davidaulloa/AmericanStories huggingface dataset:
The sun., 1919-03-12
YALE & TOWNE DO
RECORD BUSINESS
Report Shows, However, That
Net Earnings Decline Due
to Added Costs.

Although its business reached a new
high record during 1918, the Tale q
Towne Manufacturing Company, which
issued its report for that year yester-
day. recorded a sharp decline in net
earnings applicable TO dividends through
heavily increased charges OF operation
and an advance Of nearly $4,000 in
FEDERAL taxes. The net profits Of 1918
after all charges and Federal taxes were
deducted totalled s1,3es,423, equivalent
TO s2S.1S share on A,p55,2l0 capital
stock. against net profits OF S1,sss,es1,
or s4o,21 a share in 1917.
Total net earnings for 1918 were
N.oss.ol5. against s2.s67,61o in 1917.
but Federal taxes were increased from
s6Ss.sSo in 1917 to s,.2o0,eoo In 1913,
ana surplus after dividends was only
s4O5,3S1 In 1918, against Sl.Ooo.S77 In
1911. The total surplus for 1918 is
sS,s64,S9o.
THE influence of the European war. =
the report says. Continued TO cause
great activity In most OF the company's
lines OF product The volume OF the
company's business in most Of its nor
maj products was considerably larger
than in 1917. the business in war NUM-
tons about the Same and the total busi-
ness the largest in tho conpany's his
tory.
the business of Canadian Yale A
Towre. Ltd, showed substantial in
crease in normal products. but a large
decline In war munitions. The great in
crease in labor and material costs op-
Grated adversely and resulted in leaving
only a small profit for the year.
Notwithstanding the loss of nearly
all Continental European marketa theex-
port business again made a new high
record. thus responding favorabiy to
the Increased effort in, other foreign
markets. ., -, o.. :
AN important addition to the plant
was made during the year by the erec-
ton OF large nsw building for manu-
featuring purposes, putting the com
pany in position to avail fully OF cur
rent opportunities for Increasing bush
ness. The plant has been maintained at
full efficiency, and AL charges incurred
have been closed into the expense &C
counts Of the year" .rs'. r,-,E
The sun., 1919-03-12
DIVIDEND DROPS 50.
kennecott Announces so Cent.
which Is on 90 Annual Basis.

Tho directors of the Kennecott Copper
Company yesterday declared a dividend
OF nifty cents a share on the capital stock,
placing that stock on a 80 annual basis
against previous - annual rate. Presi-
dent stephen Birch made q statement
explaining the dividend cut, which was
not unexpected in Wall Street. He said {:
las the corporation Is carrying a large
amount Of copper and as It may be neces-
sary to carry still larger amount until
1t can be- marketed TO advantage and in
order to continue the development pro-
grammes at the Alaska and South Amer
lean properties OF the corporation, the di-
rectors OF Kennecott Copper Corpora
ton believe the best interests OF their
stockholders arc being served by max
ing disbursement for the current quar-
ter of fifty cents a share" e.
The sun., 1919-03-12

Tota surplus $3.50. .NAWS,@3 lno $S,beA6l6
The balance sheet OF the company Of
December 81, 1918. shows total assets
and liabilities, OF s12e,5s2,S20, an In
crease OF $17,b2s,2ot, compared with
those for 1917. Current assets at the
close Of 1918 aggregated more than $780,
100000. against current liabilities OF
$4,000, 900. Current assets and hAbili-
ties we're te2.5sI .47 and t1,eIi.Sa0 re-
spectiveiy at the end OF 1917. Thus the
working capital OF the company during
1918 was increased from S20,oo0.oo0 TO
SIS, 00o, 900.
The biggest increase in the column of
sAseets for 1913 compared with 1917 was
In demand leans. which totalIed $500
600. against nothing for the year be-
fore. and Inventories OF merchandise and
supplies, which aggregated si1.f1e, oil
In 1918 against $s,0s7.si7 In 1917, and
represent large increase In stock az
we'll as increased values brought about
by greatly Increased pricee Of materials
during the year. Othe. increases-oe as
sets were more than 100000 in mis-
oeiianeous securities. about s2,ooo.o 900. in
own bonds purchased. q 1, 900, o0e In caah
and 100000 IN deferred assets.
The 1918 increases In liabilities out
side Of the big increase in tax reserves
were chiefly. in vouchers and accounts
payable and surplus. Federal tax re-
serves, as shown in the rsls balance
sheet. totalied -s1s.7ss.S1s, against
ss,coo,oo0 for 1917. Vouchers payable,
as of December 81. 1913. were higher by
about N,5oo.ooo, and accounts payable
were increased by 100000, compared
with 1917.
There were no remarks from the pres
idont or from tho directors attached TO
the reports, as 10 usually the case with
reports Of industrial compsnies
The sun., 1919-03-12
MEXICO DEMANDS
OIL ROYALTY TAKES
Decree Issued Directs Their
Payment for January and
February at Once.
A YECTS FOREIGN RIGHTS
May Result in Reopening the
Whole Question in Spite of
Carranza Promise.

WASHINGTON, March 11.-Althougf
President Carranza had agreed with tn,
United States authorities to take no fur.
ther action affecting foreign oil interest.
in Mexico until the Mexican Congress
could act on the new oil law introduced
at Mexico city directing that tho royalty
taxes on oil produced in January and
February be paid Immediately.
Officials here said to-day that the de,
cree might result in reopening the whole
question of rights OF foreign companie,
~i!ich have been the subject of at lea 81
two notes from the American Govern
lnent and vigorous protest from Great
Britain, France and the Netherlands
Even now one of the American notes un.
der date of December 20, 1918, is un'
answered.
When President CarranLa issued hi
frst decree declaring all oil lands, State
property and requiring foreign compsnie,
to pay royalty taxes" the American
Government protested theoretically. The
companies refused to pay the taxes or
the ground that TO do so would adml,
Government ownership OF petroleum, and
they began actions in the Mexican courts
looking to permanent relief. In the
meantime protests had been made by
the other three Governments.
At that time German influence. under
guidance of the then Ambassador Won
Dckhardt, was at its height and the
interested governments believed that
Mexico's attempt to nationalist" petro-
leum was inspired by Germany in the
hope that thus it would be admitted
TO be contraband owned by the nation
and as such not exportabie by a neutral
country to belligerent The companies
resisted the effort and the steady now of
oil 90 the Allies continued
President Carranza finally agreed to
hold the enforcement Of his decree in
allegiance until Congress could act on
A new law which he proposed and which
wac understood to have approval OF the
American Government. Congress ad-
tourned without taking action and now
Csrranza is seeking to force payment
Of the taxes
In the view Of officials and owners of
oil properties in Mexico payment OF the
royalty taxes" would automatically end
in favor of the Government suits pending
in Mexican courts, because by that
action the companies would admit Cow
eminent ownership of the oil.
The sun., 1919-03-12
EARNINGSOF CORN
PRODUCTS co. DROP
Annual Report for 1918 States
Decline Is Because Of
-:t'.f 8.
Heavier Expenses.
OPERATING PROFIT GAINS
Net. Income Totals SO, 500, 900,
a Decrease of Sa,00O,OOO
|. From 1917 Figures.

The annual report Of tho Corn Prod.
ucts Refining Company for 1918. pub
lished yesterday. shows q very large de-
cline In earnings as ~ result OF heavier
expenses OF operation and an increase Of
nearly 800 per cont in Federal taxes.
The business for tho year, as con-
clpded from the big increase in operat-
ing PROFIT for the year in. comparison
with the preceding year. was greatly In
creased. The profits for 1918, after pay
ment OF operating expenses. we're in ex-
cess Of $4,000, 900. an increase OF more
than 100000, compared with 1917
profits. But after deduction Of taxes
charges, aro>, the net income was only q
little more than $500, 900, n drop Of
about s3,6oo.o00. After allowing for
preferred dividends the balance avail
able for common was but s6.56t,5i5,
equivalent TO s1s.1s a share on the s4s.-
777,SsS common stock, against s11,s4s,-
Ae0. or $3.50 = snare, In 1917.
The essential features of the income
account, as shown by the, report issued
yesterday, are as follows:
The sun., 1919-03-12
GROSS RECEIPTS GAIN.
Colorado Fuel and Iron Co. Report
shows e4.7OO,OOO increase,

Denver, March 1.-THE annual
report of the Colorado Fuel and Iron
Company issued to-day, shows gross
receipts of $is.233.575. against S4S'5ls.-
SIG In 1917. The 1918 operating expenses
were S40,76o, 2o6. against $s4,s52,e72 in
1917, leaving net earnings from operation
of S7,464,36S in 1918, against 3S,6s5,S44
I'm 1917.
Income from sources other than
operation was s636,742, making a total
net income OF ss.l01.11l In 1918, against
'S9,47a,57s in 1917. The deduction of bon d
ihtareet general taxes. sinking funds
and Ore Insurance fund, amounting to
$2.7sl,0s9 In 1913, left a net income
above hxed charges OF 35,320,022.
Against that amount were charged In
1918 ssa4,s66 for depletion Of coal, ore
and limestone reserves, $1,675,333 for
depreciation on buildings and equipment,
tl1S,276 70 cover reduction in book
values on raw materials and supplies to
correspond with present market prices,
which left a net income OF S3,Is2,047,
from which was deducted $500, 900, the
estimated amount of income and excess
Drohts taxes Dividends OF per cent.
ON preferred and per cent. on common
amounted 10 $1.lse.s75. leaving a net of
S1,osS.t72 carried TO the credit OF profit
and loss.
The sun., 1919-03-12
PLAN FIDELITY COMPANY.
stock Exchange Houses to band
for Mutual Insurance.

At meeting of representatives OF
various Stock Exchange houses. held
yesterday afternoon in the New York
stock Exchange Building, It was unani-
monsiy voted to form a mutual fidelity
Insurance company. That step was taken
following favorable report by a COM
lrittee OF the Association of Stock Ex-
chanBo houses. in which It recommended
that such a company be formed It was
pointed out that a great saving would be
effected for stock brokers who purchase
fidelity insurance from regular fidelity
companies.
The new company will be capitalized
AT $i,OOO,OOO, md IL is anticipated that
the total issue OF stock will be subscribed
for soon. 1t Is desired by the committee
and by the association that as many
Stock Exchange firms as possible become
partners IN the new organisation by sub
sorfbing FOR some of the stock THE
smaller the subscription the better" is
the way one man put it last night The
total subscription by an individual house
-asI, niteds~t $4,000. Tho limit OF irEur-
ance which any house may carry will be
100000.
The sun., 1919-03-12
PHONE $4,000, 900 DEAL.
Can Company Sells short
Term Notes ~ wire.

The American Can Company sold yes
terday $4,000 900 six. seven. eight and
nine month notes to the First National
Bank, which resold them promptly. the
entire transaction being closed by tele.
phone within few minutes. The notes
were taken on a 9 per cent basis. The
following statement was issued to ex-
plain the unusual bit OF short term and
self-liquidating financing:
The continued high cost of tin plate
and other raw materials, together with
the maintenance SO far in 1919 OF an
extraordinary volume of business. makes
desirable a temporary addition to the
working capital OF the American Can
Company.
1T has, therefore, sold to the First
National Bank sl2.000.000 serial notes
to be dated March II, 1919, and to ma
ture in equal instalments In six, seven,
eight and nine months, which notes will
be self-liquidstng through the CONVEX
sion of raw materials into finished prod
ucts, orders for which are already in
hand"
The sun., 1919-03-12
SINCLAIR GULF CORPORATION !.
First Lien Ten-Year Convertible Six Pc,
Cent. Gold Bonds due March l, 1927.

Bankers Trust Company. as TRUSTEE
under the Mortgage dated March !. 1919.
under which the above mentioned bonds
were Issued. hereby gives notice that gte
amount now on hand In the Sinking Fund
provided pursuant to Article Three of such
Mortgage is sl3S2. 027.J5 and invites offers
to be made to it, as Trustee, for the SALIENT
such bonds April !, 1919. Such ofEfs
must be sealed. be ddressed to the Trustee
and be received by the Trustee, at its Trytt
Department, No. 10 Wall Street, New York
City. by l2 o'clock noon on March rs, 1919
From the bonds 20 offered the Trustee WI
purchase on April I, 1919, for such SinkipE
Fund amount sufficient to exhaust \ =
far may be the funds then in the sink
ing Fund at the lowest price or prices 70
offered. but prices not to exceed 10 Dor
cent. % the face amount thereof, with In
tercst accrued to April l, 1919. Prior 30
such last dat the Trustee will give noticA
20 those whose oners may be accepted 30
that delivery Of bonds purchased may r.
made to III. Trustee ou April /. 1919. AL
oners should indicate the address whore
such notice may be sent. The Trustee ~
serves the right to reject all or any part
Of tho bonds 40 offered.
Proper Federal Income Tax pwnersh
certificates covering the smount OF accrued
interest must accompany the accepted
bonds when Delivered TO the Trustee
Dated at New York. this 5th day Of March 1912.
BANKERS TRUST COMPANY. Trustee.
By II. F. WILSON, W. Vice President
The sun., 1919-03-12
COFFEE MARKET,

The coffee market yesterday started OF
firm. unchanged TO an advance Of 2
points and further gains were made
during the early session, July selling UP
TO- 14.75, September TO 1910 and Decem-
Der to 14l3 There was continued cover
ing by shorts, fresh trade buying and a
little outside demand. During the after
noon trading was quiet and late in the
day the market sold on due to lack OF
demand and scattered realiEing, all early
gains being lost. The market closed at
net declines of I TO 10 points.
The sun., 1919-03-12
CERTAM.TEED REPORT.
Products Corporation, Has Surplus
for 1918 of s43s,sA1.

Certain-Teed Products Corporation re-
ports for 1918 a surplus, after alIowins
for charges and Federal taxes, Of S<ss,-
S4i. equivalent, after deduction of frst
and second preferred dividends, to sos
share on $1,000 shares OF common. In
1917 a surplus OF sl.0e6.o21 or s11.4s q
share was earned on common.
/ The operating profit, after charging for
repairs. maintenance and Depreciation,
was s2,662,679 in 1918. a decrease OF
3546.46s. In 1918 other income increased
ST. total income was t2,635,oso, a
drop of s+74.7sS: expenses and interes,
totalled s2,l52,37s, an increase OF. st36,-
107. and taxes declined s252.sso to sts.-
sIl. leaving balance of S4ss,S4l,
against S1.0s6,0e1 in.1si7.
The sun., 1919-03-12
COTTON rs oUIETER.
Prices Sag Under ResIising After
Recent Adxances.

The cotton market was less active
Yesterday. with prices working lower
under realisins after advance Of about
$50 to $50 points since last Thursdays
opening. The new style May contracts
sold or to 2s.75c and closed at 2asoc..
with the general market closing barely
steady at net decline Of % to IS points
on the now contracts. while old contracts
were 90 points higher for March, but
generally 10 to 80 points lower. Recent
buyers OF the new style deliveries showed
disposition 20 take profits
Range OF prices for leading months;
The sun., 1919-03-12
EARNINGS OFF $5,4oO, 900.
Pittsburg Coal Company Issues
Annual Report for 1O1s.

The report of the Pittsburg Coal Com
pany OF Pennsylvania for 1918 shows net
income after charges were made but be-
fore Federal taxes were provided for. of
slS,o4o.l5l, against Sls,46e,549 IN 1911.
The 1918 showing is equivalent TO S7,zl
a share on the stock. against S2O.66 a
share in 1917.
Gross receipts were moro than s4s,-
o00, 900. representing a very slight drop
from those OF 1917. Expenses and taxes
increased heavily. bringing the profit for
1918 down TO about SIS. 600, 900 below that
for 1917. After deduction of dividends
the balance transferred to surplus to-
tailed t5,23S.Ss4 in 1918, against Sl0,-
oTi.S55 IN 1917.
The sun., 1919-03-12

CORN-The market showed q strong re,
dictionary tendency during the early part OF
the day and after an initial advance OF
about a cent oushsl prices declined > to
cents under more vigorous selling. Coun-
try selling was Of small pro portions, and
when shorA attempted to cover late in IN Z
day they found offers very iighG which
resulted in a very sharp scramble to buy.
During the last few minutes the market
was very strong, with game of az TO sko.
for active positions. In the local cash
market No. yellow and No white were
quoted at tl.s2% c. g. New York q
OATS-The market was easier later in
tho day. After showing losset of 4 10
! X C. prices rallied and closed nrn with net
gains OF sc. for tho near positions. July
Was unchanged. Receipts were Of mod
erate proportions and cash markers were
fairly steady. Tho local cash nsfket wss
steady; standard quoted at T2k TO rae, ;
No. white. 75c.; No. 8 white, "a to 72ho
No. white. I'M TO 73o.; fancy clipped
white. 10 TO re; ordinary clipped white,
~ to Zee. all elevator .... .....
RYE-Market easy. No. , Western. sL57
@. e. New York.
BARLEY-Msrket easy. Feeding. ssc. 4;
mating, t1.oS to tl.ot, C. {. New York.
BUCKWHEAT - Market dull. Found
milling, t2.s5 o. (. New York
HAX-Market easier, No 1. tiS6 to
$40; No. 2, ,i.55 to ,heO; No. s: $40 to
sTRAw-Market easy. No. ! rye. az
The sun., 1919-03-12
NEW WORLD FILM STOCK.
VIII Issue sI.OOO,OOO In securitie,
in Capital ReadJustment.

The capital readjustment plan of the
world Film Corporation. It was an
houhced, involves the authorization Of
an issue OF 100000 per cent. cumu-
latiVe first preferred and 100000 600 7
per cent. non-cumulative second pre-
ferred OF IS par value each to be offered
TO present common stock holders in the
rstA or so cents O. first preferred and
N,SO In second preferred on deposit IF
40 cents share. Thc plan Il .:a.a 70
be necessitated by expansion In the bust
ness of distributing.
Right 20 subscribe to the new issues
expires on April 10 and deposits of
stock or voting trust certificates are
peing received by The New York Trust
Company, 80 'n''i-.'
The sun., 1919-03-12
New Orleans Cotton Market.

New ORLEANS. March t1.,,.
period of irregular and unsettled tr.d,r =
IN the early session to-day the cotton
market acquired a FAIRLY steady tone
out At moderately lower values on hotb
oIo ana new contracts The close
showed net declines OF IS to 90 points
on the old and IS to SO points on the
new, Old: March. s5.boc.: Nav
zs.soc: july. 2Ls5c. October, 1850 !,
Dseemoer. 1870. New: March
-.e;ooe May, .2S. sc; July. 22.I5c. Dc
ooe. Sossc' December. 2o.o2c Spot
steady and unchanged middlinr 81 a5c
The sun., 1919-03-12
SHATTUCK ARIZONA INCOME.
Net Declines to 60 Cents q share
According to 1918 Report.

The annual report OF the Shattuck ARR
coma Copper Company for 1918 shows
net income after allowing for all charges
and Federal taxes OF Se42.+S7 or 50
cents a share or ss,600.oo0 capital
stock, against 3713,641 or $2.o3 a share
earned In the previous year.
Gross business fell OF about 500, 00o,-
900 declining TO S2,6ss,os2, and ex-
pensss and Federal taxes also dropped
about $500, 1000.
After payment of dividends OF 3t37.-
500 there was a deficit for tho year of
slst.033. against a surplus of s1o1,1I
for 1917. '"''"-
The sun., 1919-03-12
COTTON STATISTICS.
Interpret Cotton Future. Act.

revised Interpretation OF the n.v
cotton futures act reducing the numhsr
OF grades deliverable upon. new stvi.
contracts was received by the Cotton
BxchAnse to-day from the bureau a,
markets. According tn the interpertst,on
deliverable grades will be low middlins
70 middlins fair white. good and strict
middiins yellow tinsed. and good mid.
ding yellow stained
The sun., 1919-03-12
: GRAIN MARKET.

CHICAGO, March 11,-LiftinE OF the
railroad embargo against New York rail-
lied the corn market to-day after prices
had ruled lover during most OF the
session. The close was unsettled. y C.
on to 2sc. net advance, with May 1851
to 137k' and July 131A to 1alx. -cesats
finAshed unchanged TO a half cent higher
Provisions gained so cents TO 81.
The sun., 1919-03-12
METAL MARKET.
March II. March 10.
Postpone Meeting With Steel Men

,WAsftIEoroS, March 1.-THE Meeting
81 representatives ~. the steel INDUSTRY
with the Industrial Board OF the Depart
ment of Commerce planned for to-day
has been postponed for a few days owing
TO the slight indispositton of Ebert II.
Gary. chairman OF the steel COMMITTEES
and president OF the American Iron and
steel Institute ~ "a ast q ..a. ,-
The sun., 1919-03-12

VO1te JhbIBO-FIo was unOhlnf0n NJ l01Dk0
for No. a. Dxchangs Ian higher ct IL II -
Receipts 100 bags and stock ga 900 bass. In
Futures rs reis higher IN Is rsiS lower IA.
ceipts q. 900 bags, two days and stock sea, 90
bags. Receipts at the ports were sO,ooo baRs-
against 90, 900 last year and 81 600 two years
ago. Sac Psulo had q. ZOO against d 900 and
H. 0o0. and Jundiahy 1900, against =, 900 and
II, 900 bage. respectively
The sun., 1919-03-12

Colonial license. Announced.

WARRINGTON. March 11.-Individual
import and export licenses for the colo
MES. possessions and protectorates OF
Great Britain. France. Italy. Belgium
ana japan WIN no longer be required, II
R0asH y 'r.. = 81
The sun., 1919-03-12
PennsyIvania Crude OIL Market.

On CITY. March, Ii.--credit balances
-. Runs lSa39s, average 7l,7g0.
The sun., 1919-03-12
NEW YORK TITLE AND MORTGAGE co.
To all Holders OF Mortgage Participation
Al

In accordance with the agreement raaoa
between New York Title and MortEaEp
Company ana Columbia Trust Company
under date Of September 20. 1918, undef
which the said Trust Company Is acting az
Depository Tor the holders Of such pas
ticlpstion certificates
YOU ARE HEREBY NOTIFIED that thk
said Trust Company has resigned as Do
positary and thar the Directors OF the New
York Tito and Mortgage Company have an
pointed AMERICAN TRUST COMPANY IL
act in It's place aud stead.
NEW YORK TITLE AND MORTGAGE CO
The sun., 1919-03-12
NEW YORK TITLE AND MORTGAGE CO.
To all Holders of Mortgage Participation
Certificates, Series X

In accordance with the agreement made
between New York Title and Mortgage
Company and Columbia Trust CompARs.
dated May :. 1915 under which the sSat
Trust company IS acting as Depositary tsr
the holders OF such participation certih-
Gates,
YOU, ARE HEREBY NOTIFIED that the
said Trust Company has resigned as De
positRry aud that the Directors Of the New
York Title and Mortgage Company have ap-
pointed AMERICAN TRUST COMPANY 30
act IN its place and stead.
NEW YORK TITLE AND MORTGAGE co.
The sun., 1919-03-12
RAILROAD EARNINGS.

BUFFALO, ROCHESTER, AND PITTsBuRS.
First week N aTch...... S2l0.i5s Dec sIn, NJ
From January l........ s.6SO.lS3 Dec Taa.
Mohave County miner and our mineral wealth., 1919-10-11
J. s. PAYING 2 MILLIONS WAR INSURANCE CLAIMS TO
 FAMILIES OF ARIZONA MEN

Arizona families are being paid $2,123,820 in war risk insurance claims by Uncle Sam. He is making restitution to those whose sons and husbands died in the service of their country during the greatest war of all times.
 There are 243 insurance claims be- ing paid in Arizona through the bu- reau of war risk insurance to bene- ficiaries named at the time applica- tion for insurance was made by sol diers, sailors and marines, now dead. The average policy carried by these 243 men'was $8740.
 Disabled soldiers, as we'll as wid- ows and children and dependant par ents of those who have died, are be- ing made comfortable by the govern ment which is paying 217 compensa- tion claims to residents of Arizona.
 In addition to the insurance and compensation claims now being paid in Arizona, there 157 of both these classes of claims under investigation. These cases, however, are rapidly be- ing adjusted following an investiga- tion by bureau representatives.
 The bureau of war risk insurance which administers these affairs, has been established by the government as a permanent institution in recogni- tion of the services of veterans of the world war rendered their country.
 The insurance which veterans are able to carry as the result of this act of an appreciative government will be constant reminder to them of the part they took in the war; whether it has been a matter of accomplish ing a deed of valor as performed by