davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29
TO ISSUE NOTES TO
REPLACE FRANC BONDS
Kuhn, Loeb & Co. Plan to Sell
Swear 4lb Per Cent Notes.

Kuhn, Loeb & Co.. as bankers for
the Pennsylvania Railroad, it was
learned yesterday, are planning to put
out an issue of six-year 4ls per cent
notes to replace the railroad com
psny's issue of franc bonds, about
S27,OOO,OO0 of which were recently
turned over to the bankers by j. F..
Morgan & Co. These securities were
held by the Morgan firm as part
collateral for the $4,000 900 credit ex-
tended to France several weeks ago.
The entire French issue of the
bonds amounted to 25O,OOOOO0 francs.
or about s5O.OOO,OOO. and it is
understood the new dollar issue
will be limited by the amount of the
franc bonds turned in for exchange.
This will mean that bonds 90 the
amount Of about 100000 francs Of
this issue still in the hands Of
private holders in France will have to
be gathered together
II Is understood that the French
government is already concerned in
efforts TO persuade private holders TO
draw these bonds out of their strong
boxes and sell them. There is good
deal Of confidence here that the efforts
to purchase the entire issue from the
French viii be successful.
The difference of one-half of one per
cent in the interest rate of the pro
posed issue compared with the franc
bonds it was said will be more than
made up TO the holders by the de-
probation in French exchange.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29
Western Maryland Gains

Following the publication of a favor
able report for the month Of July there
was active buying of Western Mary
land. and the stock. which had closed
at 257s on Friday. advanced 10 29lz in
the short session and ended at 2S1z,
gain Of 29s points. The July gross
amounted to SS33.l77. an increase OF
Sl2C.7f7. and net after taxes was S2S5..
200. an increase Of SSS.773. There has
been a noticeable Improvement in the
earning power Of Western Maryland
since 10 came under the Rockefeller
management. which has been able 10
overt "A heavier coal traffic 20 the road
by an arrangement with the Consolida
tion Coal Company. At the time this
agreement was completed il was said
that the company was moving coal
ever the Western Maryland at the rate
Of 1,000, 900 tons ger annum. and IL was
expected shortly that this tonnage
would be increased 60 100000 tons
annually. Il is understood that salts
factory progress is being made in the
plan for a readiustment Of the roads
affairs which will provide IA the ray
mert at maturity of the Sl6000,000
notes, the interest on which was de-
faulted on January | Of this year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29
NEW PRESIDENT
OF SUBMARINE CO,
Henry R. Carse, President
of Hanover National, to
Leave October |.

Henry R. Carse, vice-president of the
Hanover National Bank, will leave that
institution on October to become
president of the Submarine Boat Cor
poration. He takes the place OF Isaac
L. Rice, who resigned the presidency
of the Electric Boat Company, after
selling out his interests at profit said
to be approximately 100000, several
weeks ago. Charles NJ. Schwab, head
of the Bethlehem Steel Corporation,
has been asked to become a director OF
the Submarine Boat Corporation, but
has not yet signified his intention Of
accepting.
There was little surprise shown in
Wall Street circles that the head Of
Bethlem Steel should have been asked
TO become a director of the new cor
poration. Bethlehem Steel and Elec-
trio Boat were closely associated, even
before the beginning of the war. At
the Fore River shipyards and the Union
Iron Works plant, situated at Boston
and the Pacific Coast, respectively, the
submarine bodies are made. These
companies are controlled by the Beth
lehem Steel, and this relationship eX-
listed previous to excitement which the
war orders of Bethlehem has stirred
up was thought of.
Through the efforts of Charles NJ.
Schwab the Submarine Boat Corpora
ton is said to have virtually signed a
contract with the representatives OF
the Chinese government at New Lon
don. A director of the Submarine Boat
Corporation denied yesterday that the
contract had been signed, saying that
China was very much interested in
submarines and would like TO buy one
hundred ii the deal could be financed.
He questioned the ability, however, OF
that government to spend in the neigh
borhood of S70000,000 on her navy.
Such an order would mean a profit Of
about 1000 900 to the boat company.
Mr.. Carse, the president has
been for number of years promi-
nently identified with the Hanover Ma
tional Bank and its allied institutions.
He was vice-president and a member
of the board of directors of the Han
over, and is also a director Of the
Greenwich Bank, a director of the
Equitable Trust Company, treasurer
and director of the Hanover Safe
Deposit Company, director of the Old
Dominion Trust Company, of Rich
mond. Va; president of the Birming
ham Realty Company and a director Of
the Ensley Land Company.
The voting trust certificates repre-
senting the 100000 authorized capital
shares without par value of the Sub
marine Boat Corporation TO be traded
in, when, as and if issued, have been
approved for temporary trading by the
listing committee of the New York
Curb Market Association.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29
800 BANKERS
TRAVEL WEST
Three Special Trains to the Con-
ventiOn at Seattle Sep
TENDER 6 TO 10.

At o'clock yesterday afternoon
three special trains carried three hun
dred bankers to attend the American
Bankers Association convention, which
will be held in Seattle from September
to 10. The trains left over the New
York Central Lines, the red section
leaving at 5, the first white section at
$3.50. and the second white section at
5:35. Fifty bankers from New England
boarded the second white section at
Albany.
The three trains were composed Of
thirty-four all steel cars. each train
carrying a valet, maid, barber and
stenographer. Baseball scores VIII be
telegraphed to the trains en- route. A
tour through the Glacier National Park,
through salt Lake and the Canadian
Rockies. to the Panama-Pacific EXposl-
ton at San Francisco and the San Diego
Exposition Will be taken by many Of
the bankers on the trip.
The American Bankers Association,
with main Offices on the twelfth floor Of
3 Nassau Street, was organized IN 1910
for purposes of mutual helpfulness
and the interchange of ideas About
three hundred bankers attended the
first meeting. There are now 10000
members, and scarcely bank with a
capital Of more than 100000 is not in
cluded on its roll The protection Of
its members against crimes was one
of the early undertakings Of the asso-
citation. and one which has been carried
10 a high point of efficiency. Through
the association 1.-THE American Bankers
Association Journal" has been published
since 1908, magazine devoted entirely
20 banking and finance. The trust com
pany section, the clearing house sec
ton and the state secretaries section
are particularly useful departments Of
the American Bankers Association in
compiling and sending out statistics
which are of peculiar value to the mem
bers.
On account Of vital problems which
the European war has brought up, this
years convention IS 10 be one OF the
most important in years. A number Of
prominent men will make addresses.
x-President Taft will speak on Sep
tanber on Economic and Political
Summary of the Generation Just Clos
ing" Henry d. Estabrook will speak
on "Self-Defence," and Henry NJ. Camp
bell on "Can Congress Confer Trust
Powers Upon National Banks ?"
Among the prominent New Workers
who will make the trip are S. f. Albeck.
Fl. R. Carse. w. /. Oliphant, f. X. Cher
rim. Frank L. Hilton. +. f. Farnsworth'
\. P. Calling, William VI. Haines, Will
lam j. Henry, w. f. Knox, A. II. Mars
and David Nevius.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29
BRIEF WALL STREET NEWS.

The Atlantic, Gulf and West Indies
Steamship Lines report operating and
other income from subsidiary com
NAMES amounting 10 Sl.665,3 for June,
heinz an increase of SlG5,939 over that
month in 1914. Net income after oper-
ating expenses. interest charges, rentals,
etc was S24S,587, gain of S74,74O.
new partnership has been formed
bv Harold c. Eustis, the estate OF
George ID. Eustis and Benjamin d.
bartlett under the firm name Of George
Fustis & Co. Mr.. Bartlett Will be the
exchange member.
The Stock Exchange firm of Robert
{. Beal & Co. announces the retirement
of George W. Mead as a special partner
Gross earnings of the General Petro-
Ieum Company for the six months ended
lime 30 were 1854 $50, which compares
with S439. 63S for the six months ended
December 81. 1914 The surplus pal
ance after interest charges, etc, was
S2S9.2l7, against a dehclt OF szlo'o'o
at the close of last year.
Swift & Co. have declared quar-
terlv dividend of per cent, payable
October TO holders of record Septem-
her 10. Since January three quar-
terlv disbursements of Ia per cent
have been made.
Members of the New York Coffee Ex-
change have voted TO close the exchange
ON Saturday, September 4. The eX-
change will also be closed on Labor
Day.
The Stock Exchange committee on
Clearing House directs that INTERIOR
oncb consolidated Corporation pre-
ferred stock and voting trust certih-
Gates for common stock be added TO the
Iist Of stocks TO be cleared, beginning
with contracts due Tuesday, and that
AT the same time clearing OF the pre-
ferred stock and voting trust certlh-
Gates extended for common stock be
discontinued.
Chisholm e. Chapman, members OF the
Stock Exchange, have opened a new
branch Office at 2l5 Montague Street
Brooklyn.
Carl II. Pforzheimer & Co. announce
that J. w. Smallwood has become asso-
ciated with them.
Kenneth Boardman is now at John Il.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29
TOPICS OF DAY
IN WALL STREET
Doubters of Germany's
Good Faith Find in Mar
ket Little Credence.
GUESSES AT THE NEW
PEG FOR STERLING
Western Maryland's Gains in
Traffic-IrOr Money Now
Suggested for Berlin.

After the sinking Of the Lusltsnla
Germany expressed willingness TO mod
ify or abandon her submarine block
sde if in that way 10 could obtain cor
cessions from Great Britain. .Sugges~
lions from Washington that the com
plete satisfaction she is 10 offer NAV
have a similar string attached had lit
tie influence on traders Yesterday. The
London press. which had been hailing
the course Of events rs triumph OF
cur diplomacy. Yesterday was reported
as suggesting that possibly we were
being made victims Of trick The
market. however. has decided that the
Arabic incident has passed and is pre-
pared. with a little encouragement. to
consider trouble with Germany abso-
lutely removed Those who advised
getting out while the skies were still
bright met the usual reception Of
rrOphets Of evil.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29
Big Short Interest in Sterling Ru-
mored

Announcement that another heavy
shipment Of gold was on its way from
Halifax to New York caused li:tle sur
prise in foreign exchange circles. AS
it has been known for several days past
that this method of paying for Great
Brtain's purchases here would be util-
lied pending the completion of nego-
tiations for big foreign credit in this
country. Despite well substantiated
reports that the present consignment
TO J. p. Morgan & Co. would be in the
neighborhood Of s20,000,000. in addition
to large amount Of securities, sight
drafts on London went 70 the new low
record Of 462R There was practi-
cally no demand for sterling bills in
the market. and both checks and cables
closed at their lowest. the last quota
tion on cables being 4G3h. There is
now. say exchange brokers, a large
short interest 10 sterling exchange,
which is not expected 90 cover until
prices 20 considerably lower. One re
port was that the rate was 20 be begged
when il got down TO around 4.58. One
of the reasons advanced for the pres
ent weakness. despite the prospects Of
further heavy shipments of gold. is
that this money will be used TO pay
for goods previously purchased by the
Allies.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29
Rock Island Interest Chances.

Whether the interest on the 500. 000,-
600 Rock Island 5 per cent debentures
will be paid on September 5 remains
undecided. according % banking inter
ests representing this issue The in
terest originally was due on July 10,
but owing 10 a clause IN the indenture
could not be permanently declared in
default until two months thereafter
The committee for the debentures is
naturally anxious 20 have the interest
paid, ana il is expected that the court
will be asked 90 authorize the company
20 meet this obligation when the ques-
ton Of paying the interest on the re-
funding As. due on October 1. is de-
cided. This payment amounts 20 about
S2,000.000 and al factions are DESTROYS
that there be no default on these bonds
The argument Of the MANAGEMENT
against paving the interest on the de-
bentures is that there was q deficit Of
more than S600,0 for the fiscal year
ended June 80, and consequently there
are no funds with which 70 meet IL.
The protective committee holds that
earnings Of the current year show such
marked improvement that default
would not be justified. Weakness in
Rock Island on the exchange yesterday
was coupled with reports that il might
prove difficult 20 bring about a reor-
ganization satisfactory 20 the opposing
interests Of the property.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29
4 Martial Market.

These warlikc times have their
martial influence on US all. The
Bache Review gives testimony 70 the
reeo~vo strength Of the market o. last
week: There has rarely been a largo
downward mover ent in the stock lar
ket conducted in so orderly a manner
as that which took place on Mono.
1t was like a perfectly organized mill
tary retreat. leaving nothing Of the
customary debris Of battle on the field.
The public behaved Ike trained vet
erans. There was nothing Of the ac-
ton of the old-fash!oned breaks. When
at the slightest hint OF danger the pub
lie would drop It's stocks and run. On
the contrary. phalanx after phaisny %
new public money marched IN boldly.
and in a short time the momentum OF
the break was exhausted and pI.ces
started rapidly upward"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29
STOCK EXCHANGE FOR THE WEEK

Following giving the number OF shares Of all stocks
with highest
of high oil
1915 with ar prices of the 1914
4S6450O week
sioioo
Al in
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29

Imports Of specie a; the Port Of Ne" i ...
,,,,, August 9 TO August 3. were; "o'1'
,4.. 81. and silver. $50 2l2. making toial
., ,s,s q agains, a total Of Nol7.i5 in
the preceding week and Ss55'il In the cor
responding week last year. Since January l.
the imports OF sgeeie amounted to $780,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29
Monthly Railroad Earnings.

The following comparative railroad
reports for July have been made public:
Afchisoo. Topeka a santa Fe-Gross. $lo.t2-.5i- .
increase sSl 099. ne; after taxes. S55is $50 IN
v g.. vsrvl,nd-Gros ssa3l77 increase.
sl5074s: net after taxes t255 200. Increase. $ss-
"a ,, o.. taet ,-o.
decrease $50 oSe. net after taxes s'2-o7 IN
crease S20.40l 800, os- 1900.
S9iS Isl. net 81 243 2l9. Increase $i0l. lis.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29
Europe and the Precious Metals.

No one here has yet risen to assert
that he has been deprived Of an oppor-
tunity 10 make profits through refusal
of the British government 20 give gold
for notes so that il could be brought
into this country. In London demand
for gold by local bankers must be
checked by that feeling Of patriotism
which, as has been explained here,
every banker must appear 20 possess
If he wishes TO keep on doing bust
ness. In France, where there is NJ
need 10 maintain prestige of n free
market for gold. there have even been
restrictions laid on carrying silver out
OF the country. All amounts greater
than fifty francs must be exchanged for
paper under recent decree OF the
Ministry of Finance. Germany, when
cheerfully went of a gold basis early
in the war. is said 10 be issuing iron
coins in place Of those made from the
needed nickel.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29

So. against ti2472.579 last year.
Exports OF specie were: Silver. 81 $50 s4'
and gold. s2es 300 making a total Of. N.42'.-
"a. against a total OF N6l2.7ej gold and
silver last week. and E,594532 IN the cor
respondin. week last year Since January
exports of gold amounted 10 Eils '2s. ana
silver SIS 4543Ti against Ne7.l57.s4s golJ
and IS. sss. 10 silver IN 1914
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29

Jacouelin & Co, 50 Broadway, and
Richard G. Conried at Baruch Brothers.
60 Broadway.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29
NEW YORK STOCK EXCHANGE
SATURDAY. AUGUST rs, 1915.

35s2o against 9lSco Friday $4,000
9SilO0
g. a
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29
PUBLIC UTILITY NOTES.
General News and Earnings of Various
Corporations.

Directors of the American Public
Ut.lities Company have submitted their
annual report for the year ended June
80, reviewing separately the conditions
Of its subsidiary corporations. BY COM
parison with the similar earnings state
ment for 1914, gross earnings from
operations increased from s2,319,955 to
$2,932,070, net income was increased
from s9S0,s79 10 S1,313,S3l, and ex-
penses were lowered from S5l,4S6 to
s38,l01. Net income for the respective
years was: 1914, s974,697, and 1918, ST.
30l $50. Net earnings available tor
dividends on the company's stock COM
pared with 1914 made slight decline,
as fixed charges for the twelve months
under review included interest on IN
vestments, made during that year.
which did not become remuneratlve
until late in the fiscal year. The con-
densed balance sheet as of June 80
shows cash and accounts receivable
amounting to s5l7,995 and undistribut-
ed surplus of subsidiary companies of
$32G,0l6.
Dayton Power and Light.
Application has been made by the
Dayton Power and Light Company TO
the Ohio Public Utilities Commission,
according to a Columbus dispatch. for
authority to pledge $4,000 Of its b
per cent preferred stock as security
for a loan of $4,000 which it is pro
posed to use for working capital. This
loan ; made necessary as result of the
company's inability to market S3OO,OOO
per cent preferred stock, which 1t was
authorized to sell at STA and which 1t
now intends to use as collateral.
Kentucky Traction and Terminal.
Gross operating revenues of the Ken
lucky Traction and Terminal Company,
including income of the Lexington
Utilities Company, for the year ended
June 80, totalled SS11,62S. compared
with S782.27l in the preceding year.
Net income after operating expenses
was 1919, 225, an increase of S9,463 over
1914, while other miscellaneous income
decreased from S32,022 to s28,28s..
Bond interest requirements amounted
to S203 800 and for sinking fund and
taxes 1913 ,424. The surplus balance was
increased from Sl56,600 to Sl7O,284.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29
Bank Clearings.

Bank clearings at the leading cities
m the United States again show not
able expansion over both preceding
years, which rs only natural consid-
ering the closing Of the exchanges a
year ago and the much greater activity
IN the speculative markets that now
prevails than at this time in 1918, al
though the Improvement shown is not
entirely due TO these factors The
total OF clearings last week, accord
lng TO "Dun's Review" amounts 70
S@'Sl2,2O6.235, an increase Of 6l.9 per
cent as compared with the 81 1877 $685.
~ OF the same week last year and of
~ per cent as contrasted with the
corresponding week in 1918, when the
aggregate reported was $1,000 ,2s5, sos.
New York City shows gains of 1886
and 26.2 per cent respectively over
the same weeks in the two previous
years. The gain in the total Of the
cities outside. while not so impressive,
IS fairly satisfactory, an increase
Deing shown of SIS per cent over last
year and l.5 per cent over two years
ago. Average daily bank clearings for
me year are given below for three
years:
1915 1914 1913
Angus . sfgf s0l 900 Ss2t go 600 sos aS5 000
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29

Swift & Co. have declared quar-
terly dividend of per cent, payable
October TO holders Of record Septem-
Der 10. Since January three quar-
terlv disbursements of ia per cent
have been made.
Evening capital and Maryland gazette., 1915-10-25
Charities Conference TO Meet Here.

The next session of the Maryland
Conference of Charities and Correc-
tions to be held in this city on Jan
uary %, rs and o. This was decided
on Friday night last by the executive
committee of the conference. Sec
tions were decided upon for discussion
as follows:
Charity and the Budget System
Particular reference to per capita pay
ment to private institutions and a form
of administration of State institutions.
"Health" Attention to county or
district tuberculosis sanatoria for ad-
vanced cases; division of duties be
tween the state and the local health
officers; results from county surveys
typhoid fever.
Education To consider compul-
sorry education; state educational sur
vey; policy OF the states relation to
higher education; vocational and agri-
cultural training.
"Industry''-To discussc hid labor
unemployment; minimum wage; living
conditions at canneries; social side OF
the oyster and fish industry.
Children consider children's
charter; illiegitimacy; funds to pa
rents; juvenile court; State Board OF
Children's Guardians, and the county
boards of public welfare and infant
mortality
Evening capital and Maryland gazette., 1915-10-25
THE GREAT HOUSE OF ISAAC BENESCH SONS ANNAPOLIS Nd
DANIELS BELIEVES CONGRESS-
WILL PASS THE SHIP BILL
Confident An Appropriation VIII Ho
NInhc For Merchant Mnrine.


Confidence in AN appropriation by
Congress of funds for the development
of q merchant marine Differed and
manned only by Americans. was ex-
pressed by Secretary Daniels one day
this week, following his return from
Raleigh, n. c., where he delivered an
address at the State fair
His proposal for the auxiliary serv-
ice to the navy, which could be used
for the transportation of commerce in
time of peace, was well received, ac-
cording to the Secretary, by the peo-
pie there. who now appreciate the lack
of such merchant marine. Since the
war they have been unable to get their
cotton moved. and the Secretary said
that for six or eight months even the
lumbermen were unable to get a ship,
Tho proposed new feet auxiliaries
would be built under plans designed
"by the naval tailors," the Secretary
said. Manning them with Americans
is the only way by which the govern
ment could keep them ready for in
slant service in time OF war. for IL
manned with those of foreign birth or
connections would leave them helpless
should a war start, for these nationals
would be compelled to leave and re-
turn TO 5heir home governments.
In time of peace, while these YES
sells were transporting the grain. cot
ton. lumber and other products to for.
eign ports. the officers and men could
be trained at the guns and in naval
tactics so thac they could enter into
the service in time OF war. The adop-
tion Of the merchant marine idea
would save the people much money in
the purchase of ships in times Of war.
as is evidenced by the necessity of the
hurried purchase of ships at the time
of tho outbreak of the Spanish-Amer-
lean war Then, the government spent
100000. but really did not get that
much in value, being compelled to ac-
cept ships which were almost totally
unsuited for the naval war game.
Of course. said he Secretary. during
the first year or two there might be
some outlay on the part of the people
This would be due to the fact that the
ships did not have markets, but were
spending the money in seeking them.
However, aftsr that Misunderstanding
period. TIM people would have naval
suNihary which would Coz pare favor
ably with any other nation, but would
not cost them a cent of money. and
would help the north south, east and
west to get rid of its crops and pro-
ducts in due time.