
bleached, or shall it be of a rcla-
lively fancy character. on the basis of
past distribution? 1t is so easy to
make a mistake. and obtain a rela-
lively smaller profit than that which
competitors obtain. Thus, if fancy
fabrics should be in short supply, and
buyers be willing to pay relatively
large profits to obtain such fabrics.
then a buyer would make mistake
IN not having a reasonable quantity Of
such fancy fabrics to offer If fancy
fabrics were not reuured a h,vor
might be placed in just as undesirable
position through the having of fancy
fabrics, because large amount Of
capital would be tied up, which might
be Improbable, and it would tend to
prevent the transaction of other bust
ness on which a profit could be OBJ
tained"
New-York tribune., 1918-03-08
Regular Declarations

Allis-Chalmers Manufacturing.-Qua
dividend of IL, per cent on the preferred
stock and "a of ! per cent on account of
back dividends due on the preferred stool
both payable April Is to stockholders Of
record March so VI
American Pneumatic Service Companv.-
Sem'-annual dividend of 81 per cent on first
preferred and ~ semi-annunl dividend nf ~ :, -
per cent on the second preferred stock. both
payable March 80 to stockholders of record
March Is. 'N'iu
American Steel Foundries. Quarterly div.
.denu OF IA per cent. payable March so
to stockholders Of record March ,6 Wv
Canadian General Electric Compnpx o,.x
ttcrly dividend of . per cent, payable Arr;I :,
to stockholders Of record March liz.
Chicago. Burlington & Quincy Railroad.
New-York tribune., 1918-03-08
Less Gold Produced

Gold production continues to decline.
Output all over the world is steadily
decreasing because of the climbing
mining costs. In the Rand district
mines of South Africa the output Of
gold in January amounted to Sl5,17S,-
265. the smallest since February. 1915.
This was Il decrease Of SLABS ,825 COM
pared with January. 1917. The labor
supply is much below requirements.
According to London advices, produc~
ton is likely to be on lower scale
for some time TO come. owing to the
unfavorable labor conditions and the
rising cost of materials.
New-York tribune., 1918-03-08
A Market Dried Tn

There is no market for Russian rubie
exchange. The government in Russia
lately promulgated a decree, now in
effect, prohibiting the transfer at any
one time of more than 100 rubles. 1t
was reported in exchange circles yes
terday that foreign interests recently
tried to buy 50,00000O rubcs in the
local exchange market, but. of course,
without success. Swiss bankers, it was
said, made the inquiry.
New-York tribune., 1918-03-08
An Exchange Problem

Increasing difficulty is being en-
countered by American importing
houses in obtaining an adequate supply
of exchange on India to meet their
needs for making remittances in pay
ment of goods purchased in that coun-
try. In view of the scarcity of rupees
in this market, brokers express the
opinion that much higher rates might
be expected. The rate is now above
35 cents. Of course. if the government
through the medium of the Federal
Reserve banks could obtain supply
OF rupees, that might ease the stua-
tion: But so far only comparatively
small amount of rupee exchange has
been obtained by the Federal Reserve
Bank of New York for sale to import
ers, and that was exhausted weeks ago.
For month now the bank has had no
New-York tribune., 1918-03-08
Money and Credit

Call money ruled at Az per cent at
the Stock Exchange yesterday, un-
changed from Wednesday, but sub
stantial volume of funds was placed on
a 6 per cent basis. 1t was reported in
money market circles that most of the
large banks are holding out for a G
per cent rate, while number of the
smaller institutions have been offering
call funds at a lower figure.
The market for fixed date funds has
practically disappeared for the time be-
ing, owing to the paucity of the offer
ings. Borrowers continue to offer c
per cent with no response from lead
ing institutions. Some renewals were
reported yesterday at per cent on a
mixture of railway and industrial Sc
curities for short maturities.
Ruling rates for money yesterday
compared with a year ago, were as fol
lows:
Yesterday Yeoraco
New-York tribune., 1918-03-08

An article Of amazing statistics
in current periodical purports to
give list of Americas richest citi-
zens, and modestly proclaims that
it is "the most authoritative COM
pilation ever made on this subject" !"
The income of John D. Rockefeller
is placed in nice round figures av
$60,000,000 year. Apparently
this was not sufficiently impressive,
for later we are told that "his in
come is estimated to work out Al.
$2,739, 1862 day, S114,155.25 al.
hour, S1,902.58 minute and $31.7O
a secondw We imagine Mr.. Rookie
feller will prefer to pay his income
tax on the round sixty millions, since
S2,739,726.02 a day would amount
to s999,999,997 and so cents in the
course Of 365 days.
Representative McFadden's pro-
posal to permit the payment Of
taxes in four instalments, the first
due June Is and the last December
Is, should be adopted. 1t would
prevent embarrassment of many
concerns which are perfectly solvent
but require all the ready cash
that can be obtained to carry out
essential work, would prevent undue
strain on the money markets, and
also would tend to help the next
Liberty Loan. Subscriptions GER
tainly will be larger if prospective
buyers are permitted to defer tax
payments. There was Incorporated
in the war revenue bill a provision
permitting the payment of taxes in
instalments, provided the first pay
ment was made within thirty days
after the close of the taxable year
That clause never received much
publicity, however, and many who
might have taken advantage of it
did not know of it's existence.
New-York tribune., 1918-03-08
Dividends
Extras

Finance Company of Pennsylvania.-The
Io",pahy mas declared an extra dividend Of
4 per cent on the first preferred stock IN
addition to the regular quarterly dividend nf ,'f
Sl.oo per share, both payable April ~ ~
stockholders OF record March 20. w
St Joseph. South Bend & Southern Rail
on the common stock has been deciaref ~
addition to the regular dividend of / pc.
cent on the common stock and semiannnal
dividend OF 2ia per cent on the preferred
STOCK. all dividends payable March IS
New-York tribune., 1918-03-08

rupees for sale. Negotiations looking
toward replenishing the supply have
apparently been unsuccessful. The sit
uation is bad for the importers who
buy hemp, jute and other raw mate
rials in India and cannot make pay
ment. Gold shipments are barred un-
der the embargo proclamation.
New-York tribune., 1918-03-08
Corporate Returns

Pettibonc Mulliken Company.-An-
nual report for the year ended De
cember 81 last shows net income Of ST.
1854, compared with $617,752 for tae
previous year. Balance was 81, ,14l ,646,
compared with S522, ,725 for 1916 Divi
dends amounted to $162.962. compared
with S1750O0 for the year before. The
first preferred sinking fund was $780,
225, compared with $175,000 for the pre-
ceding year. Surplus was S62S,459. or
SS9S a share, compared with S172, ,725,
equal to S246 a share, for 1916.
r. w. Woolworth Company.-Sal
for the month of February amounted to
S6,294 900, compared with S5,645,314 for
the previous year. The sales for the
first five months in 1918 were $12.216,-
243, compared with Sll,244,172 for the
preceding year.
Eastern Steamship Lines. - Report
for the year ended December 81. 1917,
shows total operating revenue of S4.-
562,396, compared with S5,141,346 for
the preceding year. Net income after
deducting expenses, etc, amounted to
SIS ,652, compared with S6o9,57S for
1916. Charges were S376, 1928, compared
with S712,237 for the year before.
Deficit was S297,67l, compared with
Sl02.659 for the previous year.
Cosden & Co.-Net earnings for the
year ended December 81 last were So
567,5 War taxes. depreciation, etc,
amounted TO S5,921.S1 Divldends
were 50 ,679,034. leaving a surplus of
sa66,749. Total surplus was $780,
S66.
Southern Railway Company. OPP
Grating revenues for six months ended
December 81. 1917. were S49.262 O13,
compared with $50 9,933,769 for 1916.
Operating expenses amounted to S32,-
III ,OO4. compared with 5.6S7,542 for
the preceding year. Taxes were ST.
1922, compared with 81 ,591,44S for
the year before. Total gross income
was $15,906,553. an increase Of 50 ,2O7,-
293 over the previous year. Net IN
come amounted to $7.795,241, compared
with S6,236,S16 for 1916
New-York tribune., 1918-03-08

The only real news in the days
stock market is contained in a line at
the bottom of the quotation column:
"Total sales, 225,S00 shares"
New-York tribune., 1918-03-08
Norfolk & Western
Republic Railway & Light Company
Bucyrus Company of

Bucyrus Company of Milwaukee,
Annual report for the year ended De-
cember 81, 1917. shows net earnings Of
$S54,280. compared with s312.589 for
the year before. Dividends amounted
to S16O,OOO. an increase of $4,000 over
the previous year. Surplus was S694,-
$50. compared with S232,5S9 for 1916.
New Orleans Railway & Light Com
pany.-Gross earnings for the year
ended December 81 last were s7.392
955. Net earnings amounted to So.
$65l,O79. 10 y" <''
Dayton Power & Light Company.-
cross earnings for the year ended De-
cember 81. 1917. were $1,sso,eis CON- no
pared with s1,613,s73 for the preceding
year, Sea, Net earnings were s6l4o73,
compared c, with S6l3.912 for 1915
lotal income was s624,407. comnared
WIN w S62o,53l for the previous Year T
narod ,nes lneome oi, amounted to s31s,42s com
tore Surplus was s140.s7s co,nnora, ne,
with s2oS,629 for 1916. N0"''a' ca
New-York tribune., 1918-03-08

London Money Market.-LONDON,
March money, 2a4 per cent; dis
count rates for short and three months
bills, 8 1882 per cent.
New-York tribune., 1918-03-08

Commercial Paper.-Rates were firmly
maintained in this market at So to 6
per cent for the best regular maturties.
Discount Rates.-Official rates Ct
discount for each Of the twelve Fed
eral districts are as follows:
New-York tribune., 1918-03-08

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., 1918-03-08
Sub-Treasury.-The banks lost $3S4.-
coo to the Sub Treasury Yesterday.

Bank. of England.-LONDON. March
THE Bank of England reported an
increase Of s7S1.S2 in gold holdings
for the week. The proportion OF re-
serves to liabilities now stands at 1871
per cent. against 1924 week ago. The
statement, with the changes from the
New-York tribune., 1918-03-08

Silver.-Bars in London were quoted
at "a I'D, unchanged; New York. S5lsc.
unchanged; Mexican dollars, csc, un-
changed.
New-York tribune., 1918-03-08
Days

Bank Ciearings.-~Thc days bank
New-York tribune., 1918-03-08

Yesterday. Year ago
Call money. ...... 4I2To 2I40o
NJ
New-York tribune., 1918-08-27
CITATIONS

THE PEOPLE OF THE STATE OF NEW
YORK by the Grace of God free ana In
W. Green. Fielding w. Green, the Morv
Washington Hospital for the Sick. Dun
Green, Mary r. Green. William + Ualsrv
ana to all persons interested as cred,
ltors. lcgatecs, next OF Kin or otherwise T.,
the Estate OF Fielding l.. Whittemore dn
ceased. who at the time OF his death re
sided at 40. $50 West 104th Street I'm tha
Borough OF Manhattan. city OF New York
send greeting.
tpon the petition OF Brooklyn rrust
company. n domestic corporation having
i's principal place OF business at III Mon,
tngue street. IN the Borough OF BROOKLYN.
CITY or New York, you and each Of Won n re
hereby cit,d to show cause before the sur
rogatcS Court OF New York County, helI n,
the Iihll OF Records, in tn. County or Nav
YORK. on the lst day OF October 1919 nj
half past ten O'Clock In the forenoon or
that day. why the account OF said Rrooit-
iyn Trust Company as executor Of tho Las,
VIII and Testament Of said deccuscL
should not be Judicialiy aeitlod
In testimony whereof We have causcd
the Sehl Of the Surroeates Court OF the
said County OF New York to be hcrcunlo
affixed
lSEAL1 witness. Honorable John r
'uhalar n Surrogate Of our
Tald coun'N nj the County Of York.
the 18TH day OF August, IN the Of our
LORD one thousand nine h'narei and
eighteen. DANIEL. b DOWDNEYr
Clerk OF The SurroKatca' Court.