davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-09-20
Elect E. S. Boteler President
N. Y. Credit Mems Association
Holds Annual Meeting

f. s. Boteler, of G. X. Sheridan g.
Co., was yesterday elected president of
the New York Credit Mems Association
at the annual meeting for 1918. Other
officers chosen were: First Vice Pres
ldent, L. S. Kolby. of the American
Ever Ready Works; second vice-pres
ldent, EDWARD B. Heyes. of w. g. j.
Sloane; treasurer. J. Hobby, jr., of the
American Locomotive Company.
The following were elected members
OF the executive committee for two
years: L. w. Lyon, of the Bankers
Trust Company; S. D. Conger, of Ed.
Mcconnell & Co; William Sage, jr., of
n. Erlanger, Blumgart G. Co; G.. f.
Chaplin, of the Federal Reserve Bank:
II. c. cambridge. of Charles T.. Balm
BRIDGES Sons; George E. Gaddis. of
the American Can Company, and j. L.
Medler, of the Atlas Portland Cement
Company
An announcement was made that the
annual banquet of the association
would take place at the, Hotel Astor
on October "a.
New-York tribune., 1918-09-20
Ready for 4th Liberty Loan
Announcement of Size and
Rate Expected This Week

WASHINGTON, Sept. 19.-The size,
interest rate and other terms of the
fourth Liberty Loan were considered
to-day by Secretary McAdoo in confer
ence with his Treasury advisers. An
announcement probably will be made
this week.
The amount is still expected to be in
the neighborhood of $6,OOO.O000 900 and
the interest rate Az per cent. The
decision apparently awaits only final
action by Congress on the pending bill
to extend tax exemptions on Liberty
bonds, or assurances that the cxemp-
ton feature will not be changed in
conference.
The Bureau of Engraving and Print
ing is ready to begin turning out
finished bonds within an hour after a
decision is reached on the terms and
small amounts of bonds probably will
be in the hands of district committees
on September 28, the opening day of
the loan.
New-York tribune., 1918-09-20
Cash Offer for
Western Indiana
Note Extension
Holders Will Receive l Ia
Per Cent Compensation
for Renewal

Holders of the s15,000,OO0 oneyear 6
ern Indiana Railroad, which were de-
faulted on September l as result of
the failure of the railroad administra-
ton and j. P. Morgan e. Co. to agree
on either a refunding or renewal plan
previous to that date, are now offered
the opportunity to extend their hold
ings for another year at the same rate
for cash compensation of $3.50 on
each 81 900 note.
According to circular to the note
holders sent yesterday by the syndicate
of bankers that floated the issue year
ago the extension plan has the approval
of the railroad administration. In ad
dition to the Morgan firm this group in
cluded the First National Bank, the
National City Company and Harris,
Forbes & Co. The circular stated:
with regard to the Chicago e. West
crn Indiana Railroad Company one
year per cent notes which matured
on September l and were not paid, we
have received advces from John Skel-
ton Williams, director of the division
Of finance, railroad administration, who
states the director general would be
willing to enter into contract with
the Chicago g. Western Indiana Com
pany whereby the standard rental to
be paid during the period of govern
ment control shall provide a sum of
money sufficient to pay all present fixed
charges and taxes, including 6 per cent
per annum on this issue of $4,000, 600
of notes.
"In view of this assurance from the
railroad administration of the income
to be received by the Chicago e. West
ern Indiana Company under the gov
crnment railroad control bill, we have
been requested by the company, with
the assent of the railroad admnistra-
ton, to ask the noteholders to extend
their notes for one year at 6 per cent
with the present collateral remaining
unchanged. upon payment for eXten-
sion of compensation of / Il per cent
of the principal amount of the notes
extended. The investment yield on the
extended notes would thus be slightly
over ~ per cent"
Although the bankers were told by
the railroad administration that they
might retain as their commission under
the renewal arrangement one-fourth of
l per cent of the total involved, this
was declined, with the statement that
they preferred such compensation
should go to the extending noteholders.
In the earlier controversy that arose
between Morgan e. Co. and John Skel-
ton Williams the latter charged that
the bankers had refused to renew the
notes except on terms which would cot
the road approximately 94 per cent
This was denied by the Morgan firm in
a reply, which made the counter charge
against Mr.. Williams that he had acted
unfairly in the negotiations by not
showing all the spondence.
New-York tribune., 1918-09-20
FINANCIAL MEETINGS
SOUTHERN PACIFIC comp,xv
No ICE OF MEETING.
100 broadway. New York Y Y

I y
A Special Meeting OF the Stock bolds. a..
the Southern Pacific Company vii ha s.i oi
al me once OF this Company in Anchors:r.a
Jenersoh county, KENTUCKY, on Wednsssss.
Octoher 3, 1918. a. ~ o'clock noon sue" .sy'
ard time. for the following purposes sto' StaAo'
10 authorize, approve and ratify fIt -.
execution and delivery OF a contract ~ o-'.eAs e.s
tracts between this Company senarats, uon.
jointly with any one or more or sii ~ oi
proprietary and affiliated compantas -
party or parties of the first part snS 80
United States. or its representative '.,. a.
party of the second part, relafiny az
compensation to be paid for the nos,a. % tns
use and control Of the rajlros5 and sn' s.'n'
or transportation. and its appurtenancss u.
TINS Company and of such of lis nro.' "
tary and affiliated companies ~ sn,, f'.
shall be parties TO such contract. and ~ .ss
opera tion, maintenance and return of - ..'
properties. <pd TO any other MATER a-a ~an'
nected with Or growing out OF the t,,,,s. con.
over Of the said properties by the pres,in...
or the United states, and 90 any action a,
the Board of Directors Of this Comnanv !.
respect thereto; to authorize the said Ro.-d
% TO alter. amend or add to such 30.
tract. % TO collect the compensation IN =,
paid under such contract, and. II said can
tract be joint. to agree with the otbs,
companies parties thereto as to the div,.in.
of said compensat ton. and to take all s,ch
other and further action as the said Rosrs
shall deem necessary to secure adeoua.s
compensation, proper use. opera atom ANA
maintenance, and timely return OF the
properties so taken over; and generally 10
consider and act upon any and all ouestior,
and matters incidental to the purpose,
aforesaid or growing out Of the Aforesaid
Federal Control Of properties of this Com
pany and its proprietary and affiliated com.
panies
For the purposes Of the meeting the hook,
for the transfer of stock VIII be closed at
O'Clock ?. NJ, Tuesday. September "a, 1918.
and Will be reopened at 10 o'clock A. NJ
Thursday. October 10. 1918
By order of the Board OF Directors
HUGH NELL. Secre.ary
New-York tribune., 1918-09-20
Shipping Shares Stronger

Shipping shares came in for a brisk
rise in yesterdays stock market trad
ing, but the earlier strength was not
maintained throughout the session.
Atlantic, Gulf e. West Indies, which
has been dormant over a long period,
jumped from 1929 to 106 and closed
at 104as for net gain OF 23s. Inter
national Mercantile Marine preferred,
after selling up to 103 fell back to
1922, an advance of IS. The advance
in Marine was accompanied by greater
strength in the 6 per cent bonds. which
sold as high as 994, compared with
last weeks low price OF 97H4. Last
June these bonds sold at 1925 on re-
ports that the long pending deal for
the sale of the British assets was about
to be completed. The latest rumor is
that even if the deal is perfected it
may not involve the retirement of these
bonds
New-York tribune., 1918-09-20
Co. Nav
SoonRebuildPlant
Stripped by Huns
Near Lille, France, 1t Has
Been Within German
Lines Four Years

President Cyrus H. Mccormick of
the new International Harvester Com
pany said yesterday regarding favor
able action by the New Jersey Public
Utility Commission on the merger of
the two harvester concerns into the
corporations is the first important step
of progress made possible by settle
ment of the governments antitrust
suit.
eve are now not only relieved" he
SAYS, "of the burden of the litigation,
but are free to keep closer pace with
the radical developments that are rap
idly taking place in all lines Of Amer
lean manufacture and distribution.
Henceforth, by reason of this consoll-
dation, we shall be better able to assist
in supplying agricultural machinery
to the farmers not only Of America,
but of all the countries that are help
ing to furnish food for the Allied
armies and peoples.
at is possible that even before the
war ends, perhaps very soon, we can
put the advantages gained by the con-
solidation to good use in the rcha5ll-
itation of our factory in France, near
Lille 1t will be recalled that this
plant has been within the German
lines since October, 1914. and has been
completely stripped by the invaders Of
goods, raw materials and machinery.
"When the war is finished VIC shall
also be much better prepared to per-
form our part Of Americas twofold
task with respect to the countries
where war has crippled agriculture
the task of helping these countries to
feed themselves again from their own
fields and of regaining the trade with
them ir American goods.
"Neccssarily the conditions of this
trade will be difficult and even chaotic
for some time. When, for example,
Rumania is set free and Russia has
achieved stable government it will
probably be found necessary not only
to replace practically all farm equip
ment, but also to restore the very
means Of sale and distribution.
Upon the return of peace it may be
expected that the most immediate and
pressing demand of all the nations that
have suffered physically from the war
will be for producing machinery,
and naturally they will turn for it to
America. The reunited Harvester
Company plans to do its full share
toward supplying this vital need"
New-York tribune., 1918-09-20
Elections

J. A. Lewis, vice president OF ths
National Bank of Commerce, ST. Louis'
has been elected a vice president OF tns
Irving National Bank. J. F. bouhet'
cashier, has been elected vice-presl.
dent, and retains his position a. q
cashier. Richard j. Faust, jr, A. I.
Van Doren, Kelley Graham and james
Heckscher were elected vice-preslden'';;
and G. n. Jacobs, assistant manager u
the foreign department, was eieele'
manager of that department, succeed'
ing Mr.. Hecks cher.
D c. Jackling has been elected pres,
dent of the Butte and Superior Minlns
Company, and Charles Hayden' "s. ,
elected director, succeeding the la''
n. Bruce Mackelvie.
Henry H. Wehrhame was elected
vice president of the Distlllers oeeS'
rites Company, succeeding John ~
Hodges, resigned Theodore +. Nes,
nolds takes Mr. Hodges place on 'a'
board of directors.
Alfred B. Atkinson mas been ap,
pointed assistant manager of the br0n'
branch of the Columbia Trust OoiA'
pany.
j. NJ. Maxwell has been elected pres
dent of the Farm Mortgage Banker,
Association of America. B. Peters VS.
elected first vice president ana =
Moore was appointed second vlce-pfe'''
dent.
c. L. Addison, Benjamin Evan ano
W. +. Brown have been elected directo,i'
of the Brooklyn and Coney Island le'''
graph Company.
George J. Adams. A. ]. Couh':
George W. Wingate, Harry TalmalaI.:; n \
l.. Addison. Benjamin Evans and " u
lam +. Brown were elected directors y y
the Prospect Park & Coney Island AaH
road Company. 4
New-York tribune., 1918-09-20
u. S. Creditor Nation
By $4,000, 900, 600
Banker Rovensky Estimates
Postwar Interest Receipts
At $45O,OOO,OOO

DENVER, Sept. 19.-Assuming that
the war will not last more than year
longer, the United States will emerge
from the struggle creditor to the eX-
tent of about s9,ooo,o 100000, John f.
Rovensky. vice president of the Ma
tional Bank of Commerce in New York,
told the members of the American IN
stitute of Banking in an address de-
livered before the annual convention
here to-day.
The United States entered the war
a debtor nation, Mr. Rovensky said.
We owed the world about $4,000, ,000,-
600. While no exact statistics are OBJ
tainabe, our net debt to foreign coun-
tries was probably extinguished about
two years ago. Our entrance into the
war accelerated the movement, he said,
and at the present time our lnterna-
tional position is about as follows:
Prior to the outbreak of the war
there were held abroad in the form OF
stocks. bonos and other securities
about $4,000 600 In addition, for
cigners resident abroad owned property
in the United States worth about
$1,000, 100000; in other words, the
amount of foreign capital invested in
this country at that time was, roughly,
about $1,000 OO0,0 Since the out
break of war the net imports of gold
amount to about 81 100000, 900 This
makes a total on the debit side of our
balance sheet of about $4,000 900. 900.
"On the other side of the sheet we
find the following: American citizens
owned foreign securities and other
property worth about s1,5o0, 900, 900.
During the war, up to July L, 1913, we
exported more than we imported mer-
chandise to the extent of about S10,-
900 100000. We exported more than
we imported silver during the same
period to the amount Of about $780,
O0v.000
From this it will be seen that we
are to-day creditor nation to the eN-
tent of over $3.50 900 900"
According to Mr.. Rovenskys analy-
sis Of the situation, if the war con-
tinues another year the world will owe
the United States an additional So ,O0O,-
100000. He estimated that after the
war the United States would, there
fore. receive from foreign nations an
nually about $3.50, 100000 in interest on
its loans instead OF having to pay about
$4,000, 600 annually in interest. as t
did before the war. Against this there
would be charged items of payment to
foreign countries amounting to $325,-
100000, leaving net annual income to
tho United States of about Sis, 900, 900.
To this would be added the annual net
trade balance in favor OF the United
States OF about S49O 900 900.
Mr.. kovensky expressed it as his
opinion that the United States would
follow the steps of other creditor ma
tions and would find it more profitable
20 leave its $4,000, ,000,0o investment
abroad and rcinvest the income in for
cign fields, using it for the purchase
of securities and the building up OF
lhdustria! enterprises.
"While the market IN this country
Tor foreign securities is to-day confined
largely 10 government and munic; pal
securities, 1t VIII doubtless in time
expand to include securities Of rail
ways. steams ship companies, manufact-
uring, mining and other enterprises.
Not only will American money be in
New-York tribune., 1918-09-20
Wealth Markets and Commerce s

movement in solid cars from origin to
destination OF less carload freight
The coordination of floating equip
mcnt at New York harbor, "resulting
in greatly increasing the efficiency of
marine equipment and the more eco
nomical movement of traffic in the
harbor"
The control of ocean bound traffic to
prevent cross hauls from one place to
another unnecessarily.
The arrangements made for the use
Of the Baltimore e. Ohio Railroad
through the Youngstown district to re-
lIeve other lines and facilitate traffic
movement
The utilization Of the Pittsburgh E.
Lake Erie, New York Central and Balti-
more e. Ohio railroads for handling the
flow of lake coal from mines on the
sylvania lines west.
The cooperation established between
the rail and coastwise water transpor-
tation systems.
The appointment of terminal man
ayers at important centres to co0rdi-
nate the facilities and operations of
the several railroads.
The elimination of competition as
between railroads for the purchase of
ties, equipment, etc, and unifying con-
troll of purchases through Fan organi-
cation that has been effected of the
purchasing officers of the railroads in
the various Districts"
Abolishing of the freight and pas
senger traffic associations, including the
statistical bureaus connected there
with, succeeded by the freight and pas
scnger traffic committees, (which have
iraugurated a practice of establishing
car capacity loading as minimums in
fixing new rates on low class commod-
ties, revising and standardizing rates
downward tendency of rates resulting
from reducing the higher to the lower
and the publishing of tariffs in consoli-
dated and simplified form"
New-York tribune., 1918-09-20
Finance Economics
WALL STREET OFFICE:
Mills Building, IS Wall st.

Economic laws are immutable,
and not to be altered by legislative
decree. Congress might enact laws
without number to make the dollar
worth one hundred cents in, say,
Dutch money, without affecting that
exchange in the slightest degree. 1t
could create a dozen foreign ex-
change banks, and the fact would
still remain that an adverse eX-
change can be corrected in three
ways, and in three ways only:
/. BY shipping gold to settle the
unfavorable trade balance.
2. BY increasing exports of COM
modities, thus automatically re-
dressing the trade balance.
8. Temporarily, by procuring cred
its in the creditor country, to be
hquidated with gold or goods later
on.
Just now only two of these meth
eds can be utilized, the expectation
of gold having been prohibited. The
effective way of rectifying the un-
favorable exchanges would be by
the shipment of gold. In the Fed
eral Reserve banks alone we have
over S2,000,000,000 of the metal,
while the total stock of money gold
in the country is officially estimated
at nearly 100000. This esti-
mate is generally regarded as mac
curate, the actual total probably be-
ing in the neighborhood of S2,7O0,-
100000 or $2,S00,000,0OO. HBut, no
matter which is the correct figure,
it is evident that we have more gold
than is required to sustain the
credit structure. We could readily
export good deal of it without en-
barrassment or disturbance to the
banking position; at least leading
bankers and economists hold that
opinion. And by shipping it we
would not only rectify adverse ex-
changes, and thus save the many
millions of dollars we are now pay
ing to various neutrals, but also
check inf1ationary tendencies. There
would be less disposition to rely on
imitation in war finance if our gold
hoard were reduced.
In any event, a bank such as Sen
ator Owen proposes to establish
could hardly do more toward main
tanning the dollar at par in terms
o. foreign moneys than can be done
with existing financial machinery.
1t could not arrange credits with
any greater facility than the Treas
ury Department or the Federal Re-
serve Board. 1t could not increase
cur exports of commodities at all.
But it would tend decidedly to dis
courage the expansion of foreign
business by other banks, and that
alone is sufficient to condemn the
bill. The tendency, now plainly dis
cernible, to extend Federal control
over banks to unreasonable limits,
as evidenced, for example, in the
proposal, apparently abandoned, to
assume control over all bank loans
of 100000 or more and to create
Federal institutions that would
compete with the banks, is danger
GUS and should be discouraged.
New-York tribune., 1918-09-20
vested abroad through the medium Of

vested abroad through the medium Of
but doubtless direct investment VIII
also be MADE in the form of American
manufacturing and mercantile enter
prises established in foreign lands
South America has already been pens'
fitted to a considerable extent by the
introduction of American capital, and
the Far East presents limitless oppor'
tunities for the investment of our cap
ital." -,
In conclusion. Mr.. Rovensky sad
that the star of financial and economl'
supremacy that has been travelling
west since the dawn of civilization, and
now rests over London, viii again moYs
onward in its course and cross the
Atlantic
New-York tribune., 1918-09-20
Distillers Dividend Unchanged

The expected happened yesterday
when the Distillers Securities Company
declared the regular quarterly dividend
of y of / per cent and Ia per cent
extra. The stock showed no response
to the action of the board, despite its
recent severe decline. On a turnover
of 1900 shares the price fuctuated be-
tween 539s and SO. the closing quota
ton. Henry H. Wehrhame was made
a director and vice president, to sue
ceed John X. Hodges Theodore +.
Reynolds, of the Pyrene Manufacturing
Company, was added to the board and
the executive committee.
New-York tribune., 1918-09-20
McAdoo Approves
Rate Increase for
American Express
Advance May Yield $780,
900, but Final Action Rests
With |. E.. G..

WASHINGTON, Sept. 19.-Dircctor
General McAdoo has approved the np-
plication of the American Railway Ex-
press Company for further rate in
creases, estimated to yield S23 ,670 900.
and has sent the proposal to the Inter
state Commerce Commission for final
action.
The commission announced tonight
that public hearings on the matter will
begin Tuesday, October 8.
New-York tribune., 1918-09-20
Whiskey Scarce in Scotland

There is a whisky shortage in Scot
land, according to consular report
from Dundee, which says stocks were
depleted by the holiday "rush," which
was enormous this year. Retailers are
said to have an unusually small amount
of this liquor on hand and must wait
until October I, when the new alloca-
ton will be made. Dealers are en-
titled to SO per cent only of their
sales in 1915.
New-York tribune., 1918-09-20
Delay in Loan Interest

The discovery was made in Wall
Street yesterday that New York own
ers of registered bonds of the third
Liberty Loan issue had not yet re-
payment due September IS. 1918. While
no information on the matter was OBJ
tainable at the Federal Reserve Bank
or at Liberty Loan headquarters, it
was asserted in responsible quarters
that the overworked machinery of the
Treasury Department had failed to
function exactly on time. Few hold
crs of the bonds were worrying about
the delay; they realized the huge task
of the Treasury and refused to criti-
New-York tribune., 1918-09-20
STOCKHOLDERS. MEETING

Notice is hereby given that the Annual
Meeting of the stockholders Of THE CON.
SOIIDATED PROGRESSIVE OIL COR.
PORATION VIII he held a the Offices o..
the Company. 80 Broad St. New York City
Friday. November s, 1918. The books Of
the Corporation permanently close for sub
tember 80. 1918. Books close for transfer
of all stock Wednesday. October 80. 1918
and reopen for transfer Friday. November
a. %. FORAN- Secrotarv & Treasursr.
New-York tribune., 1918-09-20
Pierce Oil Brings In New Well

Pierce Oil stock, which has not par
t.cipated in the recent advance of other
oil issues listed on the Stock Exchange,
became more active yesterday on the
announcement that the company has
brought in new we'll in Mexico with
an estimated capacity Of 10000 barrels
day At its closing price of II the
stock was up q over Wednesdays last
ca 1o
New-York tribune., 1918-09-20
Armour G Co. Dividend Action

Advices from Chicago yesterday
stated that Armour G. Co. had declared
an initial quarterly dividend of 1al per
cent on the $6oooo,ooO new preferred
stock, which is being exchanged for
outside debenturcs. 1t is estimated that
S2,OOO,O 900 of the new stock is now out
standing through conversion of the
New-York tribune., 1918-09-20
Telephone
Hanover 6514

crease of S2?2,336 in its gold holdings.
The proportion of reserves to liabil-
tiles now stands at 1890 per cent, COM
pared with 1920 per cent week ago.
Tho statement with the changes from
the preceding week folows
Gold ..... .G70995.727 Inc 292, 1886
Reserve, .... 80, 0,147,OO Dec $4,000
Notes reserved 29,3o2,00O Dec. $4,000
Circulation =. 59,4O0,O00 Inc. 345,000
Public dep. 38,132,0O0 Inc zoos. 900
Other dep. 1923, ,955, 900 Dec8,969, 900
Gov. securities 56,567,00O Dec 100000
Other secur't's 99.546,000 Inc. I, 1854 ,0O(
Discount Rates.-Tho following table
gives the current rates of the twelve
Federal Reserve banks on commercial
paper on all periods up to ninety days:
New-York tribune., 1918-09-20

London Money Rates. - LONDON,
Sept. 19.-Money remained unchanged
at 3 per cent. Discount rates were:
Short and threc-months' bills, 1872
per cent Gold premium at Lisbon re-
manned at 1870.