davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-03-14
Republic Steel
Reports Good Year
And Fine Outlook
Profits in 1913 Equal
$22.22 a Share ON Com
mon; Financial Condition
of the Company Is Strong

Problems of readjustment are being
faced with the utmost confidence by
the Republic Iron and Steel Company,
according to John A. Topping, presi-
dent, who said in the annual report,
issued yesterday, that the company
has emerged from the war period in
strong financial position.
Reviewing last years operations, Mr..
Topping told stockholders that the
company held in its treasury $9,766,46
Of Liberty bonds and that there had
been appropriated and expended for
new construction to speed up war steel
making $5,30O,OoO.
cooperating conditions were diff
cult" he added "being not only re-
stricted by governmental regulation,
but adversely affected by inadequate
transportation and shortage in fuel
and labor supply. Wage advances of
approximately 40 per cent were au-
thorized during the year, which neces-
sarily increased cost of production to
the maximum. On the other hand,
government price regulation radically
reduced selling price, and as result,
profits were substantially reduced"
The 1918 income account showed net
profits of $18,9O6,814, compared with
$28, ,769,02l the preceding year. From
this there was deducted $4,183,319 for
depreciation, an increase of So, 1873, ,559
over 1917. War taxes, however, were
less by $4197,898, last years reserva-
ton amounting to S5,680,759. The
years surplus after fixed charges was
$7,791 1884, equivalent after allowing for
preferred dividends to S22.22 a share
on the $27 7,191 900 common stock. con-
trasted with $51.88 a share earned in
1917.
The balance sheet as of December
81, last, disclosed a cash balance of
$4,072,685. In addition to Liberty
bonds other liquid assets included $4.-
100000 Of U. S. certificates of indebted
ness and $7,295,130 accounts and notes
receivable. Accounts payable totalled
S3,977 ,622.
The production of finished and semi
finished steel products last yeal
amounted to 1,O24,O4O net tons, con-
trasted with 1.109,S29 net tons during
1917, and 1,216,716 in 1916, the maxi
mum annual output
Mr.. Topping said that liberal ex.
penditures were made during 1918 fol-
exploration purposes, with a view te
an extension of the company's ore re
serves, and, "as result" he added
I'VE have developed some promising
prospects, which it is believed will ul
tmately add to our present holdings.
New-York tribune., 1919-03-14
Rail Deficit Reaches
$54, 900 in January
Mounting Expenses and De
creasing Earnings Cause Heavy
Loss to Government

WASHINGTON, March 13.-Although
operating expenses of the principal
railroads of the country showed de-
crease in January, gross and net op-
Grating revenues continued to decline.
the net revenue, after deduction of
taxes, falling about $54,OO0,OO short
Of the governments average monthly
rental obligation of approximately $75,-
100000.
summary of revenues and expenses
for 181 roads, with annual revenue in
excess of $1,000,0O0, made public to-
day by the Interstate Commerce Com
mission, showed that gross operating
revenues in January declined more
than $43,00O,000, or about 1916 per
cent, from the December figure of
$440, 100, 165. Net operating revenue
fell off $8,744,882, or 81 per cent from
the December total of 45,O65,6 ,603,
while operating expenses were $780,
465,815, q decrease of $34,568,747.
Deduction Of taxes and uncollectible
for January leaves an actual operating
income of $20,936000, a decrease Of
$10,000,000 from December.
Compared with the same month the
year before, gross operating revenues
for January increased Sill ,427,O0O, or
about 38 per cent; net operating rev.
enues. $22 ,481, $40, or 100 per cent, and
operating expenses, $8S,944,0O0, or 80
per cent.
The Railroad Administration ex-
planned tonight that the standard gov
ernment return to the railroads ap-
plicable to last January was $55,331,
OBI. Consequently the net loss for
the month would be about $36,5OO, 900
the net income being $118783, ,7O2. This
880,819 over January, 1918, when the
roads faced net deficit of $4,O97,117
New-York tribune., 1919-03-14
New York Air
Brake to Make
Motor Trucks
War Plants of Company Are
To Be Used for Produc-
ton ON a Large Scale
Will Build New Type
Deliveries of Six-Ton Cars,
Partly for Expectation,
Will Begin in July

The New York Air Brake Company,
one of the largest builders of railway
air brake equipment in the United
States, has completed plans for enter
ing the motor truck manufacturing
business on large scale. c. A. Star
buck, president Of the company, told
The Tribune yesterday that the dec-
sion of the company to go into this
field followed several months of in
vestigation and negotiation.
Plants erected by the corporation
at Watertown, N. Y, for the manu-
facture Of munitions for the United
States government and the Allies
will be utilized in the new enterprise.
Conversion of these plants for the
manufacture of motor trucks will in
volve no great difficulty and little ex
pense, according to the company off
cials.
Plans of the company, as definitely
determined upon, call for the manu-
facture of six-ton, "three point sus-
pension" car Of new type. Practically
all the parts of the truck, with the ex-
ception of the engines, which will be
y.
will be made at the company's own,
works.
Under the programme laid down the
New York Air Brake Company will
manufacture the trucks, but will have
no hand in their sale or distribution.
That will be handled by another con-
Germ, which will sell a portion of the
output for export. Plans have so taken
form that deliveries of the new trucks
Will begin next July.
The entrance of the brake company
into the new field is the result of the
efforts of the management to find a
profitable way for utilizing the pro-
ductive capacity of the plants that were
built for making war munitions. When
the armistice was signed in November
and the war business ceased the Off
cials Immediately made careful sur
vey of the ground with view of find
ing something that could be made at
its plants with a minimum of difficulty
in the way of conversion of machinery
New-York tribune., 1919-03-14
Calls Mortgage Loan
Methods Antiquated
American Bankers Association
Reveals Plans for Encourage
ing Thrift Among Borrowers

The most widely used methods of
paying off real estate mortage loans
are antiquated and inadequate, accord
ing to the Savings Bank Section of the
American Bankers Association.
The full scope and background of
the campaign which has just been
launched to encourage the amortization
OF mortgage loans are set forth in
statement which to- day will be sent to
committeeman in every state in the
union.
"Thc ten billion dollars or more of
capital devoted in the past to build
ing operations in America and owned
by over one-half the population of the
country is no mean sum to carefully
guard, the statement says. "Yet the
safety of the funds invested in this
estimated huge total of mortgage loans
depends upon the financial ability of
landowners to redevelop deteriorated
property i'll conformity to the needs of
business industry and the general
public.
"Be fore business became complex as
it is to-day the system of personal
knowledge of the borrower on the part
VI OIL OiilS idl VI Cile IeuUlNR
may have been adequate. Calls for the
decrease of the mortgage debt were
consistently made, especially when the
demands for cash were such as to make
1T essential or in the event the official
considered that the mortgage security
was adversely affected as to make it
necessary to reduce the risk of the
loan. But to-day, with the growth of
our institutions and the recognition
that human life is not in perpetuity, a
more scientific method OF liquidating
mortgage debt proves desirable'
1t is explained further that the pur-
poses of the amortization campaign
are CD to encourage the thrift of the
borrower by inducing him to gradually
reduce his mortgage; (2) to have avail
able greater turnover of funds for
further real estate Development; 60
to remove the element of speculation,
that the land will appreciate in value,
from the risk involved, and (4) to in
sure the eventual redevelopment of
the real property when the mortgaged
improvement thereon shall have totally
deteriorated
Of the 167 men who were asked to
serve as state committeeman to de-
velop this campaign, 140 have already
accepted. Bulletins regarding the prog
rcss of the work will be sent out fort
nightly.
New-York tribune., 1919-03-14
La Belle Iron Income Shows
Heavy Decline i'm 1919

The annual report OF tho La Belle
Iron Works for the year ended Dccem-
ber 81 last shows gross earnings of $9,-
479,129, against S14,19S,404 for the pre-
vious year. Balance available for tax
deduction was S8,9l5,679. The company
paid S1,9s3,080 in dividends TO holders
of the stock during the year. After
providing for excess profits, income
taxes, etc, of S4,S30,262, surplus
amounted to $602.S37. compared with
S441S,34S FOR 1917. Final balance was
$40, 122,948.
1t was pointed out In tho report that
the company had produced greater
tonnage of iron ore in 1918 than in any
similar period In the history of the
company, the production being placed
ut 606,391 gross tons, an increase of 3S
per cent over the year before,
New-York tribune., 1919-03-14
THE HOOKING VALLEY AslL"S
COMPANY

NOTICE OF ANNUAL MEETlESs
Columbus. Ohio. March !. ~. lsa..,
Notice is hereby given that the annu, rur
meeting OF the Stockholders OF In, IN
HOOKING VALLEY RAILWAY eSr arss
PANY will be held at the prineipsrt r,Ia,r. garr-
of the Company. Spahr Building. Soiuut 90 -
bus. ohio. on Tuesday. April 1. lsls..
twelve o'clock noon. for the following p''
poses:
fa) tor the election OF Directors .s.,,.
(b) TO consider any and all acton Va va a
tofore taken or authorized by the Bos,o Bo,,s. y.
Directors or by the Executive Comm,ess mn,.sss
Of the Company which may be suO"''''
TO the meeting; and -,sxs as
may lawfully come before the r1ee,ihs,, ths
Tho stock transfer books viii e,oss e,.sxss
ONCE of the Company. No. ~ ',sis
Now York city. on Friday. Narch ~ - "a a.
M three o'clock =. NJ. and VIII reopss, -
Wednesday. April 2. 1919, at ten o'S''
a. NJ. .,.,a,s
BY order OF the Hoard of DireetoIn Direr,s,v
New-York tribune., 1919-03-14

All IL, One Day!

r NITED STATES Industrial
- Alcohol common reeled diz-
zily to 142 yesterday and closed
the day 1874 points up at 14O%.
The top figure was the highest
price at which the stock has sold
since 1917. To explain the SEN
sational advance the Street heard
that:
/. The company would retire
it's preferred stock.
2. There was under consider
alton a big stock dividend.
3. The directors were plan
ming to declare a so per cent
extra cash dividend.
A.. The company had pur-
chased the patents of an i'm
portant German dye process.
5. The company had bought
a patent which would enable it
to heat freight or passenger
cars by the use of alcohol.
A leading official of the COM
pany was unexcited when these
reports we're brought to his at
tention. He denied them all. But
the spectacular advance in the
stock was already a matter OF
record.
New-York tribune., 1919-03-14
CHICAGO AND NORTH MEsrsHs
RAIfWAY COMPANY

NOTICE or ANNUAL MEEIssse,Ssu
The Apnual Meeting of the Sles ..s,n rail-
OF tho Chicago and North wss'shss csss
OF M@t tho Company sss wess Jackssn 70 n0',ss q
ward. In the city Of Chicago. iliinoS = "
Tuesday. April g. 1912. ~ III e.s'osr sra H.
for the election Of direetors ss nay
transaction OF such other cusine'"
come before said meeting. rxi3sy
Transfer books VIII be closed c.,,rss, cn on
March Z. 1919, at the close OK sWsus6ass
that day, and Will be reopehso v"
day. April 3. 1919.
Dated March l, 1919. xx-..,sens
WILLIAM II, FINLEY. f.r~ss
JOHN d. CALpWELIs Seceess's'
New-York tribune., 1919-03-14
CHICAGO. SAINT PAUL. MIxSEssffVVty''
RNn OMAHA RAILWAY COMreN'

NOTiCE OF ANNUAL. MEt ~, go,fsfs
The Annual Meeting OF the stoe sssoe
Of the Chicago. Saint Paul MI \. fftld
a, Tho ofilce Of the company. in she ei,y III II
Hudson. Wisconsin, on wednesasy. ,s~saIss
Q. 1912, at o'clock a. M. for the -ufh
OF directors and the trhnsaouen 80 sslz
meeting. yxl6sy
Trannfer books will be elcsed on ss.,ss;ssss ss;;sss
March {. 1919. at the close o. 80 q
on that day. and Will DO Fs''s"
Thursday, April 10. 1919.
Dated February rs. 1918. .-,a.nt
JAMES 2. CLARK, frsso'
JOHN -. CALDWELL Secf*tnsFs
New-York tribune., 1919-03-14
Up 6S Per Cent

Interesting additional data on the
movement of food prices during the
war years appear in bulletin on prices
and tho Cost of Living" just pub
lished by the Bureau of Labor Statis-
tics. Taking given amount of varied
food in 1913 and calling it's value 81,
one discovers that the same food in
1914 would cost s102; in 1915, $1.01:
IN 1916, .$i1s; in 1917, s146, and in
1918. &1Gn.
New-York tribune., 1919-03-14
The Dollar in Foreign Exchange

The exchange market was forced
again yesterday to take large amount
of francs, with the result that the rate
on Paris exchange declined again,
franc checks reaching the lowest level
since the current movement began.
Other exchanges were quiet. Swiss
francs eased off slightly.
Closing rates yesterday, compared
with a week ago, follow:
Quoted dollars to the pound.)
New-York tribune., 1919-03-14

To explain the market some folk
talk Of the wealth of the Middle
West and Of the scandalous sum
the farmers are going to receive for
their wheat. A record crop at a
record price. One billion bushels at
$2.26 a bushed: $2,260,0O0,0O0.
Most folk talk as if this money we're
going to be an addition to our total
wealth. But it is merely a redistri-
button. That much more money
must be taken from the taxpayers.
In spite Of this, it is conceivable and
probable that more purchasing
power will be created; that, for in
stance, more automobiles will be
scld. For the greatest part Of the
money from taxation comes from
corporation and private incomes
which ordinarily are not spent. A
man with an income Of $1,000, 900
spends perhaps 100000 and puts
the remainder into securities. That
Ia, 1t is devoted to increasing pro-
duction. Turning the money to the
farmers increases consumption at
the expense of production. Ulti-
mately the important factor is the
amount Of the wheat crop itself and
the price for which we can sell 1t
in the world market. The guarantee
will have a relatively unimportant
nfYncf
New-York tribune., 1919-03-14
Finance : Economics
copyright. 1919. New York Tribune Inc,

Copyright. 1919. New York Tribune Inc.)
1t appears that some of the mar
gin spectators newly arrived from
the outside have been misbehaving.
They have done such shameful
things as to erect inverted pyra
mids, by buying twice as many
shares on paper margins made large
by the market advance, and then
buying more again. They have in
addition followed the usual practice
Of protecting" their profits with
"stop-loss" orders, placed a point or
two under the market. When man
puts in an order for a stock at 100
and at the same time a "stop-loss"
order at 90, he usually fancies he
is putting in an order to sell at SO,
but he isn't. He is putting in an
order to sell at the market when the
market reaches SO, which is in real
ity an order to sell at SO or under.
If there are lot of stop-orders at
that figure, there is an attempt to
| execute them all at once, with the
result that they send prices down on
each other. Such practices are ordi-
narily not frequent until a rising
market has reached a more ad-
vanced stage than the present one.
When they become extensive they
are dangerous to the market itself.
1t becomes an easy prey to attack.
1t become vulnerable TO bad news.
Profit-taking can do it as much
harm as short selling. Yesterdays
upward movement toward the close
indicated the really strong "under-
tone" of the market after some of
these stop-loss orders had been
wiped out.
New-York tribune., 1919-03-14
Banco International of Havana

The first annual report of the Banco
international of Havana, Cuba, shows
total deposits of $6,624,2 ,281. The bank
has twenty eight branches in Cuba.
New-York tribune., 1919-03-14

If there is any trust to be placed
in the figure mentioned yesterday
of 500,00O,O00 pounds as the copper
surplus of Great Britain, France
and Italy, it does not speak we'll for
our immediate export trade to
those countries. In 1913, the last
full year of peace, we sent to those
three countries 335, 100000 pounds
of the metal. Doubtless they were
supplied with some metal from
other sources, but the figure Of
100000 is probably not far out
of the way as representing their
full years pre-war consumption.
The figure of 1880, 100000 as coop
per above ground" in this country
is equal to the worlds peace time
consumption Of our copper for full
year. If we now deduct fully half
a billion pounds as a normal peace
time surplus, we have still seven
months world peace time consump-
ton. But as England, France and
Italy already have years supply,
and as we ourselves in peace con-
sumed only about one-quarter of the
copper we produced, the surplus,
measured in time, is much greater
than that. That may perhaps help
to explain why there is no copper
market even at Is cents a pound.
New-York tribune., 1919-03-14
Money and Credit

Call money opened and renewed yes
terday at S per cent for mixed col
lateral, but declined to Az per cent in
the late afternoon. Loans secured by
all-industrial collateral were u to i
per cent higher.
The demand for fixed date funds is
not large, although it is believed
fair amount of money could be placed
at 5R per cent. 1t is offered in limited
amounts at 5A per cent for two and
three months time on all industrial
collateral and 81 per cent for mixed
loans Of shorter dates.
Yesterday. Year ago.
Per cent. Per cent
Call money:
On mixed collateral 6
On indus. collateral 5La
Time money (mixed collateral):
Sixty days ........ 51a@5A 6
Ninety days ...... 5a@5A 6
-Four months 49,. 5A@5s4 6
Five to six months 51a@5A s
Bank Acceptances.-Rate were un-
changed yesterday.
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per centPer centPer cent.
Eligible
member
banks -. .4h@4 4A@4a 4h@4N
Eligible
non-mem-
Der banks 4is@4 4A@4L4 4ss@4h
Ineligible
bank bills.5A@4I2 5A@4La 5I4@4s4
For delivery within thirty days:
Per cent
Eligible member banks. ks.......... 4is
Eligible non-member banks..... 4H
Ineligible bank bills. ls...........6 s
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., 1919-03-14

London Money Market - London,
March 13.-The closing rate for money
was 31s per cent. Discount rates for
short and three months bills were
3 1882 per cent. Gold premiums at
Lisbon, rs.
New-York tribune., 1919-03-14

In the midst of healthy reaction
certain stocks, notably Central
Leather, Railway Steel Springs,
Texas Company and Industrial AL
cohol, refused to be healthy, Texas
Company common stock at one time
during the session advancing 6A
points. Industrial Alcohol was par
ticularly ill, gaining Is points and
holding 1914 of them. 1t was the
advance in this stock which was
responsible for the rise in The
Tribune's average price Of indus
trial shares to the highest figure of
the year.
New-York tribune., 1919-03-14

The publication Of the Republic
Iron and Steel annual report, show
ing $22.22 a share earned in 1918
after tax allowance, necessitates a
revision of the figures used in this
column yesterday. Instead of add
ing $129.47 share to it's theoretic
value in three years, after all taxes
end the deduction Of common divi-
dends, the addition was S118.26 a
share.
New-York tribune., 1919-03-14

The Federal Reserve Bank Of New
York has put in force the following
schedule of rediscount rates which
apply to bankers acc teptances: Maturi-
ties up to Is days, 4 per cent; 16 to
60 days, inclusive, Az per cent; 81 to
80 days, inclusive. IA per cent.
New-York tribune., 1919-03-14

Nominal.
Below Is given the current exchange
value nf foreign money IN dollars and
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune., 1919-03-14

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., 1919-03-14

Sub-Treasury. - The Sub-Treasury
gained $4,000 from the banks on
Wednesday.
Silver.--London, 47a4d, unchanged;
New York, 1O1 &c, unchanged; Mexican
dollars, 77Hc, unchanged.
Bank of England.-LONDON, March
13.-The Bank of England weekly
statement reveals an increase of
21,184,005 in gold holdings. The pro-
portion Of the banks reserve to liabil-
tiles now stands at 1851 per cent,
against 1852 per cent week ago. The
present condition of the bank, with
ch nes from a ,yeek AGO fnllnUs.
The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1919-09-25
NOTICE

This is to notify the public that
every male person in the city of
Brunswick between the ages Of 1G
and so years old that have not PAL
their street tax by September 4,
will be subject to arrest and trial In
the mayors court for violating the
street tax ordinance.
All policemen of this city aftel
that date will be instructed to. arrest
all persons in the city that have
failed to pay street tax by that date.
J e. REGISTER, Marshal CITY OF
Brunswick, S-50
The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1919-09-25
CITATION

GEORGIA-Glynn County.
J. NJ. Pits guardian of Henry
James Lula James and Solomon
James has applied to me for = dis
charge from his guardianship Of said
minors This is therefore to notify ali
persons concerned to file their chico
ions, if any they have, on or DO
fore the first Monday in October
next else he will be discharged from
his guardianship as applied for.
EDWIN w, DART, Ordinary
Glynn County.
8 5 ~ 10 &c
The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1919-09-25
Mn6GuifO Bites

lust as soon as you feel the effect of the
Malarial Germs after being bitten by
Malaria Mosquitoes. it is advisable to
take GROVES TASTELESS chill TONIC
to destroy the Germs and remove the
impurities. Pleasant to take. 60c pee
bottle.
The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1919-09-25
NATIONAL

AT BOSTON
Boston 1-3; New York, 60.
AT PHILADELPHIA
Philadelphia, II; Brooklyn Al
Only five major league games were
played yesterday.
The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1919-09-25
BASEBALL
CHICAG CLUB CINCHES
AMERICAN LEAGUE PENNANT

Chicago, Sept. Chicago clinch-
ed the American Leagoe pennant to-
day defeating st. Louis six to five by
a ninth inning rally, which produced
two runs.
The Chicago White Sox will meet
the Cincinnati Reds in the world Sc
ries starting October l.
AMERICAN
AT CHICAGO
Chicago, 6; st. Louis 5.
AT DETROIT
Detroit 4; Cleveland 1.
AT NEW YORK
New York, %; Boston. Al
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1919-07-13
TO LIGHTEN BURDEN
OF PAVING TAXES
en-, Afiprnt, Outlines Procedure
witch Nill Relieve 'itlHnA
~ INp'n-c.


Nrlrz o. more thoroughly rcFu
Ifr nr fys,,m NJ collecting dcNn-
..nrl paving Hs.. 800 order mat ih"
r.r..r who uN.r'puks lh, payment ~
ia r,Iur I.v.aswou'r vii meet ne
D.pr..s p'u attorneys foes un'l'
Ir nII DO" opportunity i' pay
after If,,f notice has been given
nm. will boz formulated within ne
r.N. few INs. NGN Attorney ia
ward & NurshulI ttII yesterday
Since mo rendering ~ decision
hr Judge Davis which rendered.
null puH void tno entire machinery
through whash H'rcr.s have been
rtNpI 900 Tulsa since before sNtrC
hood nuI which threw the paving
H.ufIuu nn % chaotic condition,
no, value ~ tU" paving script de-
prcDlauug loo Nauo from aN cents
pop tuuruNlwlfCE So Cuu'f with prar-
uotlIy un market tor - n' tuN price.
FINAL opinions handed down hy mo
uYr.wr count p two OF This city r
paving eases the pas week places
'up street paving situation 90 proc-
N,t|N tho sam, status as tt was
before the l,etI'y ~ ih" manner ~
.s,Hamruf ANA collection az taxes
were nk,u infp consideration and
decided against ln Judge Davis de
,.anu
Paving contracts h1vC hrrr lc' 'h"
pIs' four weeks uu am emergency
basis a. practically any tEurc that
fNr contractor might H.k h'ttusr
there has been nuf ono company 900
.hr rrl with bids f1r these CON
tracts
sanIauou ~ 'n' paving script
,.aH It,. .UItUF.N Y.fptf tH fHr