davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-12-14
Commodities
In d II striaI
Cotton

Early advances of approximately as
to so points were followed by almost
equally sharp reactions in the cotton
market yesterday, with the close steady,
net points lower to II points higher.
There were further evidences of eX-
pending exports and reassuring re-
ports as to distribution of surplus
goods produced to meet requirements.
Buying on these features was probably
held in check by apprehensions of small
domestic consumption figures from the
Census Bureau, and in addition to re-
alizing there was scattered but steady
selling for Southern account. January
advanced to 26.45 during the morning,
or As points above Thursdays closing
prices, and 105 points above the low
level touched right after the publica
tion of the government crop estimate
on Thursday. That delivery later sold
off to 25.97 and was the only month to
show net loss at the close.
The market opened firm at an ad-
vance Of Is to 26 points on the reia-
lively firm cables and reports that the
Lancashire strike was likely to be set
tied in the near future. Early offerings
were readily absorbed, and the market
the morning as a result of covering and
scattered buying, which seemed to
come partly from trade sources. A net
advance of As to so points attracted
realizing, however, and the market was
easier during the afternoon, although
'ate months showed slight rallies at the
close.
The removal Of the maximum price
restriction on the goods market was
considered a further indication of a
gradual return to normal but as goods
have been selling below the government
prices since the signing of the armis-
tice it was not considered an immedi-
ate market factor. More attention was
attracted by reports that d surprising
demand was developing for surplus
goods from the buying commissions of
foreign governments and the increasing
export movement of raw material. Ex-
ports for the day were 20546 bales,
making 1,466,S26 SO far this season
against 1,824,213 last year. Exports for
the last two weeks have exceeded those
reported for the same weeks last wear,
and it S expected that shipments will
now run steadily above last years fig
ures. After the close it was learned
that the committee on cotton distribu-
ton had resigned. Southern spot mar
kets as officially reported were un-
changed to 25 points higher, generally
unchanged.
The local market for spot cotton was
quiet and points higher at $3.50 for
middling upland, compared with 28.75
the day before and 1910 the year be-
fore.
The range of prices follow.
New-York tribune., 1918-12-14
Exchange Officials
Undisfurbed by Bill

Members Of the New York Cotton
Exchange yesterday refused to take
seriously the bill proposed in the
House by Representative Oldheld, Of
Arkansas, to provide penitentiary
sentence for any one communicating
through the mails or by wire informa-
tion on cotton futures.
Walter l.. johnson, president of the
cxchange, summarized opinion among
the brokers, saying: "Ths bill repre-
sents periodical outburst on the part
of foes of cotton speculation. 1t is too
ridiculous to be regarded seriously, and
it seems certain that it will die in the
committees hands, never being re-
ported on.
"If looked upon other than as joke,
1T would put future exchanges out of
business. And if that is the purpose
OF the Representative from Arkansas,
there seem to be many of direct and
more constitutional steps for achieving
that end. We feel confident that the
bill will be brushed aside in Congress
without receiving any attention or con-
sideraticn''
Nh. johnson said that the proposal
of the exchange recently, that it might
be feasible to permit sellers of spot
cotton to make deliveries at three
points outside of New York, had been
abandoned, chiefly for the reason that
the innovation would increase the dis
parity between the price of spots and
futures by depressing the value of the
futures.
Inquiry among the cotton trade has
developed the fact that the proposed
new instruments for financing cotton
including the trade acceptance, were
not coming into as wide use as their
advocates had expected. In some quar-
GERS it was said that the bulk of the
present crop will be financed in the
traditional" way.
New-York tribune., 1918-12-14
Finds Serious Problems
Confronting Mexico
Government, However, Is Pro.
ceeding ON Scientific
Basis. EXpert Finds

Dr. Arthur Young, of Princeton Uni
versity, in report just completed
finds a financial problem of the most
serious character" confronting the
Mexican authorities. His report, accord
ing to statement issued yester-
day, is part of the extensive investiga-
ton of Mexican finances and admins
tratlve machinery conducted for the
Mexican government by the Comision
de Reorganization Admnistrativary
Financiera, of which Henry Bruere,
former City Chamberlain, was the di-
rector
Nevtrehelcss, it is noted that the
present government Of Mexico is pro-
ceeding to establish its fiscal affairs on
scientific basis. "Ths part of the
work of the Carranza government is
little known or understood" writes Mr..
Bruere in a short foreword to the re-
port, land should be of gratifying in
terest to American friends of Mexican
progress" Emphasis is also laid on
the improved relations between the
United States and Mexico as the result
of which advice on fiscal matters Is
sought.
Dir. Young, in his report, finds that
the Federal district comprising the
City Of Mexico was not self-supporting
in the matter of public expenditures
before the revolution and has drifted
further from that ideal since In gen
eral he recommends a return to the
rate of expenditure which obtained in
1910-1911 and combination and sim
pliication of taxes. He recommends
that the number of municipalities in
the district be cut down from thirteen
to six or seven, that the number of
concejales, or aldermen, for each of
these be considerably reduced, and
that the present financial organization
of the district be changed, to consist
of the Governor, as at present appoint
ed by the President; a treasurer, con-
trollcr and tax commission.
DR.. Young believes the reforms he
urges, if put into effect will not only
render the Mexico City district self
supporting, but reduce the burden to
the taxpayer and substantially simplify
MeXico's fiscal problems.
New-York tribune., 1918-12-14
" all Street Items

Matthew c. Brush, formerly presi-
dent OF the Boston Elevated Railways.
has been elected president of the In
ternational Shipbuilding Company. sue
ceeding Frederick Ho1brook. Mr.. HoI.
brook is returning to Russia to take
charge OF the interests of the American
international Corporation.
"A. II. Lawrence has been elected
director of the West Virginia Traction
and Electric Company, succeeding O. G
Swenson, resigned.
j. Y. D. Walker has sold his seat on
the New York Coffee and Sugar En-
change to Otto Delft for $3.50. an in
crease OF $3.50 over the last sale
Murdo Mackenzie, former presjden,
Oh the American National Livestocl,
Association and one of the hest ,znour
cattle ralsers. in the United States
VIII become associated with Thomas
L. Wilson, president of Wilson & Co
IN livestock advisory capacity and
10 prlng about better understand;r,.
between producer and packer, accord
ing TO an announcement yesterday.
Inc Italian Discount and Trust Com
pany' which opened for business On
no"ea1 nuvemper H. at 399 Broadway, an.
nn. nouncea yesterday bonus of 10 per
eeiI I 10 lls employees based on salaries
nv ;nst;. s.ice tne opening. This is the
lzed under the auspices Of the Re~na ao',
.lailsna ia dl sconto. of Rome, Italy, and
Sne Y Guaranty Trust Company Of New
New-York tribune., 1918-12-14
Dividends
Extras

Extras
Royal Baking Powder Companv
Extra dividend Of per cent on com
mon in addition to regular ouarterl,
dlVldends of 2 per cent on comn,on and ~
q per cent on preferred stocks. ali
payable December 81 to stockholderS 81
record December IA. ''N'ueis u
iorr'ngton Company.-Extra d;vi.
aend OF per cent in addition to the
regular quarterly dividend OF 2 ny
cent both payable January / to STOCK .
holders Of record December 2l
Merchants Bank of Canada.-Ex+ra
dividend of per cent of accunulated
pronts' payable January 6 to stock-
holders OF record December ID.
New-York tribune., 1918-12-14
Wealth Markets and Commerce

history of Venncr's litigations from
1884 down to 1913. An order to ex-
anime Venner before trial having been
obtained, Ncnner discontinued the suit
in spite of Mr.. Bclmont's opposition,
paying the taxable costs.
at might be assumed that a man OF
intelligence, SO fearful of the future
of the Intcrborough Rapid Transit
Company as Nennor expressed himself
in 1918, would have availcd himself OF
an opportunity to sell hs stock in the
open market, which he could have done
at n price OF more than $500 a share
on various occasions during the years
in which he has been bringing suit
against the company and issuing ms
leading statements to the investing pub
lie. Neither the company nor any of
its directors has ever been willing to
deal with him or TO make any special
inducements to him to sell his stock.
and he still has his Interborough Rapid
Transit Company stock"
New-York tribune., 1918-12-14

NOTICE IS HEREBY GIVEN THAT THE
undersigned as auctioneers Will. on the
18th day OF December, 1918. at 1890 O'Clock
in the afternoon, at the Exchange sales.
room, Nos. 14-l6 Vesey Street. in the Bog-
ough of Manhattan of the City of New
York, offer for sale at public auction TO the
highest bidder for the account of whom
concerned eighty-three thousand and
twenty-five (S3,O22) shares of The stock
Revenue Consolidated Gold Mines Inc. (ot
the State of Montana).
And that at the same time and place No
Will also separately offer for public sale 70
the highest bidder any and all right. title
and interest of the Pledge in and 10
twenty-three thousand three hundred and
thirty-three (23,333) additional shares Of
the stock of said company held by the
pledge as collateral security for one-third
OF loan of Sl7 500 made by the pledge
and others to said company Both of such
sales so 10 be made are TO be without re-
course in any event.
Dated New York. November o. 1918
ADRIAN II. MULLER * son.
Auctloneers
New-York tribune., 1918-12-14
Fuel Oil Exports Drop

Interests of the oil industry state
that since the signing of the armistice
with Germany there has been notice
able falling off in the export demand
for fuel oil, but that shipments of
gasolenc are still going abroad in large
volume. The Allied navies during the
period of hostilities were exceptionally
heavy consumers Of fuel OIL and now
that fighting has ceased their needs
hand the end of the war has as yet
seen no substantial reduction in the
number oil transportation mediums
that are users of gasolene. This is
probably due to the large number of
trucks that are going into Germany
with the army Of occupation.
New-York tribune., 1918-12-14
Studcbahcr Loan Arranged?

4 Chicago report to Dow, Jones &;
GO. yesterday stated that practically
al details connected with new financ
ing plans of the Studebaker Corpora
tion had been arranged and that a syn
dictate, or which Goldman, Sachs e. Co..
and Lehman Brothers arc members
has underwritten $15000,000 serial 7
per cent notes to be offered to the pub
tic at slightly under par The First
Trust Company and the Merchants
Loan and Trust Company we're named
as the Chicago members of the syndi-
cate. The 1cDcrt could rot be con-
tirmed locally.
New-York tribune., 1918-12-14
Relevant Comment
Small Northwestern AlIotments

Alotmcnts on the subscriptions to
the 10,500,000 Chicago & Northwestern
general mortgage s per cent bonds Of
tered earlier in the week amounted to
only II per cent Of the total asked for.
This would indicate that the gross par
ticipation was about 1CO,O00,O00. Com
mcnting yesterday on the quick over
subscription of the issue, bankers said
it was not surprising in view of the
character of the bonds and the attrac
tive rate at which they were placed.
New-York tribune., 1918-12-14
Savings Bank Deposits Up

An upstate banker visiting the
financial district yesterday said that
savings banks in his section have
noted heavy incre ases in their deposits
since the singing of the armistice
terms. The fact that "old, musty
money" IS being placed in the vaults
of those institutions, in his opinion,
indicated that funds withdrawn when
the United States entered the war are
now being removed from the we'll
known "stockirg" and private strong
boxes and are being returned to
savings institutions. This incident.
among others, was cited by New York
banker to prove his argument that the
country is in for a period of easier
money, despite the expectation that
government requirements will continue
heavy for long time.
New-York tribune., 1918-12-14
Capper Rumors

Reports that certain consumers Of
copper have been offering metal, previ
ously purchased by them, at 19 cents a
pound were current in the financial dis
trict yesterday. 1t was stated, how
ever, that these offers have not been
accepted because would-be buyers are
fearful of being discovered and then
censured by the government, whose
fixed price Of 26 cents q pound is still
in effect and will be until the first of
the year.
In connection with the large amount
of copper which the government found
itself to have on hand at the time of
the signing of the armistice, it is the
belief in the trade that this metal will
rot be thrown on the open market in
competition with other sellers. The
Federal authorities, it is understood
will arrange to dispose of their surplus
supplies in d way that will cause no
disturbance to the trade. 1t is expected
that representative of the govern
ment will be appointed to cooperate
with the producers on a selling plan as
the result of a conference in Washing
ton last Thursd day.
Plans for the formation of an export
association to operate under the pro-
visions of the Webb -Pomerene law, it
was learned yesterday, have been prac-
tically completed 1t is expected that
official details of the scope of the or
ganization will be made public early
next week
New-York tribune., 1918-12-14
Would Stop Trading
I'm Cotton Futures
Congressman Proposes Bill to
Stop Transmission of
Cotton News

WASHINGTON, Dec. 13.-Eepresen-
tative Oldfeld, Of Arkansas, to-day in
troduccd bill in the House of Rep
rcsentatives to make it a criminal Of
tense for persons to transmit through
the mails or by wire information on
cotton futures
New-York tribune., 1918-12-14
Money and Credit

After the bulk OF the demand for call
money had been filled at the Stock Ex-
change yesterday rates eased off, and
few small loans were negotiated at
the close at Az per cent. Ruling rates
Tor the day were substantially higher,
however, at to ~ per cent, owing in
large measure to the heavy with
dfawals of funds from the banks by the
government earlier in the week.
Offerings of fixed date funds were
somewhat more liberal, although rates
were not altered materially. Borrow
ers continued to bid around 6 per cent
for practically all maturities.
Ruling rates for money yesterday.
compared with a year ago, were as
follows:
Yesterday. Year ago.
Per cent. Per cent.
On mixed collateral 6
On industrial cl'tn. 6Ls
Time money (mixed colateral:
sixty days ........ 6 5Ia
Ninety days .... 6 5E,
Four months ..... 6 5ll66
Five to six months. 6 5%m6
Commercial Paper.-The best paper
Is now moving in the market on a dis
count basis of 5A per cent. Ordinary
paper is being discounted at 6 per cent
with a fair volume of business.
Bank Acceptances.-The demand for
bank acceptances was moderately
active. Rates were unchanged, as fol-
lows:
Thirty Sixty Ninety
spot de- days. days. days.
livery: Per cent.Per cent Pc. cent.
E igible
m e m Der
banks. =. .4h@4 4a@4A 4.@4A
ligible
non-mem-
Der banks.4A@4Is 4as@414 4sa@4A.
bank bills.5H@5 5la@s sH@s
For delivery within thirty days:
Per cent.
Eligible member banks ........ 4H
Eligible on-member banks. All
ineligible bank bills.
Discount Rates.-The following table
ewes the current rates of the twelve
New-York tribune., 1918-12-14
Loan Negotiations OF

According to London advices received
IN Wall Street yesterday the Japanese
government has decided to withhold
financial assistance from China. This
for 10o, 100000 Yen $50 900, ,0oo) lt an
to China by Japan, recently reported
from Shanghai, for the purpose of rail-
road construction and the development
of mineral resources, were off.
New-York tribune., 1918-12-14

ANDREW }: .IcCoRMACK, Auo1i0neu.
NlsiN STOCKS a5fis ASi And BONDS. Boz 6sNA
BY ADRIAN II. MULLER & SON.
OFFICE. 55 WILLIAM ST.
WEDNESDAY,. DEC. 1S, 1918,
at 80 o'clock. at the
EXCHANGE SALESROOM.
NOS. IA AND 1e VEsEY STREET
For Account OF Executor.
so shs. New York Plate Glass Insur
ance Co.
For Account Of Whom It May Concern.
Income Bonds, 1885. All coupons
100 shs. Lord & Taylor % orefd.
100 shs. The Del Norte Company.
100 shs. Oxford Bay Lumber & Log
100 shs. United Publishers corpn prefd.
1900 shs. National Cloak & Suit Co.
$4,000 Powder Land 6, Irrigation Co lst
Mtg. Sc Bonds.
400 shs. Carbo Hydrogen Co Of Amer
ca prefd., 100 shs. common bonus.
$500 Alabama Fair Grounds Co Go
62213 shs. Miner Land Co, Inc.
S3o2S6.o5 Mercantile Stores Corpn S-year
Coll Trust Notes. Series No. I.
Sl2,O23.55 paid on acct.
100 shs. b. & r. Corpn. OF n J.
$50 shs. Hartford Grand Theatre.
40 shs- Market & Beaver Realty CO.
200 shs. Port Morris Chemical Co.
zoo shs. Max SpiegeTs Enterprises.
6 shs. Pacific Sugar Corpn. prefd.
$4,000 whitehall Estates. Inc. 80 Series
A Improvement Notes. 1919.
$500 Whitehall Estates. Inc. So Series
c Improvement Notes, 1921.
$1,000 Yalo Water q Power Co. 1st Mtg.
sec S. T. Bonds. 1852.
20 shs. Yalo Water & Power Co. COM
mon.
% shs. Yalo Land Co common.
so shs. Yalo Land Co prefd.
$4,000 Pacific Sugar Corpn Interim Re-
ceipts.
20 shs. Rich Marine Fire Indicating
System.
$500 shs. Marine Mining G. Mfg. Co.
400 shs. John McAdam 4; Co. Inc
80 shs. Federal Dyestuf & Chemical
Corpn. V. L c.
New-York tribune., 1918-12-14
News Digest
New York

New Pipe Line Projected.-A new
company under the name of the South
western Pipe Line Company is BEING
formed by interests in Cosden & Co. TO
build a new eighr-inch pipe line from
the Ranger oil field of Texas to Tulsa,
Okla. 1t was learned yesterday that
the new line will be financed through
an eHering OF S5,OOO,O00 preferred stock
Of the pipe line company, with certaIn
mount of common stock as honus
liallgarten & Co. are expected to mar.
tlcipate in the financing plans.
New-York tribune., 1918-12-14
The Dollar in Foreign Exchange

A comparatively small volume of
business was transacted in the foreign
exchange market yesterday. Rates
showed no important change apart from
moderately firmer tone in Swiss
francs. Rates on Paris and London
were steady.
Closing rates yesterday: compared
with week ago, follow:
(Quoted dollars to the pound.)
New-York tribune., 1918-12-14
Marks at 9 Cents

After the United States entered the
war dealings naturally ceased in Ger
man mark exchange in this market.
The last transactions made in 1917
were on a basis Of 171a cents per mark,
compared with a normal exchange
value of approximately 23A cents. Now
the rate as quoted in the neutral coun-
.ries of Europe is around 8 cents per
mark, with prospects of further low
are known. A dealer in foreign ex-
change remarked yesterday that point
had been reached where it was now
about "an even swap between German
marks and Russian rubles."
New-York tribune., 1918-12-14
Will Relieve Coffee Shortage

The existing necessity of relieving
the acute shortage now existing in
green coffee supplies has apparently
been recognized in Washington. and
steps have been taken to remedy the
situation. This was indicated in a
telegram received from the food ad-
mlnlstration at Washington yesterday
by the New York Coffee Exchange. ask,
ing that firms interested in vessels for
SHIPMENT 81 OF coffee from Brazil advise
me poard OF their requirements. In
ability to obtain tonnage TO hr;ne coefno
from Brazil mas been largely reenan
slble for the present low Ievnl ponr ~
stocks in this country. e ~
New-York tribune., 1918-12-14

With so many contradistinct in
tluences at work, it would be haz-
ardous to attempt d prediction as
to the course of stock prices. But
there is one thing about the mar
let or which most observers arc
agreed, namely, that it is likely to
remain inactive for an indefinite
period 1t is very evident that deal
ings in stocks are confined almost
wholly to the professional trading
element. News of the most mo-
mentous character has failed to
stimulate public interest. Probably
this apathy is the result of the gen.
eral disposition to await develop
ments in the process of readjust-
ment before making commitments
"a state OF mind which seems to
prevail throughout the country and
which mas caused pronounced re-
dcction O: buying in futures The
stock market is also Handicapped by
the restrictions on the supply of
money, which tend to hold specula-
ton in check.
New-York tribune., 1918-12-14

liverpool cables: Spot cotton dull;
mlddling, 10 points higher at 20.07d;
good middling unchanged at 19.S2d.
Sales, 1000, none American. Imports.
1000 none American. Futures c{ened
steady, 5 to 20 points higher; closed
very steady at a net advance Of "A TO
40 points. December, 2009; January,
$50; February, 1896; March. 1928;
cloths dull
New-York tribune., 1918-12-14

lne Federal Reserve Bank Of New
York has put in force the following
schedule of rediscount rates which ap-
ply to bankers acceptances: Maturities
Up tc is days, per cent; 16 to 60
days. inclusive, AZ per cent; 81 to SO
days, inclusive, AZ per cent.
New-York tribune., 1918-12-14
r elephone
Hanover 6stA
.--------Alaturtty--

Federal Reserve banks on commercial
paper for all periods up to ninety days:
New-York tribune., 1918-12-14
> III $ t e n nee
Cereals

cereals
"heat.-Keports from the winter
wheat belt continue to show active
growth Of the new crop as result Of
the abnormally warm weather this fan
Dut' while the CROP is still in -four
New-York tribune., 1918-12-14


If the bill introduced in Con-
sress yesterday by Representative
Oldfeld is taken seriously, the cot
ton exchanges will once more be
called upon to show that the eco
nomic services which they perform
justify their existence. They have
done that before and should not
have much difficulty in doing it
again.
1t has been asserted that the de-
mand for steel for rebuilding the
Iazed structures in the devastated
area of Europe will be trifing, be-
cause very little steel was used in
their construction. But the conclu-
sion is based on the assumption that
the antiquated structures destroyed
will be replaced by others of the
same character, and such conclu-
sion is by no means necessarily we'll
founded. Rather, it seems more
probable that modern methods and
materials will be employed in re-
building, in which case the demand
for steel from this quarter might be
very considerable.
On the eve of the signing of the
armistice Great Britain's war ex-
penditures had reached the enor-
nous sum of $43,OOO,OOO,00O, of
which $11, 1,O00,0O0,0O0 was raised
by taxation and $32,000,O00,0OO
by borrowing. Of the total, how
ever, $8,300,00O,O00 consisted in
loans to the Allies and dominions.
Russia got more Of this than any
other country, Britain having ad-
vanced her $2,84O,0O0,00O.
1t is rather confusing to be told
by the Secretary of Commerce that
we must not be too eager in our
quest for foreign trade. while his
department is sending out literature
suggesting how the United States
can gain control of South and Cen
trail American markets by investing
there, the opportunity being af-
forded by temporary inability of
European countries to export cap
ital
New-York tribune., 1918-12-14

Nominal.
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 Mrt: