davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-01-29
Extra Dividend
On Steel Common
Cut to l Per Cent
Net Earnings of Corpora
ton III Final Quarter of
1913 Show Big Drop
Huge Sum Goes for Taxes

United States Steel directors, acting
upon report showing that in the last
three months of 1918 the net earnings
OF the corporation reached the smallest
TOTAL Tor any quarter in the last three
years, voted yesterday to reduce the
extra dividend on the common stock for
tne current quarter to l per cent. This.
together with the regular quarterly divi-
dend OF IA per cent, places the stock
on per cent annual basis, whereas
the total distribution to holders Of
United States Steel common last year
was SIG share, including, besides the
regular dividend, an extra of per cent
IN each of the first three quarters and 2
per cent extra in the final quarter.
The net earnings for the December
quarter, after deducting all expenses
incident to operation and making an
allowance of $5O0OO,OOO for Federal
income and war excess profits taxes,
amounted to $36,554,165, compared
with S42,961 ,5S9 in the preceding quar-
ter, when an allowance aggregating
SlOl 347 was made for taxes The
latter item, however, included $50, 1887
BAT as the estimated deduction for the
September quarter and $45,OOO,OO0 ad-
ditlonal taxes that were charged
against the operations of the first nine
months of 1918.
Net earnings Of the June quarter
were $62 2,557,391, after tax allowance
of $90,16,250, which included s5s.716.-
25O as the deduction for that quarter
and S32,000,00O which was charged
against the earnings of the first six
months. For the first quarter OF 1918
the net earnings totalied S56.961.42
after tax allowance Of $50, ,96l ,424.
Heavy Payments to Government
The total tax deductions for 1918.
as compiled from the quarterly re-
ports, amounted to $274,2SS ,795, com
pared with excess profits taxes of
S233, ,4oo,435 paid out Of the 1917 earn
lngs. Net earnings last year based on
the quarterly statements were $19S,-
o34,569, so that the Steel Corporation
Will nave to pay to the government out
of its 1918 earnings a sum S75.454 226
IN excess of the sum which remained
as net earnings.
The income available for dividends
from the December quarters earnings
was s20,73S,932. After allowing for
the IA per cent preferred dividend
requirement there was surplus of
ga, ,434 ,062, equal to 2.84 per cent on
the common stock, or at an annual rate
OF ll.36 per cent. Calculated on the
basis OF the quarterly reports, the
actual surplus earned last year on the
common stock issue was S112O5O.O24.
or the equivalent of 22O4 per cent.
This compared with 39.1 per cent
earned in 1917 and 484 per cent in
1916, the corporations banner year.
The earnings of the last year com
pare in detail as follows:
New-York tribune., 1919-01-29
Evans Opposes Cuba
Cane Sugar Mortgage
Insurance Interests Demand
Information About Com
panv's Affairs

Opposition to the plans of the man
agement OF the Cuba Cane Sugar Cor
2oratlon to mortgage the property for
,ooo 900 through an issue Of bonds
OF that amount has developed. Henry
Evans and the Continental Fire Insur-
ance Company, the Fidelity-Phenix
tlre Insurance Company and the
American Eagle Fire Insurance Com
pany Of which he is the head, have
advised tie sugar company that they
as large preferred stock holders will not
allow their proxies to be used at the
meeting called 10 authorize the bond
issue AT the same time the company
IS asked to furnish specific informa-
ton regarding the plan. The insur-
ance companies represent $4,000 shares
of preferred stock. while Mr.. Evans
himself is a large holder of the pre-
ierred
A letter sent to the Cuba Cane Sugar
Corporation by the secretary of the
insurance companies says:
In response to your letter dated Janu-
airy II, addressed TO the stockholders OF the
Cuba Cane Sugar Corporation and asking
for our proxy TO be used AT a special meet
ing called for the purpose of authorizing
an issue Of $25.0000 900 first mortgage
bonds. | am instructed 10 say that as We
now view the matter we certainly will nor
Hlve the desired proxy.
We desire TO know:
W hat sinking fund provisions are to be
stipulated
w nat terms TO be given to the un-
derwriting syndicate
VIII stockholders be given our
pro rata share of said underw ritng?
We have to advise you further that our
stock holdings were purchased because of
the fact set forth i'll prospectus on file
IN this Office that there was no MORTGAGE
on the property.
We feel that in connection with mi.
proposed issue 1t should be stipulated thas
no dividend will be paid on the cor,r,~r,
stock until all bonds are retired
Mr.. Evans yesterday said he was
seeking information on several points
il addition, namely, why the Cuba
Cane Sugar Corporation sells its sugar
through the Czarnikow- Rionda Com
pany, said to be producing as we'll
as selling company, and what the
terms OF the contract are" also "to
what extent the Czarnikow Rionda and
Cuba Trading companies profit by their
operations in the sugars of the Cuba
Cane Company" Mr.. Evans also wants
to know, he said "why il costs 70 cents
bag more for the Cuba Cane Com
pany to produce sugar than il does
other we'll managed companies" This
Is important. he said, because 20 cents
bag on 100000 bags means s2,so0.-
New-York tribune., 1919-01-29
/ Board
Slashes Cargo
Hates ON Cotton
New Schedule Conforms 10
General Reduction i'm the
Atlantic Ocean Tariffs

WASHINGTON, Jan. 28.-New rates
on high density cotton from South
Atlantic ports to Liverpool and United
Kingdom ports were fixed at S125 per
hundred pounds to-day by the Shipping
Board, effective immediately The old
rate was $3.50 per hundred pounds.
New rates from South Atlantic ports
to ports in continental Europe were an
nounced as follows: To French At
lantic ports, Rotterdam. Antwerp and
Portugal, $1.50 per hundred pounds,
compared with $475; to French Medi-
terranean ports and Barcelona, Spain,
81 per hundred, compared with $525;
to Italian main ports, S2.25, against
$3.50.
The new rates from Gulf ports to
all ports named were fixed at 25 cents
in excess OF the South Atlantic port
rates The announcement wa made
following a conference Of Southern
Senators with the Shipping Board
Reductions In general cargo rates to
Europe announced Monday by the board
did not affect rates On cotton, but it is
said the new cotton tariffs Will fol-
low the same general basis. Some Ship
ping Board officials see in the lower
ing of rates announced here and in
London evidence of the beginning of
the after-the-war fight for ocean trade.
Immediate and Sharp increase in the
exports of cotton from this country
was viewed by Southern Senators and
Representatives as a certainty. All
regulations affecting such exports all
ready had been removed and the high
freight rates were regarded as the
only barrier between European needs
and the American supply. No cotton
will be permitted to go to enemy coun-
tries. however, until the matter of the
has been determined at the peace con-
ference.
New Schedule Of Rates
Ocean rates generally from American
North Atlantic ports to English main
ports now stand on a general basis of
81 per 100 pounds. or so cents per
cubic foot. The schedule was made
public to-day. Exceptions include
drugs, which move at Is cents per cubic
foot of space occupied. or 1 per cent
ad valorem, ships option; leather,
according to variety, from 81 t. Sl75
per 100 pounds; spices. $l.25 per 100:
tobacco 81 rer 1oo; turpentine, $1.25
yer 100; varnish, S1.50 per 100 Steel
products generally are not quoted Tor
less than ton shipments, and are rated
at S20 per ton.
Transatlantic rates on the wal. basis
ranged from Sl.75 to 81 per 100 pounds.
New-York tribune., 1919-01-29
A Curb Sensation

The fluctuations of both the common
and preferred stocks of the General
Asphalt Company are the current SEN
sation of the trading on the Broad
Street curb market. Both issues have
had remarkable rise in the last
month The common stock advanced
points yesterday to 70A, compared
with low price less than two weeks
ago of So. The company is said to
have concluded an arrangement with
Royal Dutch Oil interests whereby the
latter have agreed to supply funds
with which to ship oil from its Ven
zuela properties to reinerics. The
company is also expected to benefit
from revival in building activity and
the resumption of work on public i'm
movements
New-York tribune., 1919-01-29
Inland Steel's Year

The report of operations for the
year ended December 81, 1918, of the
Inland Steel Company shows net earn
ings amounting to S14473,512, de-
crease of $6,767.27 from the previous
year. Depreciation, etc, were 81 953,-
7l2, an increase of $lS4 SAC. After in
terest Of S353250 and Federal taxes o.
S7,000'000, net profits were S5.l6e $40,
or equal to $20.65 per share earned on
the S25,0l9,500 capital stock. which
compares with SO 535 .O6S. or $42 ii per
share earned during the year before
Dividends totalled S2QO1 ,O60 leaving a
surplus ri SO ,4S9, CT So 369 ,759 less
than that for the preceding year
New-York tribune., 1919-01-29

that cut in freight rates would mar
row the. differences in prices in the
two markets.
Exports Cor the day amounted to
1886 bales, making 2,373,4S5 thus far
this season, compared with 2,421.842
over the corresponding period last year.
Southern spot markets as officially re-
ported were unchanged to so points
higher. in most instances unchanged.
The local market for spot cotton was
steady and 2co points higher, at 27.95c
Tor mlddliHg upland; sales nil.
The range of prices follows:
New-York tribune., 1919-01-29
Other Cities
Outstanding Westchester G.

Outstanding Westchester Comfy
Bonds.-White Plains, N. Y, Jan.
Is Westchester County has $40
3l6 735 worth of bonds outstanding. ac-
cording to the report of the County
Treasurer submitted to the Board ~
Supervisors. This is divided AS fol-.
lows: General bonds. consisting Of
courthouse, drainage, refundinp
almory site and county buildings. ST.
$50, 1856; highway, $Ss5, 400; bridge
bonds, $l39 600, and Bronx Wiley sewer
bonds, S4,432,170.
New-York tribune., 1919-01-29
New York

Directors Named for General Motors
Acceptance Corporation.-Th follow
ing men will be directors in the Gen
eral Motors Acceptance Corporation.
which has been launched to finance
the needs of automobile dealers and
factories associated with the General
Motors Corporation: Pierre du Pont
Henry +. du Pont, Lamont du pont
Irenec du Pont, w. G. Durant. !
Haskell. j. j. Raskeb, Paul Fitzpatricl-
Alfred H. Swayne and Curtiss G.
COOper
New-York tribune., 1919-01-29
News Digest
Foreign
Urges United States to Adopt

Urges United States to Adopt Metric
system.-BUENOS AlREs, Jan. 27,-
LA RAzon,' commenting on inter-
american trade says: "More important
than the universal currency is the
necessity that the United States adopt
the metric system, which is more logi-
cal, easier, and more certain in com
mercial interpretations than the system
now used. The United States must
take this big step toward aiding uni
versal commerce. by simplifying and
unifying It's weights and measures"
New-York tribune., 1919-01-29
Relevant Comment
Must Still Report Borrowings

A number Of Stock Exchange houses
have apparently forgotten that despite
the removal of the restrictions upon
the money market they are still re-
quired to make daily returns to the
exchange authorities covering their
loan accounts. This has resulted IN
the secretary of the Stock Exchange
sending out notice to the houses tell
ing them they are still required to
furnish the information desired by the
bankers money comm htee
New-York tribune., 1919-01-29
New Tin Plate Mill Planned

Keporta from Duluth, Mimi, intimate
that The United States Steel Corpora
ton ~ planning the construction Of n
new tin plate mill at It's Minnesota
steel plant. Judge Gary announced
several months ago that new conatruc-
ton plans would probably be carried
on in the Duluth district. AZ yet the
work mas not begun.
New-York tribune., 1919-01-29
Money and Credit

Money rates were steady in the local
market yesterday. The demand was
only moderate and call loan rates at
the Stock Exchange ruled unchanged
at to ~ per cent throughout the
day.
The market for fixed date funds was
New-York tribune., 1919-01-29

Commercial Paper-Banks were act
I've buyers of commercial paper yester-
day, most of the business moving on a
basis of to 5h per cent. The volume
of paper offering was small, particu-
larly the short maturities.
Bank Acceptances-Wit call money
rates fairly low, the demand for bank
acceptances was active. Rates were
unchanged, as follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per nt.Per centPer cent
gi b ! e
member
banks .4h@4 4h@4h 4t@4l4
E gi b e
non-mem-
ber banks.4A@4ls 4aa@4I4 4ss@4s
Ineligible
bank bills.5La@5 5Ia@5 5H@s
For delivery within thirty days.
Per cent
Eligible member banks ....... 4Is
Eligible non-member banks s... 45a
Ineligible bank bills
New-York tribune., 1919-01-29
The Dollar in Foreign EXCHANGE

The local foreign exchange market
was quiet yesterday and rates moved
narrowly. Rates on Paris and London
were steady. Swiss francs were slight
y firmer as the result of broader in
quiry.
Closing rates yesterday, compared
with week ago, follow:
lQuoted dollars 10 tho naundA
New-York tribune., 1919-01-29
)lloWs
COTTON STATISTICS

Southern spot markets follow: Gal
weston quiet, unchanged at 2S.25c;
sales, 100 bales New Orleans steady,
unchanged at PC; sales. LIPS bales.
Mobile steady, unchanged at 235Oc;
sales, 4l6 bales Savannah nominal at
Bic; sales 395 bales. Norfolk quiet. 50
rolnts higher. at 24c: sales, 1873 bales.
Augusta quiet, 25 points higher at 25c;
sales, II bales. Memphis steady, un-
changed at 2Sc; sales, 425 bales. Hous-
ton quiet, unchanged at 2750c; sales,
,lO7 bales. Little Rock quiet, un-
changed at 26.50c; sales, GAL bales.
Liverpool cables-Spot cotton dull;
middlng 32 points lower, at 16.O6d;
good middling points lower, at 20.12d.
Sales, 500; American, 800 Imports.
10000, including 5000 American. Closed
Irregular At net advance of AZ to 81
points. Jonuary, 1762d; February,
lf25d; March. l4.50d; April. 13.O5d
Manchester = Yarns, small inquiry:
cloths, offers scarce.
New-York tribune., 1919-01-29

Both the earnings and the divi-
dend of the Steel Corporation were
disappointing, compared with Wall
Streets expectations, though only
slightly so. What is most interest
ing about the earnings is the ap-
parent effect of the armistice. In
October they were S13, 900: in
November, first month to include
the armistice, earnings fell to $11,-
100000, and in December, the first
full month of peace, to S10,800,000.
But earnings represent past per-
formances, and the stock market is,
therefore, more interested in the
dividend. The theory regarding the
Steel Corporations common divi-
dend is that its determination is
the act of one of the ablest of
boards of directors, and the policy
shown therein may be looked upon
as the key to their Interpretation of
the outlook. If that be so, their in
terpretation is not very encourag-
ing, for the extra dividend of ] per
cent compares with 2 per cent three
months ago. But, perhaps, the pol
icy of the board is merely to pay
common dividends out of past earn
ings. 1t had left after preferred
dividends S14,400,000 out Of which
to make a payment. It's declaration
of total of 2 IA per cent required
S11, 100000 Of this. In order to
have maintained the rate estab-
lished in the previous quarter it
would have needed $16,5O0, 900.
There are some potentialities
opened up by the recent action of
the Money Committee which will be
watched for with interest. When
the money pool was formed the
banks participating were called
upon to pledge themselves for GER
tain sums. These sums were de-
termined by a committee, and CORE.
sponded roughly to the resources of
the participating banks. In this
way some banks obligated them
selves to lend when called upon
more money than it was their wont
to lend. Frequently small bank
will make practice of dealing
rather largely in Stock Exchange
loans, while several large banks
deal in them to only a modest de-
gree. Several Of these large banks
are now believed to have outstand,
ing large call loans, much higher
than their usual practice They are
70 longer obligated to keep them
out. They have not called for them
yet, because the market is dull and
money rates are low. But if some
thing unexpected were to happen,
would not these banks be tempted
to call in loans? And with the
money pool gone, who would he
there to resupply the funds? Some
brokers looked upon the Money
Committees control as a sort of in
surance, for which the stock mar
ket paid a small premium in the
restrictions to which it submitted.
It. was no longer willing to pay the
premium, and the insurance was
withdrawn.
New-York tribune., 1919-01-29

he above rates express the cost Of
foreign money in terms. of the Amer
lean dollar. You buy an English pound
sterling say, at s4.75A. The intrinsic
parity is s4.865s per pound Thus YOU
say either that pounds are at dis
count or that dollars are at premium,
which Is owing to the fact that in Eng
land the demand fer dollars with which
to settle accounts in this country is
greater than the demand in this coun-
try for pounds with which to settle
accounts in England.
New-York tribune., 1919-01-29

quiet. Offerings continued compara-
lively light and rates we're unchanged.
Ruling rates for money yesterday,
compared with a year ago, were as
follows:
Yesterday Year ago.
Per cent. Per cent.
Call money:
On mixed collateral 334
On indus. collateral 4l2
New-York tribune., 1919-01-29
Dividends
Regular Declarations

Stockholders
STOCK, rate period Payable. of record.
Penn u seaboard Seal Steel L. q Feb Jan. 20
United Drug I'd pf y, @ Mar Feb. Is
New-York tribune., 1919-01-29
Dividend Reduction Expected.

The action of the U. S. Steel drec-
tors was awaited in the nnanc-ai dis
trict yesterday with more than the
usual interest, not only in View or the
recent optimistic statements of Judge
Ebert H. Gary, chairman of the finance
committee, but also because it was
felt that the earnings statement would
indicate the general trend of steel con-
ditions. Wagers had been made in
brokerage Offices that the per cent
extra dividend declared three months
ago would be maint; ned, but the
sentiment of the majority was that
the rate would be lowered. In some
quarters it was thought that the COM
mon stock would be placed on regu-
lar 10 per cent dividend basis.
With the | per cent extra. the stock
is on a per cent annual dividend
basis The regular quarterly dividend
OF "a per cent on the preferred stock,
declared at yesterdays meeting, is
payable February 27. The common divi-
dends are payable March % to stock
of record February 2S.
New-York tribune., 1919-01-29

Discount Rates.-The following table
gives the current rates of the twelve
Federal Reserve banks on commercial
paper for all periods up to ninety days:
New-York tribune., 1919-01-29

Silyer.-London, 48lSd, unchanged;
New York, 10l 1sc, Unchanged; Mexican
dollars. 7712c, unchanged.
Sub Treasury The Sub-Treasury
gained S59l,000 from the banks on
Monday.
London Money Market. : LONDON.
Jan. 2S.-Closing prices were: Money,
ls per cent; discount rates, short and
three months bills, 317-32 per cent;
gold premium at Lisbon, 67.
New-York tribune., 1919-01-29
Nominal.

Below is given the current exchange
value of foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculated Ly the United
States Mint:
New-York tribune., 1919-01-29

The Federal Reserve Bank of New
York has put in force the following
schedule of rediscount rates which
apply to bankers acceptances: Ma
turtles up to Is days, per cent; 16 to
90 days, inclusive, Az per cent; 81 to
90 days, inclusive. Az per cent.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1919-06-30
Roberts-G Gonzalez Trustees
Want Principal Who De
mands More Money Than
Board Wants to Pay.
PROF. COLLIER TO
REMAIN IN CITY
Century Teachers Are De-
manding More Pay and
Other Problems Are Con-
fronting Local Board.

The naming of principal for the
Smith Hughes industrial school at
Roberts Gonzalez has caused a split
among the members of the Escambia
county board of public instruction.
Decision in the matter is expected to-
night.
C. G. Short. of Auburn, Alabama,
is the choice of the trustees, but he
refuses to take the job for less than
$4,000 a year, while the majority of the
members of the board favor a $4,000
remuneration. Mr. Short has made
a proposition to the board in which
he offers to furnish his own automo
bile and pay the expenses of the up
keep of the car. 4 machine Is con-
sidered essential for the outside work
which the principal of the school is
expected to do in the homes of stu
dents. John Diamond, former prin
cipal. who resigned recently because
of difficulties with some of the pa
irons of the school was greatly handi-
capped it IS said, because he was not
furnished with car.
J. H. Collier, principal of the Pen
sacola high school, is paid salary of
$2,400 and some of the members Of
the board consider it uniting that
the head of the rural school with so
much smaller number of students
should draw an equal amount.
John II. Pace is an ardent advocate
of the raise in salary for the Roberts
Gonzalez principal. He considers the
outside work which would be done for
the betterment Of the community would
far outweigh the consideration of any
extra expense.
Mr.. Collier will again head the
| IL fa1 gf
year Rumors that dissatisfaction
among some of the patrons would ~e-
suit in his removal were quieted
when he announcement was made,
The High School faculty will remain
intact for the coming term, members
of the board stated last night with
the exception o. G. S. Stapletor, head
of the normal training department
who is now making his home n I'm
terprise, Alabama, after rendering his
resignation here, and of Miss Scoutin.
science instructor and Miss Gladys
Mcmillan, assistant in the mathe-
mates department, both Of whom have
also resigned. Their posts have not
yet been filled by the board.
Claiming that their school was not
included in the general scale OF m
creases, Century teachers are demand
ing more pay, 10 ItlEC@ bAtN
cost of living. This matter viii be
brought up for discussion.
A total of s1S3.950 win be necessary
to run the county schools for the
next session. The board viii ask the
county commissioners to include this
amount in their annual budget.
OF this amount 100000 is needed
for teachers; $1,000 for lots: $4,000
for new buildings; sS.500, repairs;
SIS. 900, furniture; $4,000 insurance
s7oo. rents; $4,000, janitors; $2,45o'
fuel; 800 free books; $3.50, library:
intendent's travelling expenses; $1,8oe
ner diem and mileage for the board;
e.. 900. incidentaIs; $3.50, printing; 800
tuition: SO 900, interest; 5000, commits
sion of collector; $500, demonstration
agent.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1919-06-30
DRUNK COSTS
$4,000 NOW IN
WASHINGTON
Records Show 86 Cases In
Single Day, However,
During Past Week With
Booze Selling at So.

Washington, d. c., June 29.-That
Washington, in spite of the Sheppard
prohibition act, the military zone law
and the Reed bone dry law, is not
quite a dry town is shown by the
docket of the police court for yester-
day when the cases of SO men and wo-
men who were arrested for drunken
ness during a single night and were
called for trial
That drinking was done too, right
under the eyes of all the departments
charged with the enforcement of the
various laws, and in spite of their
combined efforts to make the nation
al capitol an arid desert. The liquor
was obtained chiefly from bootleggers
who are doing swift and prosperous
business with whiskey quoted at So
per quart.
F'ifty-six of those arrested were
locked up when unable to put up the
usual $50 collaterial; the other thirty
furnished the $50. When the collat-
eral list was called none of the thirty
answered to their names and the $500
was declared forfeited. More than
half of the others later furnished the
collateral in preference to serving sew
eral months on the farm, the penalty
for being drunk in Washington.