davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-02-16
Does Not Look for
Federal Control of
Telegraph Systems
Clarence H. Mackay Says
Public Is Satisfied With
Present Service

The Mackay Companies, the holding
concern for the Commercial Cable
Company and the Postal Telegraph
system yesterday reported income from.
investments in other companies for ;hc
year ended January 81, last, amounting
to S4.519,364. compared with s4.6s3,265
in the preceding year. Dividends paid
on the Mackay Companies shares
amounted to S4.425,19S, against s4,o69,-
02O in 1916 The balance carried for
ward, after all charges, was $5,108,
against s557.44o the year before. The
corporation had cash on hand on Jan
uary 81 Of 1881 ,074. compared with
$1,2SS,29 the year before.
Clarence II. Mackay. president Of the
company, IN statement issued at the
annual meeting of stockholders, de-
clarcd there is absolutely no reason
for government interference with the
present conduct of the telegraph busi-
ness. nor any desire on the part Of 1he
public that the government should in
terferc.
'Thc ever recurring question of The
government ownership of public utili-
ties" said Mr.. Mackay, "again comes
to the fore by the action of the United
p x
troll of the railroads as war measure.
This naturally gives rise to the posi-
bility of similar action by the govern
ment in the case OF the telegraphs. A
study of the situation. however, Will
convince one that the reasons which
made it necessary for the govern N ant
to take over the control of the rail-
roads, even temporarily. do not exist
in the case Of the telegraph COM
panies."
The public, Mr.. Mackay believes. is
served TO its complete satisfaction by
the telegraph companies under their
present management.
According to Mr.. Mackay. the land
line system Of the company has ar
ranged to build its own telegraph line
from the city of Ogden, Utah. north
to Butte, about 400 miles. and from
Missoula Mont, westward to Spokane,
Wash. 226 miles.
The reserves Of the corporation in
creased last year, and in making new
investments the trustees confined them
selves to the purchase OF government
securities OF the highest class, namely.
securities of the American, British.
Canadian and French governments.
The trustees last year also invested in
preferred shares of the Mackay com
panies by purchase in the market.
The Makay system on January S.
1918. transmitted President Wilson 5
address TO Congress on the purposes
Of the war, from Washington westward
TO Shanghai, China. and eastward TO
Paris, France, in ono hour and thirty
six minutes, the message containing
2,755 words. The total distance was
l6.700 miles.
n ,st on tod
at the annual meeting:
Clarence II. Mackay, William u.
Cook, George G. Ward, Edward c. Platt,
George Clapperton, Milton W. Black
mar, the Right Hon. Lord Shaughnessy
X. G. V. o., Sir Vincent Meredith, Bart,
Sir Edmund 3. Osler, X. B., Sir Thomas
Skinner Bart
New-York tribune., 1918-02-16
Imports of Tin

Imports Of tin into the United States
during 1917 showed slight increase,
notwithstanding the difficulties expe-
renced BY American importers in get
ting foreign export licenses and the
fact that the importation Of this metal
is controlled by the government. In
Guiding the approximate content Of JIM
ported ore, but not including Alaskan
orc, the total imports of tin in 1917
amounted to 1896 long tons, com
pared with 66,624 tons in 1916, accord
ing to figures made public by the
Bureau of Foreign and Domestic Com
mercc. Of the 1916 imports. 49,i15
tons, or "a per cent of the total, came
from England and the Straits Settle
mcnts, whereas last year only Al 1863
tons, or 60 per cent. came from these
two sources. Imports from the Dutch
East Indies increased 14,14S tons.
New-York tribune., 1918-02-16
Relevant Comment
Recovery in Liberty Bonds

In brisk recovery on the Stock Elk
change yesterday the second Liberty
Loan per cent bonds, after opening
at 95.12, rose steadily until they
touched 96.12 on the sale of $500
bond. Wednesdays low record quota
tion was 94.70. The days turnover
amounted to approximately $780, 900.
The recovery was attended by a report
that the banks generally had increased
the rate of interest on renewals Of adj
vances to Liberty Loan subscribers from
to AZ per cent the higher rate having
been adopted with the approval of the
Federal Reserve Bank and for the pur-
pose of stimulating payments of loans
contracted last November to pay for
the second issue Of Liberty bonds. I'M
Willingness on the part of many sub
scribers to pay the higher rate was
given as the principal explanation for
the heavy selling on Thursday. The
banks yesterday seemed disposed to
support the market.
New-York tribune., 1918-02-16
Directors Named for
Baltimore Branch Bank

WASHINGTON, Feb. 15-The Fed
eral Reserve Board o-day announced
selection of directors for the Baltimore
branch of the Richmond Federal Re
serve Bank, to be established immc-
diately. The two directors appointed
by the board are William Inelc. presi-
dent Of the Baltimore Trust Company.
and formerly Federal reserve agent at
Richmond, and Waldo Newcomer, pres
ident of the aNtional Exchange Bank,
Baltimore. The three chosen by the
Richmond bank and approved by the
board are: Morton NJ. PrentiS, now
Liberty Loan manager of the Richmond
bank, who will act as both manager
and director, Colonel II. B. Wilcox,
vice president of the Merchants Me
chanics First National Bank, Balti-
more, a director of the Richmond bank,
and Charles c. Homer, president of the
Second National Bank of Baltimore.
New-York tribune., 1918-02-16
Nom Essential Operations Hurtful
1.-THE government control Of the ste.

Inc government control Of the steel
industry in respect to prices and de-
l:verles for war purposes" declare,
The Iron Age 'has been practically
a. complete as that exercised in food
and fuel. Yet il has permitted manu-
:actur'ng operations that are not only
non-essential but to degree hurtful
70 industry, as in the case of breweries
70 compete with iron and steel work :
:or the available fuel and railroad cara
That there has been tenderness to M
dustr:es that cannot help in winning
me war while iron and steel works
have been compelled to so out of bust
ness in the face of constantly incrcas
ing demands upon them for the war !,
one Of the most serious counts n ,hc
Il dlctment against the war manage
lncnt.' The point is emphasizcd that
better weather will not cure that which
was chiefly responsible for the brea,
down in the Etee, industry
New-York tribune., 1918-02-16
Fuel Episode HumiIiating

No part of the country's conduct of
The war is more humilating, in the
opinion of "Thc Iron Age" than the
paralyzing effect on the steel industry
of the collapse in the transportation
OF fuel. It wa$ described as an in
dustrial defeat Steel is a basic war
product. "Lack of STEEL says this
authority, 'such a lack as crippled the
Entente Allies in the first year of the
war, means a prolongation of the CON
hict and adds to the fearful cost in
human lives. Yet the United States,
which in 1917 produced nearly three
tons of steel for every two tons in
the rest of the world. has fallen in re-
cent weeks much below that rate and
has come far short of the rightful ex-
pectations of the Allied countries"
New-York tribune., 1918-02-16
Days

Bank Clearings.-The days bank
clearings at New York and other
cities were:
Exchanges. Balances.
New York, $685., ,7e4,54s se2, 2,55e,ee3
Boston ........ 47,oo3,452 s.141,777
Sub-Treasury.-The banks gained
$4,000 from the Sub-Treasury yes
terday.
Silver.-Bars in London were quoted
at 4234 d, unchanged; New York, S55sc,
unchanged; Mexican dollars, 6S cents,
unchanged.
Bank Clearings.-Bank clearings at
the leading cities in the country. as
reported by r. G. Dun, this week in
creased 81 per cent, compared with
the corresponding period of 1917.
London Money Market.-LONDON
Feb. 15.- Money was easy early, but
the market frightened later. The rul-
ing rate was 3A per cent Discount
rates-Short and three months bills,
3as per cent. Gold premium at Lis
ben, ITO.
New-York tribune., 1918-02-16
Underwood Typewriter
Earned $22.38 Share in 1917

Net earnings amounting 20 S3.162,2 ,225
for 1917 were reported by the Under
wood Typewriter Company, compared
with s2,54s,67l the previous year.
After all expenses, including dividends
en- the preferred stock. the balance
available for the SS,6OO.O00 common
stool. was equivalent to S22.3S share,
compared with S20.9S a share earned in
1916 on SS,500,000 common stock The
amount set aside in the expense ac-
count for Federal taxes was 100000.
New-York tribune., 1918-02-16
New York
Anthracite Shipments Shir

Anthracite Shipments > Shipments OF
anthracite in January, as reported to
the Anthracite Bureau OF information
at Philadelphia, amounted to 5.63S.SSS
tons. This was $685. tons less than
the December figures Total shipments
for the first ten months of the coal
year, which commenced on April ],
1917, amounted 20 81, ,663.456 tons, an
increase OF 9.o54,3 tons. or more than
16 per cent over the shipments Of the
corresponding period of the preceding
coal year, when the Upited States was
still at peace. Distributed by carrier
companies, the shipments during Jan
uary compare as follows:
New-York tribune., 1918-02-16
Money and Credit


The ruling rate yesterday for call
!oans was per cent, compared with 5
per cent on Thursday. The banks were
disposed to charge Stock Exchange
houses more for accommodation, be-
cause Of the increasing demands from
the government for funds to finance
war needs.
There was no change in the market
for fixed date funds. Banks, as here
tofore, showed much reluctance to
lend money on time. Rates for all
maturites were held at 5sl to 6 per
cent.
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
New-York tribune., 1918-02-16
Widening Sale of Certificates

The local Federal Reserve Bank an
nounced yesterday that it had enlisted
the services of the New York State
Bankers Association in it's campaign to
secure wider distribution of United
States Treasury certificates Of indebted
ness. John II. Gregory, head of the
association and president of the Cen
tral Bank Of Rochester, is planning to
enlist every bank in the state in a
drive to increase the sales of the GER
tiiicates
New-York tribune., 1918-02-16
Barclays Bank, Ltd.

At the annual general meeting Of
shareholders of Barclays Bank, Ltd,
held in London recently, Chairman
Frederick c. Goodenough called atton-
tion to the continued growth in cur
rent and deposit accounts, which now
amount to fl29,000,O 900, compared with
s1o5 100000 last June and SlO7 900, ,o00
in December 1916
New-York tribune., 1918-02-16
Dollar in Foreign Exchange

A fresh decline occurred in Italian
exchange yesterday, the rate going to
S.66l2 for lire checks. Exchange on
Amsterdam was iirmer. at 4414 cents
for guilder cables, an advance of &c
Francs and sterling rates were steady
Closing rates yesterday. compared
New-York tribune., 1918-02-16
Hercules Powder Report

The Hercules Powder Company re-
ports for 1917 gross earnings Of S44.-
105, ,533 compared with $63,419,O29 the
previous year. The surplus available
for dividends amounted to $5,447.962
equal TO S76.19, a share on S715O,oOO
common stock against $227.75 a share
earned in 1916.
New-York tribune., 1918-02-16
Current

The above rates express the cost of
foreign money in terms of the Amcr-
can dollar. You buy an English pound
sterling at, say, s4.75Is. The intrinsic
parity is $4.S65s per pound. Thus you
say either that pounds are at discount
or that dollars are at premium, 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., 1918-02-16
Extra Dividends

Standard Oil Company of Ohio-ilns
company has declared an extra dls',
dend Of 81 per share. in addition TO INK
regular quarterly dividend Of 50 ps'
share, both payable April ] TO stoeA-
holders of record March L
New-York tribune., 1918-02-16

In an interview published this
morning Thomas W. Lamont gives
approval to the proposed "War FL
nance Corporation bill. "Unless
we have better one Iplan1 to pro-
pose, he asks, would it not be we'll
for the community to study it and
thus determine if it is not worthy Of
earnest and immediate support?"
The answer obviously must be in
the affirmative, but the qualifying
unless should not be overlooked.
Many who have studied the ques-
ton believe that a better plan is
already in existence; namely, the
one prepared last fall by commit
tee of bankers, of which Mr.. La
mont himself was chairman. This
rlan called for voluntary regula-
ton Of security issues, under the di-
rection of a board of supervision,
composed of one member each of
the Federal Reserve Board, the In
terstate Commerce Commission, the
Federal Trade Commission and the
War Industries Board, the remaining
New-York tribune., 1918-02-16

with week ago, are given in the table
below. American bankers have sus-
pended all dealings in German and Aus
trian exchange, so that daily quotations
for either marks or kronen are no
longer available.
Quoted dollars to the pound)
New-York tribune., 1918-02-16

The turning point in the down
ward course of Liberty bonds ap-
pears to have been reached and
passed. On Thursday the second 4s
sold at 94.7o. the lowest point on
record. Yesterday they rallied
sharply-almost sensationally for a
relatively stolid issue-to above 90,
and, while some Of this advance was
lost toward the end of the day, the
net gain compared with Thursdays
low was nearly ~ points. The re-
covery was not surprising; the sur
prising thing was rather that they
should have fallen so much; and it
is to be expected that they will work
gradually closer to par as the time
for offering the Third Liberty Loan
approaches. United States govern
ment securities are the safest in
yestment in the world, and the sec
ond As were also a good speculation
below %, because they carry privi-
lcge which assures the holders that
the rate of return will be increased
as new issues make such action nee
cssary. At 94.70 the second Is were
selling on about a 4.30 per cent yield
basis; whereas they are convertible
into a security that in all probable
ity will be marketed at par and bear
Az per cent interest. In banking
circles there is little doubt that the
Treasury will decide upon Az per
cent as the rate necessary to insure
the success of the next offering.
Some hold that A per cent bond
with tax exemptions could be sue
cessfully floated, and that might. in
deed, bcs possible were the amount
limited, but it is not feasible with
such tremendous bulk as must be
tloated this time. The government
cannot place six or eight billions Of
securities with large investors, the
ones who are interested in tax cX-
cmption. Besides, a tax exempt
bond is undemocratic. and, there
fore, should not be considered. Dis
tribution of Liberty bonds probably
is doing more to check extreme So
cialjstic tendencies than anything
else. The country is divided into
TWO great classes-the "haves" and
the "haven'ts.' And every Liberty
bond sold to new investor sub
tracts ono from the latter class and
adds one to the former.
New-York tribune., 1918-02-16

Il is assorted that the erea. a.cc:
making centres Of Western Pennsvi-
"anin, Ohio and Illinois suffered ;n
similar manner
New-York tribune., 1918-02-16

five to be "chosen by the President
or the Secretary Of the Treasury
from private life"
New-York tribune., 1918-02-16

Below is given The current exchange
value Of foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune., 1918-02-16

Deductions: Tonnage reported ns
both c. r. +. OF ~ j. and l.. & n. t.
r
New-York tribune., 1918-02-16
News Digest
Foreign

London Securities Hold Firm.-LOM
DON. Feb. 16.-A general reduction in
money rates to-day, following the low.
cring Of the rate of interest on Treas.
ury bills, held gilt-edged securities
firm. but beyond an improvement in
rubber shares, in sympathy with the
commodity and strength in the French
loan and shipping stocks, the stock
market was generally dull and unin-
tcresting.
Paris Bourse PARIS, Feb. ID
Trading on the Bourse to-day was
duh. Prices were unchanged.
New-York tribune., 1918-02-16
Discuss B. X. r. Financing

One of the most important financing
problems being considered by the Cap
ital Issues Committee at Washington
in conjunction with the members of
the local committee is the manner in
which the six-ycar 5 per cent notes Of
the Brooklyn Rapid Transit Company,
maturing on July l, next will be met.
The issue amounts to $57 ,735, 900, and
is one of the largest of the 1913
maturitcs. 1t was stated at the local
Federal Reserve Bank yesterday that
the manner IN which the notes will be
met was one Of the "mattcrs tha: is
still pending" President Williams OF
the Brooklyn Rapid Transit Company
gave assurance at the annual meeting
of the stockholders, held recently, that
the issue would be taken care Of with
the aid OF the government. In all
about ten applications for new iinarc-
ing have been made TO date to the
Capital Issues Committee Tho ma
.or;ty of the issues are those of public
UtllltV cOmDaOIpS
New-York tribune., 1918-02-16
Better Understanding With Mexico


Dr. Alfredo Caturcsli. financial agent
Of the Mexican government in New
York, said yesterday that negotiations
had not yet been completed between
the State Department at Washington
and the Carranza government regard
ing an agreement which aims to re-
habltatc Mexico financially and eco
nomlcally and at the same time pro-
vide the United States with certain
Mexican supplies that arc needed for
American industry. A Washington re-
port intimated that the agreement had
hecn completed. and among other
things the United States bad promised
to send S5,00o,o00 gold to Mexico, also
corn and other foodstutfs, in return
for which the Mexican government
would lift the embargo on silver cX-
ports and make cut in the price of
sisal grass sold to American farmers.
This report caused Il sharp rise in tho
stocks of certain companies which have
large interests in Mexico. Among these
were Mexican Petroleum and American
Smelling and Refining. Officials of the
American Smelling Company in touch
with the Mexican situation considered
the prospects of an agreement ncing
reached between Mexico and the United
States as favorable. although they were
not optimistic over the outlook for the
resumption OF capacity operations at
plants in Mexico. stating that such
action is impossible until banditry has
entirely been suppressed in the coun-
New-York tribune., 1918-02-16

Commercial Paper.-This market was
dull, but the tone was firm, the best
regular maturitics moving at "a to 6
per cent.
Discount Rates.-Oficial rates Of
discount for each of the twelve Fed.
eral districts arc as follows.
New-York tribune., 1918-02-16

As ono way of solving the prob
lem which apparently is delaying
announcement of the terms Of the
next Liberty Loan, it is suggested
that the government issue a bond
bearing d minimum of 3ia per cent
interest, but subject to change every
six months according to determna-
tions Of the Federal Reserve Board.
Under this plan, the interest rate
would be frequently readjusted to
meet changing investment condi-
tions. This would be equivalent to
stabiizing the price of the bonds,
which now express changes in in
vestmcnt conditions by price fluctu-
ations.
We should be assured that the
price would neither go up nor down
very much except under influences
other than those which normally
control the movement of investment
securities. The plan has consider
able merit, but hardly enough to
outweigh two important disadvan-
tages, which arc: First, the operation
would be much too complicated to
be within the understanding of the
average purchaser Of the bonds, few
of whom arc familiar with the
mechanism of finance; and, second,
that it would remove the specula-
tive element. That is really most
important factor, in the opinion of
some of the important houses whose
business is the distribution of sccuri-
ties, in selling the bonds. There is
q widespread. and probably we'll
founded, belief, based on experience
after the Civil War, that United
States government bonds will rise
far above par when the war is over
and some degree of normality once
more obtains in the investment mar
kets. Not a few persons subscribed
more heavily to the bonds than they
would have if this speculative pos
sIbllity had not been present. The
plan outlined would, of course. elm
mate all possibility of such a rise
as many anticipate.
New-York tribune., 1918-02-16
Corporation Returns
s Envelope Compan,

Cn!ted States Envelope Company
The company's annual report for the
year ended December 81 shows net
protts Of Sl,042,519. compared with
sl,eol,329 for 1916. Dividends amount
ed to s351 ,250 against 1892 500 for the
previous year. Surplus was S43S,19S.
compared with S738l96 for the year
before
New-York tribune., 1918-02-16
lnfationary Feature

The corporation would be empow-
cred to have outstanding at any one
time eight times its capital, or the sum
OF $4,000 100000 in its own notes, run
ming for not less than one year nor
over five years, and bearing a rate Of
interest to be fixed by the corporation,
such notes to be a first charge on its
assets and to be issued at par in pay
ment of advances and offered for sale
publicly or to any individual firm or
corporation at price to be fixed by
the corporation. 1t further provides
that these notes could be dealt in by
the Federal Reserve banks in the same
manner as bonds and notes of the
United States not bearing the circula-
tion privilege, and Federal Reserve
banks would be authorized to redis-
count and purchase paper secured by
such notes just as they would paper
secured by United States bonds or
notes. Federal Reserve banks redis-
counting such paper secured by notes
OF the War Finance Corporation would
be permitted to issue Federal Reserve
notes against the same.
Some bankers have insisted that the
enactment ofAthe bill into law would
open the door TO vast imitation through
the issue of Federal Reserve notes
against paper secured by the notes Of
the corporation. Secretary McAdoo. at
the hearing on the bill before the SEN
ate Finance Committee, denied this.
and declared that the bill would tend
to prevent imitation.
New-York tribune., 1918-02-16
Indiana Pine Line Camnan.

Indiana Pipe Line Company.-Net
income for the year ended December
81 was Sl,4o4, ,l54, compared with ST.
300,S36 for 1916. Dividends amounted
to S1,200,O0O, an increase of $500 900
over the previous year. Surplus was
S254,1o4, against S400,S36 for 1916
Pine Bluff daily graphic., 1918-11-07
CAMP SONG LEADER
 AND SPEAKER AT
 "" THIS EVENING

Mir. R. C. Pifer, the camp general secretary of Army Y. M. c. A. Huts Camp Pike, Arkansas will be the speaker at the weekly fellowship lun- cheon tonight that will be held in the M. C. A. Banquet Hall at 6:15 o'clock.
 MT. Pifer is a pleasing, strong and forceful speaker and no doubt will be greeted with a goodly number of men in attendance at the luncheon, many of which no doubt heard him everal weeks ago when he spoke at a similar occasion at the local asso- citation. Preparations will be made for those only who call at the building or phone and make reservations, by p. m. Mr.-Pifer will be accompanied by Edward P. Lee, camp song leader Camp Pike who will entertain those in attendance ith song hits and army songs.
 Immediately following the luncheon thee meeting will be thrown open to the public at which time MT. Pifer i'll deliver an address and MT. Lee entertain with songs that stir the souls of men these days. Adults only invited owing to linn ited space.