davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-07-26
In d IL S trial
Cotton

decline in the early part of the
day which carried July down IS points
to 24.45 and broke new crops from 33
to as points under the previous nights
close was followed by a rally in the
last hour, amounting to 81 to 90 points.
with the close only shade under top
for the day and 40 to SO points net
higher on all new crop positions. Old
crops closed 27 to 81 points lower, and
were relatively weak all day because
of the break in spots at Southwestern
points and belief that the new crop
movement will be very heavy in Au-
gust and September.
Inc July contract ceased to exist at
IL O'Clock after selling down to within
about 26 points of October In New
orleans there was a break of 1873
points between sales in the July po-
sltlon. Sentiment seemed to be quite
strongly bearish throughout the fore
noon, notwithstanding continued dry
weather and high temperature over the
southwest. In some quarters there
was disposition to believe that the
August l government report would not
be SO bulllsh as private reports have
suggested, as the crop east of the
river seems to be making excellent
progress.
A number of bullish advices concern
ing the Texas situation were received
IN the forenoon, but without much eff
tect upon prices. One wire said that
west Texas was a complete failure and
that Central and Southwest Texas are
falllng fast and must have immediate
relief. The forecast indicating local
showers in Oklahoma and Arkansas at
tracted attention as possibly pointing
to a change in the Texas weather
Offerings began to moderate around
midday, when trade buying was in ev-
ldence, but the real feature of the
afternoon was big covering movement
Immediately following rumors that
Germany was about to make another
peace move, this being supplemented by
reports of the biggest Allied victory OF
the war. In the upturn that ensued
October sold at 2495 and December at
24.45, which were the highest prices Of
the day. Anything which pointed
definitely in the direction of peace
would mean a strong advance in cotton
prices. regardless of the size of the
crop, is the view of many who are ia
mrllar with the European situation.
There was further buying yester-
day, credited to a foreign commission.
and Japanese interests for two davs
past have been leading BUYERS in the
market. Liverpool, however. traded
both ways during the forenoon. There
was no further change in the bie
Southwestern spot market, but o+her
markets were from SO to 100 points
lower. Exports amounted to lO.247
bales. bringing the seasons total nm
to 4'ooo,44o. compared with 2,534,328
last year 40
YeSterdav's Prey;o,,s W..
New-York tribune., 1918-07-26
F ood Shipments
Feature of Years
Export Business

WASHINGTON, July 25.-Tremen-
dous increases in the shipments Of
food abroad were the outstanding feat
ure of the countrys foreign trade in
the fiscal year ended June 80. De-
tailed figures announced to-day by
the Department of Commerce showed
that shipments of breadstuffs in the
fiscal year 1918 were worth $633 ,309,-
485, as compared with 1888 1888, ,454 in
the preceding year, and that meat
and dairy products were valued at
S678, ,S48,942, as compared with $4O3,-
192,279.
In the twelve months 4,528, ,S44 bales
of cotton were exported, 1,418,321
bales less than in 1917, but the value
was greater, owing to higher prices,
the staple being worth $665 ,O24, ,655,
as compared with $543,O74,69o.
Exports of cottonseed oil amounted
to 10o,0O5,o74 pounds, decrease of
5S,000,000 pounds from the preceding
period.
Mineral oils sent abroad totalled
2,677, ,033, $50 gallons, decrease of
100000. Increased prices for these
commodities also made the smaller
exports worth more than the larger
amount the preceding year, the value
for 1918 being $298, 8,144,927.
New-York tribune., 1918-07-26
S. Davies Warfeld
Elected President
OF Seaboard Road
Directors Make Board Chair
man the Lines Financial
Head

S. Davies Warfeld, chairman Of the
board, was elected president of the
Seaboard Air Line Railway Company
at meeting Of directors yesterday in
this city. He is president also Of the
Continental Trust Company, Of Balti-
mores
In connection with his election as
president of the railroad, it was said:
"In combining the two Offices Of
chairman Of the board and president,
recognition is made Of the fact that
the president Of railroad corporation
under Federal control now becomes the
financial head Of the company and di
rectly represents those who own its
securities, and is therefore in line with
Mr.. Warfield's duties as president Of
the National Association of Owners of
Railroad Securities"
Mr.. Warfeld has been Seaboard
director since the organization of the
company, excepting the short period
when he retired through resignation.
He became chairman Of the board Of
directors in 1912, when he and his as
sociates acquired controlling interest
in the property.
At the meeting yesterday Martin ].
Caples was elected vice-president and
a director, and w. Roscoe Bonsal was
also elected vice-president. B. H.
Inness Brown was reelected advisory
counsel of the corporation, Robert L.
Mutt, of Norfolk, Va, was elected sec
retary and treasurer, and F. l.. Nellis
was elected assistant secretary.
The headquarters of the Seaboard
Air Line will be in Baltimore, with
branch office in New York. The man
agement Of the corporation remains in
the hands Of Southern men.
New-York tribune., 1918-07-26
Regular Declarations

Boston, Revere Beach & Lynn Rail-
road.--This road declared a regular
quarterly dividend of $3.50, payable to-
day to stock of record July "a.
Harmony Mills.-This CORPORATION
declared regular quarterly dividend
of y per cent on preferred stock and
quarterly dividend of 2 per cent on the
common, both payable August to
stock of record July Is.
Mobile Electric Company.-The Mo-
bile Electric Company declared the req
ular quarterly dividend of ~ per cent
on the preferred stock, payable August
10 to stock of record July 81.
Robert Gair Company.-This cornor-
alton declared the regular quarterly
dividend of IA per cent on the pre-
ferred stock, payable August / to stock
Of record July %.
Norfolk & Western,-This road do
clared the regular quarterly dividend
OF a per cent on common stock. paw
able September 19 to stock of record
August 81.
Buckeye Pipe Line Company.-This
company declared the regular quar-.
terly dividend of So, payable Septemher
IL TO stock of record August "a.
Continental Refining Comnapv-
This company declared the regular
monthly dividend of per cent in scrin
on the common stock, payable August
~ TO stock of record July 13. The scrip
Will be convertible at par into common
STOCK at any date prior to maturity. at
the option of che holder. If carried
to maturity, the scrip will be re-
deemed by the company, with interest
at the rate of per cent per annum>
T.. G. Goodrich Company.-B. F.
Goodrlch Company declared the regular
quarterly dividends of Sits on the
preferred and 81 on the common stocks
he preferred dividend is payable Oc-
ooDer 20 l to stock of record September
~ and the common dividend is PAYABLE
November Is to stock of record Novem-
Der S. 'e''-
Consumers Company.-This cornora-
ton declared the regular semi annual
alVidend Of 3Ea per cent on the pre-
ferred stock. payable August 20 to
stock of record August 5.
Greene Cananea.-The Greene Cana
nea Copper Company has declared a
quarterly dividend Of 81 share. the
same as three months ago, payable Au-
gust 70 to stock of record August 8.
Consolidated Gas Company.-The
consolidated Gas Company declared
the regular quarterly dividend of -,
per cent, payable September 6 to stock
of record August 7.
New-York tribune., 1918-07-26
Acreage Indicates
Decrease i'm Beet
Sugar Production
Only Favorable Conditions
Will Insure a Nor
NAL Crop

Based upon recent estimates, 1t is
feared that the 1918-1919 beet sugar
crop of the United States may be short
of normal. 1t is believed that any in
crease in the output is doubtful in the
extreme, unless conditions from now
until the end of the season are most
favorable. The crop is suffering from
a late season and from the fact that
farmers preferred to plant for crops
which promised higher prices than the
outlook indicated for beets.
1t is estimated that $4,000 acres
have been sown for beets, compared
with 6s4,6sO last year. The greatest
acreage is in Colorado, with Michigan
second in this respect and California
third.
1t is estimated that the beet sugar
yield for 191S-I9 will not be above
$4,000 long tons. compared with 6s2,-
S67 for 1918, 734,577 for 1867
and 779,7b6 for 1815-r6. In the last
named year production was the high
est on record.
New-York tribune., 1918-07-26
Need Tinplate in Australia

Australian meat packers and jan,
producers are so much concerned over
q tinplate shortage at the Antipodes 3
that there is an agitation there to have
the government take up the question
OF manufacturing that material. In
some instances dry foodstufrs have
Deen packed in containers made from
caraooard, put at present there is a
inability to obtain sufficient raw ~, ne
terial. One jam manufa cturer whn erla
has completed contracts for 1000 1000
pounds of jam, was obliged to eud susnend
49o ~ hands owing to the shortage Of tin
New-York tribune., 1918-07-26
Wealth Markets and Commerce
War Board Cotton Prices
Differentials ON Fabrics Will
Stand Until October

WASHINGTON, July 25.-Differen-
tials to be allowed on cotton fabric,
figures on six basic prices agreed
upon for the period between July l
and October 1, were announced to-day
by the War Industries Board.
lower than the present market prices
and are as follows:
Drills from 69.29 to 57.46 cents per
pound; uniform cloth, 5000 cents per
pound; four-leaf twills, 63.81 cents
to 1854 cents per pound; sheetings,
21ss cents to 11A cents per yard;
enamelling duck, from Sd cents to 81
cents per pound; fit and twisted fill
ing duck, from So cents to Sd cents
per pound; three-leaf wide drills,
from $3.50 cents to 60.4 cents per
pound, and four-leaf wide twills, 1924
cents per pound.
New-York tribune., 1918-07-26
$500
S u s t e n a n c e
Cereals

Wheat.-Crop advices from North
western spring wheat states were
again highly favorable, and harvesting
operations have begun. According to
one authority, black rust has been dis
covered at one or two points, but 1t
was no more than usual, and the crop
is now SO far advanced that no one
feels any uneasiness regarding this
blight. The movement at primary
points was again very heavy, amount
ing to 2,173s0OO bushels, making the
largest single days movement SO far
thls season. Export sales are being
made IN increasing volume, and as soon
as thls wheat can be shipped to the
seaDoard 1t VIII be sent to Europe. Ar
eeHclha Is becoming more of a factor
IN the export movement of wheat, and
shipments this week are expected to
amount to about 5,500,0OO bushels,
which compares with 223 900 for the
corresponding week last year 1t is
estimated that Australia holds aboua
ooo,O0O,O0O bushels of wheat, which
would be moved if tonnage were avail
aDle. Crop accounts from India were
generally satisfactory, and the outlook
Tor worlds supplies during the coming
season is most favorable.
Corn.-The corn market experienced
sharp reaction from Wednesdays ad-
vance, prices closing with net losses Of
o7s to 3tsc. The fact that frost failed
10 materlallze in the Northwest dis
PEELED the fears of cold weather dam
age, which had been a factor on
Wednesday, and crop accounts, on the
whoIe, were very favorab bic. The mar
Ket DOUBTLESS was in a weaker techni-
cal position, and when the gratifying
reports were received from the battle
front IN Europe prices broke rapidly
under heavy liquidation Receipts were
somewhat smaller, but on the whole the
movement continues liberal for this
time of the year.
Inc Kansas state report made the
condlulon of the crop 756 per cent, or
a loss of Ga from last month, while
me Iowa state bulletin suggested
condition of 1o5 per cent for that
s.ate. The local cash demand was
SLOW, and while exporters were again
IN the market, the volume of sales was
small. The local cash market was firm
however, fresh shelled No. 2 yellow
quoted at Sl.9SA; No. yellow, s1SSa,
cost and freight New York.
~ Yesterdays Previous Year
- New YORK: close. close. age
Corn; No. 2 yelow.si.ess4 s1.95s4 s2.25
august august ........... 1874 1854 a.,
September 1929 1858 1.ssM
Oats.-The oats trade felt somewhat
apprehensive over the low temperatures
Continued ON page IL
New-York tribune., 1918-07-26
An Oil Well Statement

"Officials of the Houston Oil Com
pany Of Texas" the shares of which
have auctuated wildly on the New York
curb under the apparent influence Of
inside manipulation, "have been ad-
vised that the Cullinan interests, who
are associated with them in the pro
duction of OIL have just brought in
we'll on the Houston Oil Company's
lands in Liberty County, Tex, which
we'll Is now producing 1000 barrels Of
high grade oil a day. with natural
flow" We quote exactly, and we do
not assume responsibility for the ac-
curacy of this information.
New-York tribune., 1918-07-26
News Digest
Foreign

London Market Cheerful.-LONDON,
July 25.-The stock market was quietly
cheerful to-day, with the activity con-
fined to specialties like Brazilian issues,
Central American bonds, oil and ship
ping shares and home rails, the latter
on dividend payments. Allied bonds
were firm, without feature. Russian
securities declined. Money continued
tight. Discount rates were steady.
Paris Market Firm.-PARIS, July 25.
Prices were firm on the Bourse to-day
Three per cent rentes sold at 81 francs
IS centimes for cash. Exchange on
London was 27 francs 16 centimes
Five per cent loan brought 88 francs 65
centmee.
New-York tribune., 1918-07-26
Corporate Returns

Pacific Mills.-Net sales of the Pa
cifc Mills for the first half of 1918
totalled $27,S64,S 1895, compared with
$18,01S,21S for the corresponding 1917
period, and S28,274,759 for the entire
1916 year. Earnings for the first half
of 1918 amounted to S3.962,S9O equiv
alent to $26.40 a share for it's $15,0O0,-
600 stock for the period, or at the
annual rate Of more than $52 share.
For the corresponding half of 1917
the corporation earned $2,125,341. For
all of 1917 the company earned $4,475,-
5O9, or net before taxes of little less
than $50 a share, as compared with
about $23 a share in 1915 for the $12,-
100000 stock then outstanding.
Gulf State Steel Company.-June
net earnings of this corporation
amounted to S119,637, against s398,122
III the corresponding month of 1917.
Massachusetts Gas Companics.-Th
combined net earnings available for
dividends of Massachusetts Gas Com
panies for June were S479,137 de-
crease of SAILS. compared with same
month a yeac ago.
B. F. Goodrich Company-For the
six months ended June 80, 1918, B. F.
Goodrich Company reports that net
earnings aIIer making 1ull provision
for maintenance charges, depreciation,
doubtful accounts, income and excess
profits taxes and all known outstand-
ing current liabilities and accruals,
amounted to approximately $7,15O,0OO.
Stewart Warner Speedometer.-Th
Stewart Warner Speedometer Corpora
tion reports net earnings for the
second quarter, before deducting Fed
eral taxes. of S716,725, against $694,-
070 year ago, before deducting Fed
eral taxes, and net earnings for the
half year as $94,310. against $780,
904 year ago.
Niagara Falls Power Company and
Canadian Niagara Power Company
These companies report combined gross
earnings for the quarter ended June
80, 1918, of $825,724; net after taxes,
S634. 500; surplus after charges, $685.
STA.
Niagara, Lockport & Ontario Power
Company.-This corporation reports
June gross increased $58,425 to S251,
264. net earnings increased $23,198 to
$113,216, and surplus after charges in
creased $17,221 to $46,725. For six
months gross increased $362,7 ,773 to ST.
497, ,503, net increased $124,3 80 to $751;
571, and surplus $76,169 to S277,245.
New-York tribune., 1918-07-26

The above rates express the cost of
foregn money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say, $4.75lh5. The intrinsic
parity is S4.S6Ss per pound Thus you
say either that pounds arc at dis
count or that dollars are at premium,
which is owing to the fact that in Eng
land the demand for dollars with which
to settle accounts in this country is
greater than the demand in this coun-
try for pounds with which to settle 40.
counts in Enrland
New-York tribune., 1918-07-26
Dividends
Extla

Extra
Pennsylvania Coal and Coke Corpor-
ation.-The Pennsylvania Coal and
Coke Corporation has declared a quar-
terly dividend Of 81 a share and so
cents a share extra on the common
stock, payable August 10 to stock Of
record August 6.
American Brass Company.-The
American Brass Company declared an
extra dividend Of 315 per cent in addi-
tion to the regular quarterly dividend
of u per cent, payable August Is to
stock OF record July 81. This is the
same as three months ago.
Solvay Process Company.--The Sol
way Process Company declared the reg
ular quarterly dividend of 50 and an
extra dividend of 81, both payable
August Is to stock of record July 81.
New-York tribune., 1918-07-26

Interest Jagged in the stock mar
ket yesterday until the afternoon,
when there was moderate expansion
in activity and prices turned up
ward on unconfrmed reports of a
successful offensive blow by the
British southwest Of Rheims. To
all outward appearances the move
ment in prices was the result large
ly of the closing out of commit
ments by those who had sold stocks
for the decline. Competent observ-
ers have pointed of late that
large short interest has been built
up in the market by professionals
who, finding that stocks did not con-
tinue to advance after the beginning
of the successful counter offensive
Of General Foch, decided it more
profitable to take to the other side
of the market. Professional oper-
ators entirely dominate the trading
in stocks at the present time, with
the outside public participating
on only small scale. There real
ly has been little speculative trading
done by the public since the bulge
in May, and that was nothing COM
pared to outside operations in the
big markets Of 1915 and 1915.
When company like the Repub-
lie Iron and Steel reports earnings
at the annual rate Of $3776 a share
on it's common stock, after making
deductions for taxes on the assump-
ton that the impost on profits will
be heavily increased, it is obvious
that the widely expressed fears
that industry was going to be
crippled by taxation are not so we'll
founded as many persons have sup
posed them to be. In two of the
five years from 1911 to 1915 this
company earned nothing on it's COM
mon stock, and in the best year of
the five, 1916, it earned only S6.49
a share.
New-York tribune., 1918-07-26
Yesterdays Previous Yea,
Metals

. me demand for copper is as urgent
asn.l as ever Consumers have had to be
Iott'eMO u 81 WIN the small lots that are
aSailao!e after government war re-
revising the price fixed for u's The n,a+oi VI
VIII be taken up at Washington ~,
august 7. Lead continued to be scerca
as 10 quantity and firm in price. Offer.
New-York tribune., 1918-07-26
New York

Brokerage Firm Assigns.-Morgan &
Finlay, stock and bond brokers, with
Offices at III Broadway, yesterday
made an assignment for the benefit of
creditors to Walter f. Godfrey, of III
West Fifty-eighth Street. The part
ners are Ralph c. Morgan, of Brew
ster, N. Y, and Alfred E. Finlay, of
New-York tribune., 1918-07-26
Wall PAPER Restrictions

WASHINGTON, July 25.-Restrc-
tions on wall paper production to
conserve paper as agreed to by the
War Industries Board after confer
ences with the War Service Commit
tee of wall paper manufacturers will
become effective August 5.
New-York tribune., 1918-07-26
Other Dividends

United Power and Transportation
Sompany.-The United Power and
transportation Company declared a
dividend of s1.2o, payable July 80 to
stock of record July %. This com.
pares with s1.32 declared last January
New-York tribune., 1918-07-26
The Dollar In Foreign EXCHANGE

Activities in the foreign exchange
market were again restricted yester-
day, and fluctuations of rates were mar
row Exchange on Sweden advanced
slightly, whereas that on Spain de-
clined trifle. Rates on London and
Paris remained steady.
Closing rates yesterday, compared
with a week ago, follow:
(Quoted dollars to the pound.)
New-York tribune., 1918-07-26
Elections

y Moses Taylor Pyne, jr., and jaw S
rerklns have. been elected directors of
the Commercial Trust Company of New
Jersey MIR. Perkins is the secretary
New-York tribune., 1918-07-26
e Commodities


ings are very restricted. It is believed
that recent government buying has
been on a large scale. There is no
change in regard to spelter
Current prices for the principal
metals, compared with those prevail
ing year ago. follow:
Current year
price. ago
Pig iron, Besse-
mer, Pittsb'gh .- $500
COPPER, electro
lytic, lb...... s.26 .26R@.27D2
Tin, lh.. .62
Lead, lb.. .03 1-20 10
Spelter, East st.
Louis, b.. 08 3-20@.0S is .0sIz
Government prices.
New-York tribune., 1918-07-26
American Sumatra Rights

Rights to subscribe to the new Amer
lean Sumatra Tobacco stock opened on
the Curb yesterday at $40 and later
sold down to 81, closing at $3.50. The
stock f1uctuated rather widely on the
Exchange, selling up to 1919, down to
1891 and closing at 1870 for net gain
of Il on a turnover Of $4,000 shares
There was some difference Of opinion
in the Street about the benefits to the
stockholder in the proposed increase in
capital and the extra stock dividend.
New-York tribune., 1918-07-26

paper market, said yesterday: "The
commercial paper market continues
quiet. with no large amount Of paper
being offered. There is no aggressive
demand for the commodity on tho part
of the banks. Still, there is moderate
volume moving right along, but the
market on the whole is devoid of spe-
cial feature. The banks are absorbing
the limited amounts coming out. This
time of the year the commercial paper
market is usually quiet. We look for
better market the early" part of Au-
gust" Rates yesterday were un-
changed.
Canadian Bank Statcment.-OTTA-
WA, July 25.-Current loans in Canada
Of the Canadian chartered banks show
an increase Of about $3,000,O00 for
June, according to the statement just
issued. The report as of June, com
pared with the corresponding month
of 1917, follows:
June, 1918. June, 1917.
Reserve fund. .$114, ,344,o68 $113,4e45 533
Note cir'lation 194681,710 156,627,70
Demand dep. 549,327,079 44e,689, $40
Notice dep.... 965, ,924.556 90O,51O552
Dep. outside. 210, ,116,939 177,974,1 1877
Current COIN. 75,564627 77,O52,527
Domin. notes. 183,814,735 1851, ,16O
Dep. gold res. 84,47O,000 43,45O,COO
Can. call loans 76970,920 76,085,220
Canada call loans
outside 80. 17ooa4,47e 157,3os, 1873
Current loans
outside 80. 1o3,o33,2se e3,15o,o83
~ o1 1i,h
Total assets 2,349, ,836,297 2,033,622 $50
Bank Acceptances.-Only a moderate
amount of business Is being done in
bank acceptanoes, owing to the compe-
tltlon offered by the high rates pre-
valllng in the open market for money.
Rates yesterday were unchanged, as
Thirty Sixty Ninety
spot de- days. days. days.
livery: Per cent. Per cent. Per cent.
gible
banks. IS :.4a@4 4n@4A 4h@4A
E igibls
non-mem-
Der banks: :414@41s 47a@4h 49s@4a
In eligible
bank bills.5A@4s4 5I4@4M 5A@494
Sor delivery within thirty days:
Per cent.
Eligible member banks ..... ~
Eligible non-member banks. +5a
Ineligible bank bills.
Discount Rates.-The following table |
gives the current rates of the twelve
Federal Reserve banks on commercial |