davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
Air Reduction Co.
Not in Merger of
Carbon Concerns
Union Carbide Interests Or
ganize Large Holding
Company

The Air Reduction Company is not
included in the list of companies that
make up a new merger of concerns
which manufacture oxygen and nitro
gen mainly for commercial use. This
became known yesterday when il was
announced that the Union Carbide
Company, with the National Carbon
Company. Inc. the Prest-O-Litc Com
pany, Inc, and the Linde Air Products
Company will be operated as one or
ganization under the name of the
Union Carbide and Carbon Corpora
ton. The holding company has a cap
ital Of 100000 shares, with no nom
inal par value.
An official Of the Air Reduction Com
pany said that the formation of the
new holding corporation without this
concern as one of its subsidiaries does
not mean that il might not be taken
over eventually. He declared that the
recent negotiations with this In view
had not been finally dropped
Stockholders of the Union Carbide
Company are offered 2i2 shares of
stock OF the new holding company for
each share of their present holdings.
Two shares Of new stock will be given
for each share of Prest-O-Li'e stock,
and Linde Air Products shareholders
Will receive ga shares of the new COM
paay Tor each share now held
Myron T. Herrick, vice president of
the National Carbon Company. will be
chairman of the board OF directors of
the new corporation. and George o.
Knapp, president of the Union Carbide
Company. will be president. In addi-
ton TO these officers, the directors in
clude c. X. G.. Billings. Charles A.
,iiin. Jesse J. Kicks, Andrew Squire,
Nicholas +. Brady. G.. ". DAWSON,
Conrad Hubert, James Parmelee, Roger
c. Sullivan, F. c. Walcott and James
y. Wallace.
Stockholders Of the companies in the
merger are asked TO send their stock
for exchange up TO October 81 to the
Central Trust Company.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03

Formation Of a 5000, 100000 money
pcol by the local banks ought to 90
a good ways toward helping to re-
lieve a tight situation. 1t insures,
for one thing, a substantial supply of
funds for borrowers in this market
at 6 per cent or less. Under the ar
rangement agreed to by the banks,
the local institutions had individually
committed themselves to their re-
spective shares of the pool, regard
less of what they already may have
out in loans in the money market.
As a result, when money rates APP
proach 6 per cent the banks will at
once be called upon by the money
committee TO supply the needed
funds. The existence of this large
pool will make it necessary for the
banks TO keep a greater norton OF
their resources in liquid shape.
Bankers emphasize the fact that the
formation of the S200,000,000 pool
arrangement is not designed to slim
ulate stock market speculation, but
rather to ease up the money situa-
ton generally, so as TO guarantee a
plentiful supply of funds for COM
rercial and industrial purposes at
this centre.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
Money and Credit

Funds were in more liberal supply
in Wall Street yesterday as result OF
the formation Of the S20O,OOO,OoO pool
organized by the bankers to aid the
tight money situation. At the Stock
Exchange call loans ruled at per cent
compared with the day before and
in the afternoon the rate fell TO 5 per
cent. This, however, was after the
bulk of the demand had been met.
While offerings Of time funds were
not greatly increased there was evil
dencc that the concerted effort on the
part of the banks to case up matters
was bearing fruit. a fair amount OF
money was available at 8 per cent Tor
leaning against industrial securities.
Loans based on mixture OF railway
and industrial collateral held az 5'2
to 8 per cent.
Ruling rates for money yesterday
compared with year ago, were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03

TO 100000 pounds. was '5'o'oVV
pounds less than was produced III h"-
gust. and compares with a tota' OUT
nm, Of 90 400 900 pounds in the CORE
fponding month year ago. ms hea'y
decline i'm OUTPUT was due TO the cess"
ton of operations during practlcaliy
the entire month. The company =,
sumcd operations about SeptcWpcl -
and since then has been running NJ aP-
proxlmatcly 80 per cent or its caP"e''y'
Miami Coppcr-Total output OF cop
per for the month OF September was
| 900. 900 pounds. compared with Zoo'-
600 pounds in August, and 5'34''ooo
mounds in June. the company's record
month The companys mines closed
during July on account OF lapoI tr on
bles. In September. 1916. 4'ool''o'
rounds were produced.
international Rubber. - ms com
rany's report for the fiscal year endeu
July 81 showed net profits Of sl,l9o,S90'
an increase of S6l3,992 over the pre-
yious year. The balance after expenses
,oxcs. etc. was Sl,060,s5l, equivalent
10 s364 share on $29 1881 600 capital
stock The balance for dividends III
Iof6 was only S535,9S9. This company
has paid no dividends since 1914, wneh
S96.45S was distributed to snare
holders.
MilIikep Brothers, Inc.-ln circu-
lor iesued 70 the stockholders by the
directors il is stated that the proceed
ings for the dissolution Of the com
pgny have been completed. The circu-
lar recites that. after providing for
all the outstanding indebtedness ana
obligations, the directors have deter
mined to make first distribution 10
shareholders amounting TO SO snare
on the preferred stock. Payments go
TO holders of record on October ~.
Chicago & Alton. CHICAGO, Oct. 2.
At the annual meetin. of the stock
holders Of the Chicago e. Alton Rail
road to-day Roberts Walker, Louis
Krauthof, Joy Morton and Samuel
insult were reelected directors for
three years. As the fiscal year of the
company has been changed TO end De-
cember 81, no annual report was pre-
scented, but il was stated that earnings
both gross and net made gain Tor
the twelve months ending June 80.
1917. Surplus for the year, after allow
ing for depreciation of equipment, was
placed at S495, 035, against a deficit Of
$l7l,07S the preceding year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
Dividends

Atchison. Topeka x Santa Fe.-KesLS
quarterly dividend Of ~ per cent on -. az
stock. payable December 4 . stocAho'''''
record November =. -.
Kelly Springfield Tire. Regular .,oek
dividend of 81 a share on me coHuos -.~,rd
payable November 20 stocAno'ue'' -
October ID.
Union oil Company OF Cllio' -. ..ual
lar quarterly dividend q fl.'9 @I' .,,oeLhod.
extra OF 81, payable OCTOBER ~
ers ot record Octobcr TO- NJ
United Alloy Steel.-ReS Iiar 62'.,ober % 10
dend OF = share, payao.r ~
stockholders OF record October i'' H.,
York Railways. Regular q.-s.',si stock.
dend Of n. per cent on t,g 80. Of record
October 20.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03

A Western brokerage house gives
some wholesome advice TO the farm.
ere who have been upsetting the pro
gramme of the Food Administration
Board by Withholding their wheat
from market, 70 wit
Sell wheat, buy bonds. Some farm
ers are old-fashioned. They prefer
wheat in the barn to money in the
bank. Many farmers have not been
afflicted with any surplus money un-
til recently. Progress. There is no
better security than government
bonds. Your farm and the whole
country are behind them. Sell the
wheat Hysterical prices Of last
spring are over Government has
fixed the price. It is for the crop sea-
son. Wheat was only S125 in July,
1915. and around Sl.45 in September.
Australia has a big surplus and
more coming next January. Quality
there has suffered. Mice have been
busy. Why feed the rats and mice?
DO you know that rodents in our
country destroy enough food every
wear TO feed Belgium? Why chance
quality deteriorating? Wake up!
Move your wheat while cars can be
secured. War will soon make them
very scarce. Section 10 Of the food
bin gives the President power TO take
your surplus wheat if he thinks de-
sirablc. Don't tempt him. Be rea-
sonable. Why wait until spring and
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03

Reflection of the labor difficulties
that prevailed during the months Of
July and August at the mines Is be-
ginning to appear in the copper pro
Guction figures. For instance, the
output of the copper refneries in
September is estimated at about
13O.OOO.O0O pounds, a falling off Of
2O.OOO,OOO pounds from the previous
month and loss of 70,00O,OOO
pounds from the high record of 2O0,-
100000 pounds established in June.
The September figures Of the Ana
conda Copper Company, one Of the
largest producers Of the metal in the
country, show just what has hap
pened in one particular case. Out
nut of this corporation last month
was only 100000 pounds Of refined
copper. against 11,175,000 pounds in
August and 31,3OO,O00 pounds in
March. the banner month of the
year. 1t is easily seen from these
figures the effect any prolonged la
Dor disturbance at the principal
mines would have on the country's
output of copper. As matters now
stand there is not much more copper
than is needed to provide for the
present world demand.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
News Digest


British War Bond Prospectus Well
Received LONDON. Oct. 1.-The pros
petus Of the new war bonds was we'll
received. and it is believed the issue
will be supported literally, as the terms
are attractive. Business on the Stock
Exchange was interrupted by air raid
gossip, but the tone OF the markets was
good There was an upward tendency
in Argentine rails, and a fair demand
for gilt-edged securities. Grand Trunk
shares were weak on the passing OF the
dividend. Speculative ruobers were
easier. Russians weakened. owing 10
the uncertain situation.
Paris Bourse.-PARIS, Oct. 2.-Trad-
inc was quiet on the Bourse to-day.
Three per cent rentes. 60 francs 20
centimes for cash.
Exchange on London. y francs Is
ceutimcs.
Five per cent loan. sS francs 80 CEN
times
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
TO TnE HOLDERS AND OWhERs or
THE OF STANDING lIk~l Won J.,
GAGE COLLATERAL TIKI i GOi ~
BONDS OF TiII INItlD WAITE
IN IGHI InMpANA.

NOTICE fs Hereby GIVES that pr
suaut % the terms ~ th" g.. atera. TRUST
InLcnture. hereinafter mentioned. ne W.
ders.gued. Tho United Water ana Lisht
COMPANY. Intends to and $3.50. redeem 80
pay pa November Z. 1919 at 1850 ~ th'F
par value. plus accrued interest. aN 'Nl.
standing Firs, Mortgage 'u.a.e,s. lf-f
Gold Bond. OF said Company. dated Me' !,
1905. Issued under the trust .HteatIfv ~
even date. made by the said Company 20
The Farmers Loan and Trust 'oWpaai, +"
Trustee
To effect such redemption. the under.
signed VIII. on November !. 1915 through
rs redemption agent. The Farmer Ian
and Trust Company Trustee. under 'si9
collateral ludeuture ar The once az -
Trust Company. ~ % william street ~
the CITY ~ Sew York. -. =, pay to ihs
holder or registered owner OF each % ssi,
bonds (uD0n presentation and surrender Ok
such bonds and al uuuatured coupons
the principal thereof together with u'
interest then accrued and unpaid thereon.
All said bonds VIII ceas" tO draw irter's
on November 3. l',7. and the coupons sso'
s-uututiy maturing VIA Doe void
Dafed az tl- C.ty x New YORK, y. !
September l1tl. 1919. -,
TIiE UNITED WATERAND LIGHT CON-
PANY By ROY LOWE. President
Is. e.. UOYIS. Secretary.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
Tuesday, october 2, 1917

Prices moved lower again at the
Stock Exchange. Railway shares,
which led the downward movement
or Monday. were further depressed,
many such issues selling at new low
records for the current movement
notably New York Central, 81. Paul,
Norfolk & Western, Baltimore q
Ohio and Delaware & Hudson. There
was a moderate rally before the
close. but it failed to carry far.
Action of the railway issues suggests
continuation of the liquidation that
has been unsettling this group for
MANY weeks. The chief explanation
for the persistent selling Of railroad
holdings for investors Is the un-
favorable financial position of most
properties as disclosed by the month
" operating statements. These
almost uniformly show substantial
declines in net revenues. But
there are many favoriag elements in
the railway situation that apparent
l., ORC beino overlooked. Among them
is the fact that gross business Is
virtually unlimited, as traffic runs on
ct an abnormally heavy rate. An
ether favorable element can be found
in the reduction in iron and steel and
coal prices as a result of government
interference, a development that
should in time bring about a sub
stantial lowering of maintenance and
operating charges.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
Relevant Facts

Sears, Roebuck & Co.-Sales for the
month Of September totalled Sl1,23l,-
l42, nm increase Of $l,515.l03 over the
corresponding month last year. For
the nine months ended September 30
sales were Sll9.155,S27, a gain of $24,-
4i9,624 over 1916.
Anaconda Copper Mining.-Septem-
Der production of copper, amounting
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
Current

The above rates express the cost Of
foreign money in terms Of the Ameri-
can dollar You buy an English pound
sterling az. say. {4.75as. The intrinsic
parity is $4S6a, per pound. Thus, You
say either that pounds ere a. discount
or that dollars are al q premium. which
is owing to the fac. that IN England
the demand for dollars with which to
settle accounts in this country is great
or than the demand IN this country
for pounds With which to settle &C.
counts ir England
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
Election of Officers

At the annual meeting Of the Clear
ing House organization Gates W. Nc
Garrah. president of the Mechanics and
Metals National Bank. was elected pres.
ident, 20 succeed Frank A. Nanderlp, OF
the National City Bank, who has
served the customary two terms in that
office.
Walter f. Frew. president Of the
Corn Exchange Bank. was made chair
man of the Clearing House committee,
succeeding MIR McGarrah. Theodore
Hetzler, president of the Fifth Avenue
Bank. vas elected secretary in place Of
Joseph Byrne. William J. Gilpin and
Clarence +. Bacon were reelected man
ager and assistant manager, respec-
lively. The Clearing House committee
now consists of Walter +. Frew, Sew
ard Prosser, Albert II. Wiggin, Francis
l.. Hine and Lewis +. Pierson, the last
three being new members.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
Elections

LYMAN T. Harmon. Of Bonbright &
Co. Yesterday was elected a director
of the California Railway Power
Company. increasing the directorate TO
twelve members.
Louis b. Wade. Of Wade, Templeton
E. Co. has been elected 20 membership
ON the New York Stock Exchange.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
Mexico's Oil Exports

Exports Of petroleum from Mexico
for August and September are esti-
mated. according to the American Con-
sui General at Mexico City, at 3,OOO,-
600 tons. Exports for June and July
are figured at 100000 tons.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
New York

Foreign Trade Council Meets.-Ihe
annual meeting Of the National Foreign
Trade Council will be held at the Bit
more Hotel. in New YORK, tomorrow
James A. Farrell, president OF tne
United States Steel Corporation VIII
preside.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03

trade interests and to discourage all
outside or purely speculative opera
tons. col
lowed by any speculative excuses or
activities. will probably result IN
drastic action by the food administra-
ton and the closing Of our optloh
market entirely"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03


1917. 1916.
August gross sto.6z2,s33 s9.e24 l4S
- af,er taxes 3.f+e.S46 3.547. 657
Chicago & Alton
August gross ........ Sl,slJ,41l >'ozo'oSO
Net after taxes. oSt'oOi oil'779
ST. Louis San francisco Railway
1917. 1916.
August gross ........ So,49s's25 s4'o2s'5Sg
Net after taxes....... 1,s3e.35i 1,474,S37
Seaboard Air Lin,
August gross ........ e<,<ys'o+E @l'sos'-5o
Net after taNcs....... Too'sf< SS0'fTO
New Orleans, Texas q Mexico
1917. 1915
Au1ust gross ........ s476,s93 s627. 5o4
Net after taxes....... 1855 24I.<II
St. Louis. Rocky Mountain & Pacific
1917. 1915
August gross ........ s377. $50 S225.0+o
Net after taxes. 50.le3 e4.397
Central Railroad Of New Jersey
1917. 1915.
August gross ....... SS.542.24l $2.9e5. go
Net ................ 1.2s7sls i.los.5s2
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
To Hold Afternoon Meeting

Resolutions were adopted providing
for an afternoon meeting OF the Clear
ing House committee to act on items
received in the morning exchanges
which arc mot good.
% The Clearing House Association is
now composed of twenty-nine national
banks. sixteen state banks and fourteen
trust companies The Federal Reserve
Bank of New York and the Assistant
Treasurer Of the United States at New
York also make their exchanges at the
Clearing House. There are twenty-One
banks and trust companies in the city
and vicinity not members of the asso-
citation who make their exchanges
through the banks that are members.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03

Bank Passes Observation-Disclosures Of
the Chelsea Exchange Bank, II was an
nounced yesterday, have passed the
regular semi-annual dividend Of 3 per
cent due October !.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03

take the same price then? Make in
terest on the bonds. BE patriotic.
DO your bit. Help win the war. Sell
wheat. BUY bonds.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03

The colossal sums required
Il to carry on the war must be
paid by the people. The Gov
eminent has no other source
H from which to secure the
money.
Il There are two ways by
i which the government can get
this money from the people.
!! One is by taxation; the other
IS by the sale of bonds.
Il When you are taxed, your
money is gone. You never see
1t again. When you buy a gov
eminent bond, you get all your
money back. and interest be-
sides.
So, you see, it is much more
to your interest to buy Liberty
Bonds than It is to be taxed.
II But there is another reason
why you should buy Liberty
Bonds-a bigger. better reason
"a more unselhsh and patri-
otto reason.
You love your country. You
know it is the finest country in
the world to live in. You love
your county's flag. 1t is the
symbol of liberty. justice and
equality. 1t protects your life
and your property.
Hundreds Of thousands Of
your fellow Americans are
going abroad to fight for your
country and your flag.
They are ready to lay down
their lives, if need be, to make
sure that no invaders foot shall
desecrate American ground;
that your family, your home,
your property, your liberty, are
not destroyed or violated.
These gallant young Ameri-
cans must have food, clothing.
arms and ammunition. Other
wise they are lost, and the war
is lost.
That is the purpose to which
the money you pay for Liberty
Bonds will be put. That is the
reason why you should buy
H Liberty Bonds.
Do it now. Buy all you can.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
Yesterday. Year ago
So 2a4o.
Commercial Paper.-The commerc

Commercial Paper.-The commercial
paper market continued quiet yester-
dav. and there was no increase in de
mand. The rate was firmly maintained
nj s., per cent. with a few sales made
on slightly lower basis.
Official rates Of discount for each Of
the twelve Federal districts are as fol-
lows
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
G.. w. McGarrah
Elected Head of
Clearing House
Exchange Operations Be-
tween New York Banks
Reach Record Total

Huge banking operations arising out
Of war finance and the general CONNER
cial and industrial activity Of the coun-
try swclled transactions at the New
York Clearing House TO the record
breaking figures of Sl93. 69l ,S22,sl9 in
the year ended September 30. according
to the annual report issued yesterday.
This compared with total OF Sl55.742,-
333. 9OS in the preceding twelve months.
The sum represented by checks cleared
aggregated $751;, ,O31. 1897, and the bal
Gnces that were settled amounted to
s12.147.79l, 432. These figures com
pared with Sl471SO, 7O9,461 and 49,
561 .624.447, respectively. in 1916. Since
it's organization. in 1854, total transac-
tions at the Clearing House have ag-
gregated S3,O72 ABS. 500 ,5O4.
The statement Of transactions for
1861 follows:
Exchanges .......St8t, 534.03f 1897
Balance ........... 12,147I91,432
Total trans. 60 1922, 800
The average daily transactions:
Exchanges .S6o1. 1o6.064 S484, 147,o7o
balances ..... 40,224474 2S.163,23S
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03

below is given the current exchange
value of foreign money in dollars and
cents, together with the intrinsic gold
rarity, as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
$4,000 Bales of
Cotton Lost, Crop
Estimate Shows
Activity of the Boil Weevll
Is One Cause Of Much
Deterioration

WASHINGTON, Oct. 2.-Deteriora-
,ion during September over almost inc
cntire cotton belt caused loss OF 4o-'-
900 bales in the prospective production
of cotton. and leaves the 1917 crop
n 12.O47OOO equivalent 5oO-pounu
bales. The Department Of Agriculture
N i.s final condition report Of the sea
con today announced decline OF "a
points in cotton's condition during 'he
month. to GOA per cent, caused princ'-
pally By boil worms and weeylls' 'ooi
weather. drouth, shedding, wilt, blgh"
lack of potash in fertilizer and IN the
extreme eastern belt, storm damage
alec caused loss. Damage from the re-
cent West Iadian hurricane was small
the area affected being comparatively
small producing territory and the crop
there largely picked.
Pickers Are Scarce
Picking Of cotton is general and Is
being pushed, except in the northern
mart Of the belt, the Department Of
Agriculture reported.
There is complaint" it says, "ot d
scarcity Of pickers in many sections.
This is attributed to migration OF
negro farm hands during the winter
end spring, the volunteering and 'seiec-
ton of men for military duties, can
Torment work and the heavy demand
for labor in the sawmllls, cotton iac-
tories and kindred industries through
out the South. With favorable weather
at prices prevailing for the staple, no
cotton Will 80 to waste IN the heids
this year
The report was awaited with interest
in textile circles.
Details Of Report
The production, forecast from the
conditions on September p and allow
ing per cent from the planted acre
age for abandonment, compares with
forecast Of l2.499 600 bales made on the
August % condition; 1l949,OOO bales
made on the July % condition, ana H.
633 900 bales, made on the June % con-
ditiol. The area planted this year
was 34,600,000 acres. ooo
Last years production was II ,449,93O
bales on an area of 81, $4,000 acres.
and a final condition or 56.8 per cent OF
normal; the 1918 production was ~, X
$4,000 bales on an area Of 3l,4l2,OOO
acres. and final condition Of COS per
cent of a normal, and the 1914 produc,,
ton was 16,135,O0O bales the record
crop) on an area of 36,o32 600 acres,
with final condition of 1915 per cent
Of a normal. The ten-year average OF
condition on September % is 65.7 per
cent OF a normal, ana the ten-year aver
age change in condition from August 20
10 September % is So points.
The yield per acre this year is placed
at 1858 pounds, compared witn loo.o
mounds last year. and the ten-year
average is 1873 pounds. -,
A final estimate OF production VIII
be made in December
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
Bank Clearings.-The days clearings

Sub-Treasury. - New York banks
gained from the Sub-Treasury 81
Ol2.o0O.
Silver-Bors in London, ard, down
ed; New York, 1880, off 112c; Next
can dollars, Tic, off &C.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-03
London Money Market.-LONDON

oct. Money was in better supply, at
per cent.
Discount rates Short bills. 424 per
cent: three months bills. 1916 per
cent.
Gold premium at Lisbon, 5000.