davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-10-24
New Texas Co. Stock
Issue Approved
Directors Vote Favorably on
Plan to Bring Out
$15,625,OOO

Directors of the Texas Company
have approved the issuance of $685.
600 capital stock, Of which $13,S75,O00
will be offered to stockholders of
record December 80 at par on the basis
Of ono share Of now stock for each
five now owned, according to an Official
announcement yesterday. The new
stock will participate in dividends from
July /, 1919.
The balance Of s1,75o,0O0 not offered
TO shareholders is to be sold at par to
trustee for allotment and sale from
time to time to employees Of the COM
pany and its subsidiaries in the discre-
tion of the board of directors. The
capital increase has been approved by
the Capital Issues Committee and will
be presented to stockholders for their
sanction at special meeting scheduled
for December l6. 1t is understood thnt
the proceeds from the sale of the new
bank loans and to provide working cap
ital for new development work.
Arrangements have been made SO
that a first instalment Of so per cent
shall be paid on or before February 5
and the second insta!ment of SO per
cent on or before May | next.
1t was also announced yesterday that
the declaration by the American Su
matra Company OF Il 8 per cent stock
dividend had been approved by the
Capital Issues Committee. The COM
mittec in it's letter of notification, how
ever, made no reference TO the applica-
ton of the company to issue additional
common stock at par for the purpose
OF raising extra working capital.
New-York tribune., 1918-10-24
Steel Trade Looks
Beyond the War
But No Abatement of War
Activity Has Been
Permitted

The need of government control over
iron and steel prices during the transi-
tion from C. war to peace basis is be-
ing emphasized in the industry. 1t is
believed that such control would
shorten the period CT unset ttlement and
guard the market against abrupt
changes. In view of the recent peace
discussions "The Iron Age" this week
states that already a widespread can
vass Of factors IN the coming read
Justment is being made. No abatement
in the government pressure for high
speed production. however, has been
permitted.
"Throughout the trade" says "The
iron Age" "there is the feeling that
upon every facility Of production, and
that is still the dominant view. The
quieting effect of peace talk has been
noticed particularly in the markets for
pig iron. scrap and ferro alloys, all of
which have until lately shown more
freedom Of action than finished steel.
Some pig iron sellers are protecting
themselves by the proviso that unless
changed by government action the
present prices shall apply on all iron
delivered under the contract. Thus if
trollcd price policy were terminated,
the prices now prevailing would con-
tlnue to be the basis of settlement"
Evidence is noted Of an increase in
the influenza epidemic in the districts
Of largest steel production, but some
progress has been made in fighting the
disease. and wholesale serum innocu-
lation has been resortcd to at the
Steel Corporations plants.
New-York tribune., 1918-10-24
Stock Market
Weake11s as Money
Committee Meets
Rates on Call Loans May
Be Raised, Is
Report

The money committee held two ses-
sions yesterday in the Office of Ben
jamin Strong, governor Of the Federal
Reserve Bank and chairman Of the
committee. Although it was reported
that the committee was considering dis
continuing its policy Of keeping money
rates for stock exchange purposes
stabilized at the present level, it was
impossible to obtain an authoritative
statement.
Governor Strong after the second
conference of the day said: "The
members Of the money committee met
here to-day, but authorized no public
statement"
1t was indicated that, If the COM
mittce makes significant change in
its money policy, formal announce
ment would be made. Members of the
committee declined to reveal whether
there would be additional meetings to-
day.
In the absence Of official information
lated around the Street. 1t was per-
sistently said that the money CON-
mlttee might raise the rate on call
money to s per cent. Under the su-
pervsion of the money committee, rates
on call money on mixed collateral have
been stabilized at G per cent and on
industrial collateral at 612 per cent.
Time money has been quoted at 6 per
cent.
The tendency of the stock market
was reactionary yesterday as result
OF the atmosphere Of uncertainty as
TO what the money committee would
DO. When it was learned around noon
that the committee was once more in
session, a mass of realizing sales led
to a measurable decline. Later in the
Gay there was a recovery, bringing up
some stocks from l to 8 points above
the low of the day, but the close was
irregular. with q weak tendency.
The first meeting of the money COM
mittee yesterday, which was the second
in two days, started at noon and lasted
more than an hour and II half. The
second conference began at 8 o'clock
III the afternoon and continued until
after O'Clock.
A meeting of the Board Of Cover
nors of the Stock Exchange took place
in the afternoon. 1t is believed that
II. G. S. Noble, the president of the
exchange, who conferred with the
money committee Tuesday, reported to
his associates on the matter. At the
Stock Exchange it was said that the
meeting of the Board of Governors was
"a routine meetlng.'
New-York tribune., 1918-10-24
Butter, Cheese and Egp.

h"iter.-Receipts to-day were l2sts
packages. Creamery, higher than ex-
fras, lb, $50 58ac; extras. 81 score
ol4 q 97'zc; firsts, 8S to 81 score. $50
o'c; seconds, SO to 81 score, 52sn
% &c; lower grades, 49@ SIC; unsa,ted
higher than extras, $3.50 soc; extrse
% % y .s'a o9c' firsts, 56@ SIC; seconds
93's q % &c; state dairy tubs. fines,
o6'a o7c; good TO prime, 52a 55c: com.
mon mon to fair, ara 5ls; renovated, extras
ou e y Ole; tirsts, 4S Acc: lowe,
grades, 43N 48c; imitat on crea,r on,.
hrsts, 45o Acc; ladies, current mska
hrsts, IL q a 42c; seconds. ..,,. Ne'
grades, $50 292c; packing stock cn,.
rent rent make, No. /, 40C0 40sc: No- ,
''l2c; lower grades, $50 39c.
tneese; Receipts to-day, 025
poNes. State, whole milk. fresh fafs
speerlais' ~ colored, lb, SO l2c; white. 33G
80 30 ~ average run, colored 32izT
So SoI - %a1'e. 52,9 80 l2c; lower grades,
- y ,oAc; TWINS, specials, 38G0.3SIs
@aoe'asc aet run 81 12c; lower grades. SOD
~; mats held, specials, 314032l5c.
average run. 29@31c: twins he ID sns sze'
GIals' 31'93212c; average run. 2SG3Ic.
whole milk, Twins. held 3Ia 3:Sv9nsln' gad.
Double Daisies, held, 3o@ S3c; Yonns,
ier'ess eias' as 200 q g &c; State, skins spe-
zaa24c; far to good, 2o@22c; love-
grades, S018c. '0"e'
the eSSNsmRsseipts New Ter xsG-day, as reported by
lo'567 packages. Fresh ratbered bre,i4''se' &C.
r4 1Eas' per dozen, $50 5sc; extra first gs
5Ia 5le DC: d;I+;al tirstS, $40 sc; seconds 4sG
poorer. 40@44c; checks. GOOD ~ cLoiaS sau
ary. 4ole42c; undergrades, $50 sec: ere re,
naig alsefatST lsHa aS2ecia marks. fancy, charges
ga4G, g546.. 4o'a sa ~; firsts, charges paid, "a
q +9c; roc; seconds, charges paid. 42M &c.
undergrades, 40@42c; state. Pennss.i' s1e
v52Ia ma and and nearby Western hennery
whites, ilne to fancy, ss@ 90c; ordinary
10 prime, 75@S7c; gathered whites
ordinary to fine, 72@s7c; Western 1''sqS; sn,I
southe5n stata pI gathered whites, 65GsSc:
) state, late pennnsylvania m and nearby hennerv
crowns, 63@c5c; gathered brown mn
mixed colors, 50060c. "''''
New-York tribune., 1918-10-24
News Digest
Foreign
London

German Reply insincere, London
BROKERS' Niew.-LONDON, Tuesday,
Oct 22.--Germany's reply to President
Wilson was considered pure camoufage
on the Stock Exchange to-day. Gilt
edged securities and domestic railways
were steady, with demand that ex
ceeded the supply of available stocks.
The land group was active and rising
French rentes were feature of the
day in view of the new issue at Paris.
Shippings were weak. The base metal
section hardened. 1t is understood
that negotiations are proceeding toward
the formation Of 81 British company
with capital of s5,0Oo,ooo in connec-
tion with mining and the disposal of.
metallic products. Money was in bet
ter demand and discounts wore quiet.
Paris Boursc Quict.--PARIS, Oct. 23
Trading was quiet on the Bourse to-
day Three per cent rentes sold at 62
francs for cash. Exchange on London
was quoted at 26 fraAcs, centimes.
Five per cent loan brought SO francs
60 centimcs.
New-York tribune., 1918-10-24
Current
Western Oil Runs

Receipts of crude petroleum from
the wells by the lines of Kansas and
Oklahoma that make regular monthly
reports of runs and estimates Of out
side lines aggregated 10.998,2S3 barrels
for September the daily average being
S66,609 barrels, according to "The Oil
City Derrick" As compared with the
August report, this was decrease of
385,7e0 barrels in the total and loss
of 6lS barrels in the daily average, the
decline being largely accounted for by
there being one less business day in
September This leaves the high rec
ord of the runs during the year to
July, when the total was 1,s42,23 bar
rels, with q daily average of 3S2007
barrels. In September, 1917. the
amount reported was 1l,574 $40 barrels,
with daily average of 3S5.S 1928 barrels.
The figures of the present report show
loss in the aggregate of over half
million barrels from that of Il year
ago
New-York tribune., 1918-10-24
The Way to Sell Bonds

The following IS extracted from
personal letter from resident Of
Bureau County, Ill.,, to a prominent
NeaC York banker:
''We in Bureau County are very
proud of the fact that we only gave
one dav to the people here for the real
drive in the Liberty Loan and raised
more than our quota in that time. The
people in the county were all card in
deXed and rated according to what they
had given to war causes, what they had
purchased IN bonds previously, etc.
and they were summoned to appear at
their respective polling places to make
their bond purchases. Every hour the
bells rang and the whistles blew to
remind them, and most of them came
in person and came across with their
money There was banker at each
place to turn their applications over,
too, and 1t was gratifying to my COM
munity pride to see how we'll most peo-
pie responded"
New-York tribune., 1918-10-24
| n d u s tria
Cotton

A less optimistic view of peace pros
poets and unfavorable statistical feat
urcs were considered responsible for
n sharp break in the cotton market
yesterday. After selling at 1888 early,
December rallied TO 1890 but later
broke to 1924 under renewed liquida-
tion and increased Southern selling.
December closed at 1928, with the gen
eral list closing barely steady at a net
decline of 38 to 60 points.
The market was weak at the open
ing. prices declining from to 27
points, owing to Liverpool, Wall Street
and scattered Southern selling. Offer
ings from the latter source were not
greatly in evidence, and after selling
about 25 to 90 points net lower right
after the call the market steadicd on
covering and reports of colder weather
in the belt. Rallies to about Tuesdays
closing figures met increased offerings
and the market was weak in the late
trading.
Southern selling was more in evil
dence toward the close. creating an i'm
preston around the ring that the
weight Of accommodating supplies in the
interior was beginning TO make itself
felt.
Much of the selling by houses with
Wall Street connection was attributed
to the liquidation of long contracts
bought toward the end of last week on
the optimistic views of peace pros
poets.
The Liverpool selling was one of the
features of the dav and was believed
to be on straddle account in anticipa-
tion of wider differences between the
two markets. This also would suggest
less favorable view of the outlook
for peace, and the situation in that
respect was consequently regarded as
one of the chief factors on the break.
Reports from the goods trade indi-
cate that manufacturers are more will
ing to sell for the first quarter of next
year and that spinners are also more
inclined to sell yarns at the govern
ment prices. This was taken as re
aecting a growing belief that there
would be no advance in the price sched
ule when it is revised next month, and
in some cases buyers of goods are now
said to be holding off in the hope that
prices may be shaded should there be
further declines in raw materials. Ex-
ports for the day were 23,710 bales.
Southern spot markets as officially re-
ported were unchanged to SO points
lower, with Little Rock reporting sales
of 1873 bales at a decline of 25 points
10 31.00 for middling.
The rage Of prices follows
New-York tribune., 1918-10-24
Securities at Auction

The following securities were sold yesterday a.
sne exchange salesrooms of Adrian H. Mul er
81 600 Columbus Magnetic Springs d Northern
hallway per cent 20 year gold bond. dus
Nov, 1881: May. 1909 coupon attached . s2Os
For Account OF Executors
81 600 Phenix Lace Mills. od Pheni1 ahods
Island. nrst mortgage. per cent Bond due
1925 -.............. - IS
Fer Ae,ouns Of Whom Il May Concern
100 shares Fede-a Dye Stur K Chemical Cor
roracon. pf 80 00o Yolo Wa-cr and Power Co
nrst mortgage per cent gold bonds 49, 81 800
ZOE shares Iowa state Savings Bank Sioux City
Iowa certificate No IL In name of Morgan
Truer' n 60. (eloe eachl ........... Al 'coo
100 shares Holiday Chemical Co tsieo esch) IS
SO hoD Pacific Sugar Corporation interim re-
celpts, eSchanseable Tor ms. mortgage pr
cent l0-year sinking fund gold coupon bond.
each1.
10 shares Excelsior Brewing Co $500 e.ch, ses
l2o shares Queens County Trust Co 0iae
us sh.rss Troy Tr7ls, o.. N. r tiieo s.snj III;
New-York tribune., 1918-10-24
Other Cities

Forming Hide and Leather Pool
WASHINGTON, Oct. 23.-An inter-
natlonal pool of hides and leather is
about to be completed by the Allies
and the United States, with the ex-
ecutive sitting in Washington. Chair
man Baruch of the War Industries
Board announced to-day. The agree
ment has been accepted III principle,
but the details remain to be worked
out The purpose is to eliminate com
petitive buying ard distribute the
products at prices to be determined
By the pool executive.
New Rail Ruling Made. WASHING
TON, Oct. 23.--The railroad adminis-
tration to-day announced the inaugu
ration of a new rule permitting the
transportation of manufactured prod
ucts from so-called transit point by
any line regardless OF the road which
hauled the unfinished product to that
point. This applies to grain and -four
and many steel and metal products.
New-York tribune., 1918-10-24

The local market for spot cotton was
quiet and So points lower at 81 As for
middiing upland, compared with 80 the
day before and 1890 the year before
There were no sales OF spot.
Southern spot market follows: Gal
weston quiet, so points lower al 31.25;
sales, S07 bales. New Orleans quiet,
30 points lower at 1880; aales, 755
bales. Mobile quiet, so points lower
at 29.25; sales. 5 bales Savannah nom
inal, unchanged at 29.75; sales. nil.
Norfolk quiet, 80 points lower at 30. IS;
sales. Al bales. Augusta quiet, % points
lower at 1925; sa.es 1872 bales. Mem
phis steady, unchanged at 31.50; sales,
1000 bales. Houston steady, so points
lower at 81: sales. SIP bales. Little
Mock quiet, 20 points lower st Il; sales,
4,873 bales.
New-York tribune., 1918-10-24
No Trolleys for Buffalo
Court Of Appeals Reverses Or
der Commanding Service

ALBANY, N. Y, Oct 23.-Buffalo,
which has been without trolley service
for nearly three weeks. was granted
no relief by the Court Of Appeals to-
day. The court reversed recent or
der Of the lower courts issuing q writ
of mandamus designed to compel the
International Railways Company to
resume service. The Court OF Appeals
held the matter should be remtted for
a rehearing at a specia! term of the
Supreme Court.
New-York tribune., 1918-10-24
Southern Pacific Weakens

That large speculative following
had been built up in Southern Pacific
on the recent spectacular advance from
80 to 1o5 vas indicated yesterday.
These buyers of the stock apparently
had tried to protect their profits with
stop loss ORDERS, for after selling as
high as 1o47s, the price broke quickly
to below par on the report that the
money committee might take action
which would be unfavorable from
stock market viewpoint. At the clos
ing quotation Of l0O7s, net loss Of
41s points had been recorded.
New-York tribune., 1918-10-24
Dividends
Extras

Amparo Mining Company. Extra divi-
dend of l per cent has been declared
dividend of per cent, both payable
November 9 to stockholders of record
October 81
Standard Oil Company of Indiana
An extra dividend of 3 per cent in
addition to the regular quarterly divi-
dend of per cent both payable No
venlber 80 to stockholders of record
November l.
Butler Bros.-An extra dividend of u
of | per cent has been declared in
addition to the regular quarterly divi-
dend Of 212 per cent, both payable
November l to stockholders of record
Or Ohpr %
New-York tribune., 1918-10-24
International Traction Co.
rn Holders of Collateral Trust -Four Per
Cent. Bouds of INTERNATIONAL
TRACTION COMPANY
FINANCIAL.

The undersigned. at the request OF the hold.
rs Of a large amount OF the above mentioned
bonds. will act as a Committee for the pro-
lection OF all holders OF such bonds who shail
deposit the same with them under an aereo.
merit now in preparation.
The serious difficulties In which both the
Traction Company and the International Pail
way Company already find themselves, TO.
gether with the further troubles which
threaten them sufficiently prove the need n,
immediate and united action on the part OF
the Traction Company's bondholders for ,he
protection OF their interests
Notice will ne given Of the completion oe
the Protective Agreement and Of the terns
of deposit Hereunder. Meantime, hoIders or
bonds are requested to communicate with th~
undersigned through their counsel narn.7
below
October Is. 1918.
I. DE WITT CUYLER,
Philadelphia, Pa.
ELLIOTT c. McDOUGAI.
President OF Bank OF Buffalo
Buffalo. NJ Y
T. f. MITTEN.
President OF Philadelphia Rapid Transit
Company. Philadelphia, Pa.
counsel: '''''''e0
SIMPSON THACHER Il BARTLETT
So Cedar Street New York
New-York tribune., 1918-10-24
Mexican Petroleum Earnings

In the statement presented to the
governing committee of the Stock Ex-
change yesterday by the Pan-American
Petroleum and Transport Company IN
connection with the listing of $50 ,494,-
760 of its common stock, earnings OF
the Mexican Petroleum Company, Ltd.
for the six months ended June 80 last
are given at $12.S77 ,421, of which SILL
500 O37 represented the sale of 9'5l9'-
741 barrels Of oil. The surplus after
all charges, including provision for in
come and excess profits taxes, was $4.>
752 1922 Current assets were Slo2Io,-
167, Of which 81 ,959,693 was cash. The
Mexican Petroleum Company is con-
trolled by the Pan-Amcrican Petroleum
and Transport Company through own
ership of q majority Of the preferred
and common stock. The former con-
Germ for the first half of 1918 reported
a surplus after all deductions of ST.
O67,21S. OF the total income of S3,131,-
315, dividends from the Mexican Pc
troleum Company comprised Sl,O6l ,4OU.
New-York tribune., 1918-10-24

In speaking yesterday Of the pos
sible effect Of the present greatly
expanded bank credits on the future
Of trade and prices, we endeavored
to say that the bankers were get
ting accustomed to the use Of much
smaller reserves, under the new law
and to the greatly enhanced earn
ings which this reduction makes pos
sible, and that the natural tendency
would be against any severe con-
traction. A proofreading oversight
made the line somewhat obscure.
New-York tribune., 1918-10-24
WALL STREET OFFICE:
Mills Building, IS Broad st.

PernapS the most interesting
thing about the meetings of the
money committee to consider the
situation in the Stock Exchange loan
market is that it should have been
necessary to hold such meetings at
all On August 20, months after
the Federal Reserve Board had is
sued its first warning that curtail
ment of loans for non-essential pur-
poses must be effected, the acting
chairman of the local money COM
mittee gave out statement in
which he said that "any disposition
to indulge in speculative commit
ments based on borrowed money
must Of necessity lead to an increase
in rates that will prove corrective"
About week later the chairman
of the committee, in calling on the
president of the Stock Exchange for
daily report from all members
showing the amount of money bor-
iVWous StdtSu tIidt ~ 10 uDN lOuSe
however, that for the present there
should be devoted to the security
market no additional credit beyond
the funds now so used. Any ten
dency to expand the collateral loan
account should, for the general
good, under present conditions, be
checked"
That was plain enough state
ment, and it was accepted by most
Wall Street persons at face value
as indicating that there could be no
expansion of stock market loans.
Clearly such expansion could not
occur so long as the bankers held
that view But, apparently, they
didn't hold it very long--not all of
them, at any rate-for there has
recently been very heavy expansion
of collateral loans. When the de-
mand for money for speculation
arose the money was promptly
forthcoming, in spite of official
statements. Against total of ap-
proximately s675, 100000 outstand-
ing at about the end of August, the
aggregate of Stock Exchange loans.
according to q prominent banker, is
now above $1,000, 100000.
1t is now reported-~on what au-
thority we do not know--that the
committee is considering the re-
moval of restrictions on rates which
have been held down by it's opera
tions in the money market. That
might prove to be an effective way
Of curtailing speculation, if the
committee desires to bring about
such curtailment, or to prevent ex-
pansion, but it is conceivable that
the rate could go considerably
higher without having an important
effect on market activity. Since the
general restrictions on the volume
of loans have not been observed. the
most effective way Of curbing spec
ulation probably would be to put
all Stock Exchange houses on exact
rations. But, whatever the COM
mittee may decide to do, it should
see that its decisions are carried
out, and not again allowed to lapse
by default when there has been no
change in the fundamental situa-
ton.
New-York tribune., 1918-10-24
Baldwin Holds Strong

Baldwin Locomotive was one OF the
few highly speculative issues to show
d net advance in yesterdays stock mar
ket session. While the money commit
tee was in session around the noon
hour Baldwin succumbed to the sell
ing that prevailed throughout the en-
tire list and broke from an earlier
quotation above IS to S2M. In the last
hour of trading, however, a vigorous
rise set in which carried the price up
to $685.. The closing sale was at S7A,
g net gain of 4 points.
New-York tribune., 1918-10-24
"Tom" Lawson Hurt
In Crash of Autos
Boston Financier in Hospital
After Being Thrown Through
Door of Limousine

MARLBORO, Mass, Oct. 23.-Thomas
W. Lawson, the Boston fnancier an6
independent candidate for United
States Senator, was injured when his
limousine was overturned on the State
Road in Northboro late to-day.
lie was brought to hospital in this
city. Hospital authorities refused to
say how badly Mr. Lawson was hurt.
The chauffeur attempted to turn out
to avoid collision with another car.
The limousine skidded and turned over
twice. MIR. Lawson was thrown through
the door
New-York tribune., 1918-10-24
Use Of Low Grades
Of Cotton Is Urged

WASHINGTON. Oct. Members
of the War Industries Board ex-
pressed the belief to-day that use OF
lower grades of cotton in government
and commercial products, as directed
BY the cotton distribution committee,
might solve the cotton problem with
out resorting to price fixing. 1t was
stated, however, that in the event price
fixing should become necessary, through
failure OF the present stabilzation
plans. the committee would not hest
tate to take this action.