davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27
Banks to Receive
Deposits of Liberty
Loan Funds To-day
Government Takes Steps to
Prevent Disturbance in
Money Market

The Federal Reserve Bank Of New
York will begin to-day the distribution
Of between $4,000 900 and sl0O,00O,OOO.
received in payment on Liberty Loan
subscriptions. to the various banks and
trust companies in the Second tederal
Reserve district which have quallhed
az repositories Of Liberty Loan funds.
This was announced yesterday By the
local reserve bank.
At the same time il was made known
that the second instalment OF 10 per
cent on the Liberty Loan, amounting 10
$3.50. 900, 600, due tomorrow, VIII not
have to be paid out By the depository
tanks. Instead, these funds will be re-
tanned. By bookkeeping arrangement
they will be placed to the credit OF the
Government. This action was taken be,
Sause il was felt that the Withdrawal
of such huge sum from the banks AZ
this time. even temporarily, might pe
followed By serious disturbance IN the
money market, particularly IN view OF
impending heavy Wllnura"dlo -
out Of the July 1 interest and DIVIDEND
disbursements. ~.
In the statement issued by the New
York Federal Reserve Bank, m connec-
ton with the distribution Of the IN
stalments already received on Lioer'y
Loan subscriptions. it was announced
that the deposit of these funds Will De
subject to any notifications and ad-
iustments that may be made before the
final basis for distribution of govern
ment deposits has been determined.
The statement adds:
Credit can also be opened by a de-
nository bank on its books in part or
full pavmont for subscriptions on ac-
count of Liberty Loan bonds. provld,
ing the aggregate of such credits and
deposits made with it for account OF
the United States Treasury Liberty
Loan deposit account does not exceed
the total amount for which the bank
was approved as a depository.
These deposits are subject to rave
of > per cent per annum. on the basis
of 365 days to a year, including the
date of deposit and excluding the date
Of withdrawal"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27
Money and Credit

Money rates were firmly maintained
in the local market yesterday. and at
the Stock Exchange call loans ruled
throughout the day at per cent, with
offerings somewhat more restricted. A
fresh arrival Of gold seemed TO be
without important effect on rates, al
though unquestionably the total i'm
ports Of close to Sl00.000.000 in the
last eight days have helped greatly in
keeping interest rates from rising
above current levels.
In the market for time loans against
brokers Stock Exchange collateral the
tone continued firm on comparative
IS small turnover. There was no in
crease in the supply, owing TO the de-
sire Of lending institutions 70 refrain
from an extension Of commitments un-
iii after the semi-snnual payments are
out Of the way Loans on industrial
collateral were per cent bid for all
maturities and mixed loans 5l4 per
cent.
Ruling rates on money yesterday,
compared with year ago. were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27
Active Securities
Stocks


lbs The Associated Ffess
The prominence OF railway shares az
materially higher levels was the most
significant feature of trading. which
again derived its impulse almost en-
tirely from professional sources. Inc
inquirv for rails was attended by re
ports that the Interstate Commerce
Commission would approve IN large
measure the request for higher rates
New rates become operative next sun
day unless otherwise ordered.
Minor or reorganized rails figured
N an unwonted extent in the rise, es-
necially the Western and Southwestern
divisions. In several instances, notably
81. Paul. which registered a gross ad-
vance of points. improvement was
ascribed to highly favorable crop con-
dltions.
Movements otherwise were no ess
confusing than on the preceding DAY.
United States Steel and related INDUS
trials denoted further pressure at eN-
IRENE recessions of TO 3 points. Mo-
tors Welded TO more than points,
Studebaker being the weakest feature
and coppers. shippings and OILS were
restrained by adverse Washington ad-
vices.
Central Leather reacted 3 points, TO
95l2. after announcement OF the extra
> per cent dividend, that rate railing
under general expectations. Ohio Gas
was the weakest stock in the list
dropping almost points. 70 1852.
The decline lacked explanation other
than that involved in the company 5
,,ronogoJ MAUI financing Ponies Gas
made a further rally of pa points. but
virtually all of this was later relln-
pushed =, ,
Trading. at no time active. dwindled
steadily in the latter part of the ses-
sion. final quotations showing lrregu-
lar Improvement on short covering.
Bonds as rule were slightly lower
on nominal dealings. Liberty bonds
held firm at par.
United States registered IS declined
q per cent; coupon and registered IS
of 1916 per cent, and Panamas per
cent on call.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27

As the time set for a decision on
the freight rate case approaches,
railroad stocks display increased
strength. Wall Street traders have
apparently arrived at the conclusion
that in spite of the poor handling of
the railroads case the decision will
be satisfactory. Action of the In
terstate Commerce Commission in
approving the advance of 10 cents a
ton in rates for the transportation
O. soft coal in certain territory was
thought by some to foreshadow ia
vOrable decision in the rate case.
There is, in fact, no relation between
the two, but that did not prevent the
coal ruling from exerting pro-
Eounced influence on market senti-
r3ent. As a result, transactions in
railroad issues amounted to 22 per
cent of the days total turnover on
the Stock Exchange, compared with
an average of only Q per cent since
the beginning of the year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27
Other Cities
United Fruit Company Wins Suit

L nltcO run b'' 'h'''
Philadelphia. June 26. Sustaining
verdict of the United States District
Court in favor of the United Fruit
Company in the $l5,OOO.000 suit of the
Bluefields Steamship Company, Limit
ed. of Louisiana. under the Sherman
antitrust act. Judge Woo!ley, in the
United States Circuit Court of Appeals
here, to-day ruled that "a party to a
conspiracy against the trust laws has
no redress against the other party to
the agreement if it is injured or suf
fers loss by the actions of its cocoon
spirators."
"In sustaining its averment that the
defendant was an unlawful combination
in restraint of trade and an unlawful
combination" said the courts opinion.
"the plaintiff showed that it was itself
party to that combination and part
of the monopoly"
The suit was based on the allcga-
ton that the United Fruit Company
obtained stock control Of the steam
ship company soon after II began bust
ness in the banana regions Of Blue
fields. Nicaragua. eventually leading 10
the dissolution Of the plaintiffs bust
ness. Treble damages were claimed
under the antitrust laws.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27
Directors of w. u.
Approve Contract
With Pennsylvania

Western Union officials yesterday
confirmed the announcement IN The
Tribune that the company has arranged
TO take over the business of the Postal
Telegraph Company on the Pennsylva-
MIA lines east of Pittsburg. Western
Union directors have already approved
the new contract. and the Pennsylva-
MIA board is expected to express its
formal ratification at a meeting IN
Philadelphia to-day.
II was learned that the terms OF the
contract provide for the leasing OF the
railroads telegraph equipment which
will entail no outlay OF new funds by
the Western Union. Taking over Of
the Postal's lease gives TO the Western
Union the entire telegraph business on
the Pennsylvania Railroad, as the lines
west of Pittsburgh are already oper-
ated under a contract made with the
company.
In well informed quarters it was in
timatcd that the Postal company had
found the terms Of its agreement with
the Pennsylvania Railroad rather oner-
Gus. and. consequently. was quite will
ing 10 relinquish its contract. The
Western Union, IT is said. has nego-
tiated a new contract which II regards
as highly satisfactory.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27
Many Banks "Short"
Of Liberty Bonds
Failure to Follow Instructions
in Putting in SubscriP-
lions the Cause

Many banks throughout the country
are short of Liberty Loan bonds. The
reason for this, as explained ny
Charles Z. Mitchell, president Of the
National City Company, in an inter
view with The New York Evening
Post" is a peculiar one.
Mr. Mitchell said: Failing to fol
low instructions those banks instead
of sending individual subscriptions
covering small amounts, just sent IN
one name. their own, for one lump sum
of. say. one. two. two and one-half'
five. or more millions. Now, those
banks are not going to receive from
the government all the bonds they have
already sold; hence they are short OF
the market. and must go into the open
market and buy bonds TO make deliV-
cries TO their customers.
This buying, Mr.. Mitchell believes
will help the market for Liberty bonds.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27

Short Term Notes
Issued by B. & Q.
Company Pays About S Per
Cent for S15,OOO,Oo0 for
One and Two Years

Arrangements for the first important
railroad financing since the United
States entered the war have been con
cluded by Kuhn. Loeb & Co. and Speyer
& Co.. who announced yesterday an
Offering of sl5,OOOOOO Baltimore &
Ohio per cent gold notes. half OF
which mature in one year and halt IN
two wears The notes are offered IN
the neighborhood OF 9S2.. which VIII
Weld the investor about 8. per cent:
The cost Of the money TO the railroad
will be about s per cent. The pro-
ceeds OF the note issue, II was stated
will 90 TO provide fresh working capt.
tai for the Baltimore & Ohio and re-
imburse the roads treasury for funds
ALREADY expended. The company mas
been in the market for capital for some
time but owing 10 the government :
war borrowing operations postponed us
financing programme. In normal
market the road would sell long-term
bonds. but the character or the invest
ment market is such as 10 make nee
sarv recourse to financing OF a tempo
rary character.
The notes are 10 be secured By pledge
with the United States Mortgage ana
Trust Company. trustee OF the follow
ing collateral: Ten million dollars Bal
timore & Ohio Railroad refundnS and
general mortgage per cent gold oonds,
due 1925: 10000 shares OF Reading
Company first preferred stock. $4,000
shares OF Reading Company second pre-
ferred stock and 10000 shares Of Read.
ir., conn,cn TIE privilege Is reserved
Of substituting additional retundlng
and general mortgage per cent bonds
for the Reading Comp2ny's stock.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27
New York
Securities Holders Organic

NecUrItIfs Holders UTEdNILt. Tt
officers and executive committee OF the
National Association of Owners of Rail-
road Securities, organized in Baltimore
on May % for the purpose of stabiliz-
ing railroad securities by maintaining
their credit. were announced yesterday.
s. Davies. Warfeld, head of the Cont
mental Trust Company, of Baltimore,
was elected PRECEDENT. The vice-presl-
dents are Forrest +. Dryden, president
Prudential Insurance Company; I. h.
Glenn. president Atlantic Steel Com
many. Atlanta: John J. Mitchell. presi-
dent Illinois Trust and Savings Bank,
Chicago; Charles {. Moore, San Fran
cisco, and |. H. Kempner, Galveston.
Tex. J. Hough Cottman, Baltimore, IS
treasurer
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27
The Dollar in Foreign Exchange

Strength of exchange on Switzerland
was the important feature of the local
market yesterday. Swiss francs selling
at n rate Of 4.s6 to the dollar for
checks and 4S3 for cables were estab-
lished at the highest level OF the war
period. The pronounced improvement
of the Swiss rate in recent days IS
said to be partially explained by buy
ING on the part of interests VINO are
converting them into marks.
Russian rubles went lower yesterday
on a slight increase in offerings. de-
clining to 23.40 cents. against 23.i5 the
preceding day. Italian lire were tirmer.
Other rates were generally steady. =,
Closing rates yesterday, compared
with a week ago. are given IN the table
below. American bankers have sus,,
pended all dealings in German and
Austrian exchange, so that daily quo
tations for either marks or kronen are
no longer available.
Week
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27

The above rates express the cost OF
foreign money in terms of the Amerl--
can dollar. You buy an English pound
sterling at, say. s4.75Is. The intrinsic
parity is S4.s6as per pound. Thus, you
saw either that pounds are at dis
count or that dollars are at pre-
MUM. which is owing to the fact that
in England the demand for dollars
with which to settle accounts IN this
country is greater than the demand in
this country for pounds with which to
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27
Railroad Appeals from
$38,27O,343 Judgment

An appeal was taken yesterday TO
the United States Circuit Court Of APP
peals by the Denver & Rio Grande
Railroad Company from the judgment
for s3s .270,3s3 recently entered against
IL in favor OF the Equitable Trus, Com
pany. The railroad company claims
that the contract which formed the
basis Of the suit had been abrogated.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27
Dividends

Atehi.on. Topeka & Santa Fe.- Regular
quarterly dividend Of ~ per cent on the
common stock. payable September TO stock
Of record July 81.
Chicago Pneumatic Tool Company. Regu-
lar quarterly dividend OF ! per cent. payable
July % TO stock Of record july H..
Anaconda Copper Mining Company
quarterly dividend Of g. a share payable
August - 20 stock Of record July Il. This is
the same ~ three months ago.
Alliance Realty Company. Regular quar-
tcry dividend Of ! = per cent. payable July
10 10 stock Of record July 10.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27
Tuesday, Jpne 20, 1917

Because the gold carried with for
eign agencies by the several banks
of the Federal Reserve system Is ap-
parently on deposit with the Bank OF
England. it by no means necessarily
follows that the metal is held IN Lon
don. Since the war began the Eng
lish bank has established special de-
positories in Canada and other parts
of the empire to facilitate he ham
ding of international transactions
in gold. 1t is quite possible, as a
prominent banker suggests, that an
arrangement has been entered into
with the Bank of England whereby
British gold which would in the ordi-
nary course of events flow into this
country is going to Japan to settle
what the United States owes the
japanese on trade balance. Such an
arrangement would eliminate unnec-
essary transshipping of gold. Brit
ish gold accumulating at Vancouver
would be held there to the credit OF
the United States and released TO
the Far East as necessity arose.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27
FINANCIAL MEETINGS

NOTICE Is HEREBY GIVEN THAT -.
meeting ~ the stockholders OF 49,
Rockland SILK Co. Inc. will be held a. "
once ~ the company. No. Madison ~ =,
Julv. 1917. al n O'Clock \. NJ. for IN.
purpose of clecting directors Until me n'n,,
annual meeting and for the irarsscton -
such other business as may properly NN
before the meeting
June 18th. 1917. ..,,,>>, e..,x
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27
News Digest
Foreign

OINIb 81
London Securities. London, June 20.
The stock market maintained gen
orally firm undertone. with fair bust
ness in colonial bonds, oil shares and
Argentine rails at steady prices. Ship
ping stocks were in request, but rub
bers were weak, and the old war loan
Welded under realizing. while American
securities were neglected.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27

Gold Currents. P. Morgan & Co.
received S9,700,000 in gold from Canada
on British government account yester-
dav. The metal was deposited at the
Federal Reserve Bank of New York.
The DAVIS arrival brought the total to
so7. 23l 900. and since the first OF the
wear to s479,231 900. Since January l.,
1915. gold imports from all sources
have aggregated 81 .629 ,93l 600
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27

Below is given the current exchange
value OF foreign money in dollars ana
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27
Relevant Facts
Federal Sugar Refining Company.

Federal Sugar Refining Company
Stockholders voted Yesterday in favor
of complete financial publicity of the
corporation's affairs. Alvin ". krech,
president OF the Equitable Trust Com
many. was elected director IN place
of Louis Spreckels. resigned.
II was announced that net profits for
the fiscal year ended May %. 1917. were
S2.s23.50l. as against Sl,07O,6ll FOR the
previous year. The balance sheet as OF
Nav 26. 1917. showed cash of Sl,7O6.-
$50 and a surplus OF Si,666,O2O. The
present factory now has capacity OF
il. 900 barrels a day. and most of the
surplus earnings, it is said, have been
devoted TO this development.
Atchison. Topeka & Santa Re Rail
road Nav gross revenues totalled
sl3s25. go. compared with 1885, ,9l9
in the corresponding month of 1915.
Net after taxes aggregated S4,304,OIO.
against S4.3l7.23O For the twelve
months ended May 81 the system re-
turned earnings Of 6.77 per cent on
property investment. compared with
5s7 per cent for the twelve months
period ended May 81. 1916.
Central Leather. After selling up 70
9Giz this stock reacted to 95li yester-
day. and closed 1, off at 95si, follow
ing announcement by the directors OF
the declaration of an extra dividend or
s. in addition TO the quarterly dis
bursement of SIPS on the common
stock. In December s. extra was voted
On the same issue. Tho declaration OF
the same amount in the current quar-
ter fell short Of Wall street eXpecta-
tions. as il had been reported unotfi-
cially for some time past that the dl-
rectors would disburse s. extra at this
time.
North Butte Mining. The company
has declared a quarterly dividend
OF 80 cents a share, or 90 cents
less than was paid three months
ago. The reduction in the disburse-
mcnt is said 10 be due TO the recent
disastrous fire which occurred IN the
Granite Mountain shaft Of the COM
rany's mines at Butte.
Texas Company Stock Increase.
Stockholders az "A special meeting IN
Houston. Tex, yesterday ratified the
plan 20 increase the capital stock from
sol. 1ll.U 10 $500 t'.NUN. ! ~ lh'i'H't
Of Sf3.ST5.000 is TO be offered pro rata
to shareholders Of record July 10 at
par. Stockholders also ratified the sep
arate incorporation of the pipe lines Of
the company by the organization of one
or more pipe line companies.
Peoples Gas. The Chicago City
Council has adopted a new gas rate
ordinance. which permits the Peoples
Gas Company to reduce the heat stand
ard of the gas supplied IN the munlcI,
palitv. Because of the cheaper method
of making gas, made possible under the
new standard. the company is to re-
Guce rates from so to 20 cents thou
sand feet in excess Of the first $50 cubic
feet. When profits exceed $4,OOO,0OO
the ordinance provides that consumers
must be given from % per cent to 80
per cent of such excess. The passage
of this ordinance marks the end Of a
two-year controversy.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27
LOST STOCK CERTIFICATES

NoTiCE is HEREBY GIVEN , ,ss . son
mon stock certificate No -, tot w ,mrsnv
n, poushk.cnsle y. V. issued In me nan,
OF Ei.MER +. HoLLANpER. wa, ,s n
or about tho month OF oetope,, yy,.s 50
found. please return 20 Aron q WV
Pine street. New York City,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27
Lnndon Money Market London.

London WOHty Mat het' WIZ
June 26.-Money was easier to-day, ow,
ing to the arrival Of the American mai
and bankers releasing supplies. Span
ish exchange continues to move against
London. Discount rates were quiet.
Money 4G412 per cent. Discount
rates, short and three months bills, AS
per cent; gold premium at Lisbon
S5 90
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27

Sub Treasury.-New York banks
gained from Sub-Treasury sl,i46,OOo.
Silver.-Bars in London, 39's pence;
New York, IS cents; Mexican dollars,
61L cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27

steady at 5i2 per cent. The demand
for paper is small.
Official rates Of discount Of each OF
the twelve Federal districts are as fol-
lous
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27

Whether that be tne case OF HOl'
the transaction is interesting, not
only because it marks the beginning
Of direct relations between the Re-
serve system and the banking sys-
tenn of a foreign country, but, what
is more important, because it may
mark the ending. for the war period
and perhaps beyond, of the ship
ment of gold back and forth across
the Atlantic. If, as is possible, the
cold is on deposit in the vaults OF
the Bank of England, no actual ship
ment of the metal was involved IN
the operation; on the contrary, the
transaction made the shipment OF
fftvmillions of gold unnecessary. The
Bank of England, in that case, would
merely have earmarked a quantity
of the metal and entered on its books
q credit balance for the Federal Re
serve banks. As far as the latter
are concerned, it makes no differ
ence whether the gold be deposited
Ia their accounts in England or
locked up in their own vaults. In
either event, it is counted as reserve
and serves just as effectively as a
lasis for credit. By making the
transaction simply matter of book
keeping, instead of shipping gold,
much unnecessary expense is elimi-
mated. An authority on foreign ex-
change estimates that, if such an un-
likely transaction were made at this
time, the cost of shipping S5O,OOO,-
coo in gold from the United States
To- England would be between $780,
coo and S625,000, or from ! to Ia
rer cent. The insurance cost alone
would be in the neighborhood of |
per cent. BY building up balance
in England the risk of shipment is
avoided, and there is saved, in the
first place, the cost of transportation
from England to America, and there
will later be saved the cost Of ship
ping the metal back again when the
war is ended and the tide turns out
ward.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-27

quiet yesterday, with the rate h
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-12-08

ccepyrtsht 1917 George Il Dorsn COS

AT the Beginning of the War the Majority OF Americans
Home and Abroad Felt That Interest in the Submarine
Campaign Was Limited to Munitions Makers Shipping
Circles and an Exclusive Few in the Financial Sphere.
II Was Not Until American Lives Were Lost and the Succeed
inc Knottv International Problems Came Up for Settle
ment That the Average Person Came to Realize Fully That
5000 Miles of Ocean Is After All, Insignificant Pro
lection.