davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-02-02
Archbold Estate
Sells Magnolia
Stock, Is Report
Standard Oil Co. Named as
Purchaser of Shares Val
ued at $19,8O0,00O

The Standard Oil Company, Of New
York, according to "Thc Oil Trade
Journal" has purchased 4o per cent Of
the outstanding stock Of the Magnolia
Petroleum Company. The interests ac
quircd were all but small part of The
holdings of the John D. Archbold estate
and Il considerable portion Of the stock
Of Henry G. Folger, jr., president Of
the Standard Oil Company, Of New
York.
At a special meeting Of the stock
holders Of the Magnolia Petroleum
Company, held in Galveston, January
IA, the Magnolia Company increased
it's authorized capital from $30,000,-
600 to $6O,0O0,o0o. Of the old au-
thorization s22,Ooo,00o was outstand-
ing, and the company offered to
stockholders and additional S22 2,000,-
900 at par. subscription payments to
be made forthwith or by notes extend
ing over considerable period Of time.
BY this arrangement all Of the nevis
sue OF $22000,000 becomes fully paid
UP February I, 1918. An amendment to
the bylaws also was adopted providing
that any stock Of the company owned
by or held for corporation should be
non-voting, but should participate in
dividends and other benefits
The Oil Trade Journal says:
after this amendment had beel
made effective the Standard Oil Com
pany of New York purchased Magnolia
Petroleum stock and subscription rights
belonging TO the Archbold estate and
enough additional subscription rights
from MIR. Folgcr to give it in all about
45 per cent Of the present outstanding
stock Of that company. S44 100000. The
amount Of stock now held by the Stand
ard is about S19,600,0OO, par value
Under the amendment, the stock is non
voting, but it's share Of the Magnolia.
dividends at the present rate. 6 per
cent, will be $1,1S8.0OO annually.
"The heirs to the Archbold estate
retained a small amount OF the OIL;
stock Of the Magnolia company. but
sold all their subscription rights to
the new stock In the case Of the pur-
chase from Mr. Folger, none of his
stock vas bought, but enough Of his
rights to bring the total holdings of
the Standard Oil Company up to 45
per cent.
"The ability Of the New York COM
pany to make this investment Of MAJ
nolia Petroleum stock is shown in its
1916 report-the latest ble-whicil
indicated net earnings Of S36,638, ,495
and total surplus at the end of the
year Of S6S. .635,573."
New-York tribune., 1918-02-02
Business in Hobbies

"Busncss in an industrial as we'll as
a commercial sense" says Bradstreet's.
"is hobbled, either because Of scarcity
of goods, enforced weekly shutdowns,
adverse weather conditions, paucity Of
fuel, insufficient production, or freight
congestion. and after seven weeks Of
cold, stormy weather little headway has
been made in working out Of blockades.
Pesides, what might be termed regular
business is subscrvient to war work,
and while those thus engaged are Opt
rnistic enough producers Of less i'm
peratively needed products are some
what unsettled by the thought that
purely civilian business may have to
undergo further restriction. Neverthc-
less, there is a strong disposition to
speed up on war work when and as
conditions become proptous, and in a
general sense there is sufficient buying
of domestic staple lines to make up "A
goodly aggregate. Unfortunately, the
stream Of orders is cons derably re-
stricted by the fact that manufacturers
particularly of textiles. find it neces-
sary to cut down the number Of orders
accepted. In short, the question is not
enc Of getting business but Of making
even fairly prompt deliveries, and buy
ers who now throng the principal mar
kets with a strong desire to get staple
textiles at advancing prices are having
the fact forced upon them that the
mills are chary about booking business
for delivery in accordance with the
wishes of purchasers. Thefc is also
more or less evidence of the ultimate
consumer exercising conservatism, and
at the same time there is enough actual
reduction in civilian demand for mems
goods to make for irregularity."
New-York tribune., 1918-02-02
Pennsylvania's Net
1917 Income Drops
About $4,000, 900
St. Paul Statement Also EN-.
phasizes Unfavorable Trend
of Railroad Earnings

December earnings Of the Pennsyl-
vania Railroad system and Of the Chi
cago, Milwaukee & st. Paul, made
public yesterday, emphasized the un-
favorable showing both roads made
during the 1917 calendar year. because
Of abnormal operating conditions.
The Pennsylvania reported gross
earnings of s376SS. .O26 for the last
month of the year. an increase of S.
106,917 over the corresponding month
Of 1915. but operating income amount
ed to only S2,010,03,, a decrease Of S4,-
492.1O5. For the twelve months ended
December 81 the company's gross
earnings were S49l,394, ,745, or $50.
384.32S greater then they were the
preceding year, BIZ net after taxes
dropped from $1O9,342 ,0O5' in 1916 to
SSS,419,883 last year
similar tendency was noted in the
income statement OF the st. Paul road
December gross vas S9,188,421. com
pared with S9.l65 sol in December
1916 but operating income totalled
only 1892 2S3. Il decrease Of s1,71S.3lo
compared with figures for Decembcr
1916 For the twelve months total
revenues were Sl13,739. .2O2, an in
crease Of s3.l29,5l". while the years
operating income of 22.026,O26 was
S9,33S.492 less than in 1916. After
all fixed charges, according to .
statement by II. L Byram, president
of the road the surplus was barely
equal to the preferred dividend re-
quirements.
Operating expenses of the Pennsyl-
vania system for December showed an
increase of S6,599, ,622. while for the
full year they were $7l.276,450 greater
than for 1916.
New-York tribune., 1918-02-02
Federal Reserve
Bank Withdraws
Offers of Rupee.
Merchants Again Find 1t
Difficult to Obtain Ex-
change on India

simultaneously with an announce
mcnt yesterday that the Federal Re
serve Bank Of New York had obtained
n credit OF 2O,00O,0OO rupees in conncc-
tion with the arrangement made be-
tween the United States and the Indian
government several weeks ago, it was
stated in banking circles that the local
reserve institution had ceased selling
rupee exchange TO local merchants
Officials of the reserve bank refused to
talk about the matter. In other quar-
tcrs 1T was asserted that the bank had
probably run short Of rupee exchange
and had been compelled to stop offer
ings. 1t was limited in foreign exchange
circles that the arrangement whereby
the local reserve bank was to sell rupee
exchange to American firms which had
payments to make in India had not
proven very successful. One Of the
difficulties, it was said, was the fact
that the whole procedure in buying
rupee exchange from this source was
bound round with red tape
Under the arrangement as originally
entered into between the United States
and the government of India the latter
created a credit of 100000 rupees in
favor Of the Federal Reserve Bank Of
New York, ard importers having obli-
cations in India were to obtain the cx-
change by paying the reserve bank
31]a cents per rupee. The first credit
was granted December J. and a second
of 10.OO0,000 rupees was recently made
available The whole credit of 20,OOO,-
600 rupees is said to have been cx-
hausted and the open market for tu-
pecs has risen to 35la cents. No in
formation has been available at the
reserve bank owing to the curtain of
secrecy that has been thrown about the
whole transaction. In the exchange
market there was r report yesterday
that the reserve bank might soon have
another supply Of rupees for which the
rate might be advanced to So z cents,
an increase Of cent.
In exchange circles it is asserted that
the problem Of the American manu-
facturcr who needs exchange to make
payment in India for jute hides and
ether raw materials imported from that
country is as serious as before the
Federal Reserve Bank undertook to
ease the situation. Normally gold or
silver would be shipped to India as a
means Of making payment, but the
United States government embargo has
stopped such movement
New-York tribune., 1918-02-02
D. e r. G. Defaults
On Payment of
February Coupons
$825,975 Interest Held Up
Pending Word From
McAdoo

Failure Of the Director General Of
Railways 20 approve the plan agreed
upon between interests of the Denver
e. Rio Grande Railroad and Of the
Western Pacific for meeting the Feb
ruary 1 coupon on the Denver & Rio
Grande first and refunding mortgage
per cent bonds resulted in a default
Of the interest due yesterday. The
semi-annual payment amounts to $685.
975.
Announcing that the default may be
only temporary, committee of which
Seward Prosser, president OF the Bank
ers' Trust Trust Company. is chairman.
has requested the bondholders to de-
posit their holdings with the Bankers
Trust Company here or with the First
Trust & Savings Bank of Chicago.
In explanation of the failure Of the
Denver e. Rio Grande to meet its Feb
ruary coupon. member Of the bond
holders committee stated that imme-
dlately after the appointment Of the
receivers last week application was
made to the court for authority to
i41oNS iiHoiSiol dAIdukelileIlIS lOI pay
ing the interest. This action was de-
clared to nayc been justified by the
fact that all fixed charges for the CAL
endar year 1917 had been earned
The court informally approved the
proposed plan but directed that the
matter should be submitted to Mr.. Nc
Adoo before the necessary order would
be signed. Because Of the unsettled
state Of pending railway legislation
this approval has not yet been obtained.
One of the reasons was that the plan
contemplated the use Of part OF the
operating revenue of the Denver & Rio
Grande after January !. which, it was
claimed. belongs to the government
and therefore could not be used to
take care Of charges incurred during
1917.
at was not possible" a member Of
the Prosser committee said, 'to recon
cile the views of the government as to
the manner in which the situation
should be dealt with in time to perfect
the necessary financial arrangements
to pay the coupon coming due on Feb
ruary l. The committee hopes, how.
ever. within short time and upon q
fuller presentation of the matter botf
to the Director General and to the
court that authority will be obtained
enabling the receivers to raise the nee
cssary cash to meet the February
interest"
In addition to Mr.. Prosser, the bond
holders committee consists Of c. Led
| yard Blair. L. h. Boisot, Bertran
Cutler. John Henry Hammond, Andrew
J. Miller. William Salomon, Joseph II
Seaman and Frederick Strauss.
New-York tribune., 1918-02-02
Foreign Exchange Brokers Do
Not Need License to Operate

Foreign exchange men visited the
Federal Reserve Bank Of New York in
steady stream yesterday in search Of
information regarding the new regula-
tlons that have been prescribed by the
authorities at Washington for the con-
troll of exchange operations. Foreign
exchange brokers, it developed, will 3
be required to register under the Fix.
ccutive order recently signed by Presi-
dent Wilson. At first it was thought
that these brokers were embraced
within the requirements applicable to
dealers" in foreign exchange. But
according to the Federal Reserve Bank,
foreign exchange brokers who do not
deal Tor account Of foreign correspond
ents, but whose operations in exchange
consist solely in buying from and sell
ing to American foreign exchange
dealers, do not have to apply for req
lstration certificates"
The dealer in foreign EXCHANGE who
makes application for a registration
certificate must agree "(a) that all
books and records relating to any
transaction engaged in under authority
OF such certificate shall be open at all
times to inspection by examinersldcsg-
mated by the Federal Reserve Board;
(b) that all reports required under
regulations of the Federal Reserve
Board will be promptly furnished on
iorms approved by the Federal Reserve
Board; (c) that all transactions on
gagged in under authority of this Ger
tiicatc will be conducted in accordance
with regulations now or hereafter
made by the Secretary of the Treasury
or by the Federal Reserve Board and
with such Executive orders as tho
President may have issued or may here
after issue"
New-York tribune., 1918-02-02
Paws an Extra Dividend in
Liberty Bonds and Thrift Stamps

The American Radiator Company de-
clarcd yesterday an extra dividend Of
81 share on the common stack, payable
in second Liberty loan bonds. The
regular quarterly dividend Of So a
share was also declared The Liberty
Loan dividend is payable at par and
will include interest. Such adjustment
as may be necessary to perfect payment
II proper amounts will be made in war
savings certificates and thrift stamps
The company has declared the regular
quarterly dividend Of Ia per cent on
the preferred stock.
New-York tribune., 1918-02-02

Dividends Declared

American Caramel Company-Re Regular
quarterly dividend Of 81 per share on the
preferred stock. payable February TO stock
of record February I.
Cresson Consolidated Gold Mining 4 Mill
ing. Regular monthly dividend of 10 cents
per share. payable February 8 to stock of
record January 81.
Standard Oil Company Of New York.
Regular quarterly dividend OF s3 per share.
payable March 10 TO stock of record Feb
ruary II.
West Penn Railways Company.-ResulAr
quarterly dividend of ~ per cent on the
preferred stock. payable March 10 to stock
of record MArvh ..
New-York tribune., 1918-02-02
Elections

A. A. Jackson, vice president Of the
Girard Trust Company Of Philadel-
phia, has been elected director of the
Buffalo e. Susquehanna Railroad, sue
ceeding the late Edward B. Smith.
Ralph NJ. Shaw has succeeded j. b.
Payne as general council for the Chi
cago {: Great Western Railroad.
James Freeman Curtis, counsel of the
Federal Reserve Bank of New York.
has been appointed deputy governor
cl that institution.
New-York tribune., 1918-02-02
Dollar in Foreign Exchange

Improvement was shown yesterday in
the market for French exchange Cable
francs were quoted at o.69is Russian
rubles displayed a stronger tone carly
in the day, cables advancing to 1880
cents, but they closed unchanged AT
1920 Italian lire were slightly higher.
Closing rates yesterday, compared
with week ago, arc given in the table
below. American bankers have sus-
pended all dealings in German and Aus
New-York tribune., 1918-02-02
Chevrolet Motor
Almost Doubles
Its Sales in 1917
Large Gain Also Reported by
General Motors for
Five Months

Sales of tho Chevrolet Motor Com
pany in 1917 aggregated cash value
Of $62 ,638, ,303, compared with S32 .306,-
295 in 1916. ThS company sold 125.004
cars last year, against 1922 the year
before.
The General Motors Corporation sold
s6901 cars and trucks, valued at $94,-
100000, in the five months ended De
cember 81, compared with 65,893 cars
and trucks, worth $50 731, ,130, in the
corresponding period of 1916. Undi-
vided profits for the five months ag-
gregatcd Sl5 100000, against 81 l ,23S, ,984.
The cash held in the banks and in sight
drafts on January % amounted TO ap-
proXmately $24, 1000.
New-York tribune., 1918-02-02
News Digest
Foreign

London Stocks LONDON. Feb.
1.-The stock market was decidedly dull
to-day. Only few spccialties, such
as tin shares, Rhodcsian mines and oil
stocks exhibited any activity or
strength. Tho dulness in the gilt
edged section was accentuated by the
expected early issue of New South
Wales y per cent loan of SIP 100000,
to repay a similar amount falling
due in September. American shares
were tirmer.
New-York tribune., 1918-02-02
New York
Public Utilities Sell Notes. -

Public Utilities Sell Notes. - An
offering of $1,000 900 West Penn Power
Company two-ycar 7 per cent notes
on Il 7.8O per cent basis is being made
by Halsey. Stuart g. Co.. A. b. Leach
& Co. and the Continental and CONNER
cial Trust and Savings Bank Of Chicago.
A public Offering Of S2,0C0,OOO North
orn Illinois two-year 6 per cent notes
purchased by Halsey. Stuart & Co. and
Lee. Higginson e. Co. is expected next
yyoo-
New-York tribune., 1918-02-02
Bondholders Of the
Rio Crande Western
Railway Company

will wisely advise the undersigned O.
holdings. in view Of the reoeivership
of The Denver & Rio Grande r. r.
Co., and the default of this date in
interest payment upon 4 Junior mort.
gage bond.
The two issues OF bonds of The Rio
Grande Western Co. were largely
placed by US, and should protective
measures be necessary they will be
taken by US in cooperation With other
interests.
Spencer Trask & Co.
20 BROAD STREET.
NEW YORK CITY.
February /. 1918.
New-York tribune., 1918-02-02
Drifting Labor

All branches OF business directly
connected with the war are continu
ally absorbing more and more Of the
productive capacity of the district. and
are giving constant employment. to
labor at high wages. Labor conditions
are unsatisfactory and much complaint
is made about the constant shifting OF
workers. and the loss incident to the
continual unemployment of men. -
FEDERAL Reserve Bank of PhIadel-
Dhiu,
New-York tribune., 1918-02-02
Value of Livestock
In u. S. Increases
Over ST, 500, 900, 900
Cattle and Swine Show Larae
Gains in Number Over
a Year Ago

WASHINGTON, Feb. IA billion
and half dollars increase in the value
of livestock on farms and ranges in
the United States over their value q
year ago was reported to-day by the
Department of Agriculture in its an
nual report. Total value Of all live
stock was $S,263, 1924 900.
In number and valuation the totals
were:
New-York tribune., 1918-02-02

In numbers, horses have increased
$4,000; mules. 1ol 900; mich COWS,
$4,000; other cattle, .s57. 900; sheep,
,284 900, and swine, 1871 900.
The increase in the number of cattle
other than milch cows. amounting 70
40 per cent. compared with an increase
of At per cent from 1916 to 1917. This
was due to an increase Of Az per cent
IN calves. 222.1 per cent in heifers for
milk. 80 per cent in other heifers, a
decrease of 80 per cent in steers and
an increase of l.9 per cent in other cat
tie.
The number Of swine over six months
old increased AS per cent, and under
six months 7.8 per cent Their total
value was 1875 per cent more than the
previous year.
New-York tribune., 1918-02-02
Relevant Comment
Money Rates Stifen

Little excitement was accustomed yes
tcrday when the ratio for call money
suddenly rose at the Stock Exchange
from 3M to per cent. 1t was taken
as mere incident in money market
that is likely AZ any time to be thrown
into confusion by government opera
tions. Some brokerage houses, not a
great many. had to seek new credit ac-
commodations when their banks called
loans. The bankers committee became
active and placed substantial amount
Of money out pn call at per cent,
drawing the funds from their S2O0,00o,-
600 pool. The tightening Of rates re-
suited from combination of circum-
stances. On the top Of the large with
drawals of government funds there
came the heavy first OF the month pay
ments, and at the same time there was
a large shifting Of foreign government
banking balances at this centre in con-
nectidn with the payment OF the $780,
100000 United Kingdom 5lh per cent
loan which reached maturity yesterday.
New-York tribune., 1918-02-02

Paris Bourse.-PARIS. Feb. t.
Trading was quiet on the Bourse to-
day. Three per cent rcntes, 81 francs
70 centimes for cash. Exchange on
London. 81 francs 5ha centimes. Five
per cent loan, 81 francs so ccntimcs.
New-York tribune., 1918-02-02

tho governments payrolls, and if We
Will now pay into the Treasury what
we formerly paid to them, or for tho
things they wcrc making, there will
be no need for pyramid of credit.
There is a theory that this war
task can be somehow handled by in
creased energy and out of resources
heretofore in reserve. But the de-
mands of the government arc very
elastic: they amount to all it can get.
he more men VIC can send TO France
the better, the moro cannon we can
put on the line the better, the more
ships and acroplanes and supplies oc
infinite variety VIC can send the bet
ter And finally the more people VIC
can keep on the farms and send back
TO the farms the better. There was
10 per cent less hired labor on the
1arms of New York State in April,
1917, than the year before, and still
less now. 1t is said that people can
not change their occupations, that
many are not adapted to the work
now of pressing Importance, but such
comments only show that the i'm
peratlvc nature Of war demands are
not understood. The people who utter
them need to take a trip through the
war zone and interview the inhabi-
tants- They would come hack with n
NJ ,f
keeping people in their accustomed
occupations and Of sustaining the
luxury trades.
Whether or not the increased &C.
tlvity of dealings on the Stock Ex.
change can be maintained depends
upon the extent to which an "outsidc'
following is attracted. Some brokers
reported that more of theil
customers were taking an active in
terest than at any time this month
and the action Of the market seemed
to support this statement. Although
there was much profit taking, moth
ing like a reaction occurred; in fact
gains far outnumber losses at tn,
end of the session. Trading was still
professional, however, ano
there is nothing to show that the pub
lie intends to indulge in bull specla
ton. 1t is to be hoped that nothing
of the kind will occur. for any exten
sion of the speculative position at thi:
time would be dangerous.
New-York tribune., 1918-02-02
Corporation Returns

New Jersey Zinc Company. - Th.
company reports a total income of &c..
585,6o3 for the quarter ended Docem.
Der 81, compared with se,3l2,o5l for
the same quarter a year ago. The bal
arce available for dividends was s3,-
926,42s, which is equal 10 s1f2l per
share, compared with s20.st year ago.
The company also reports a surplus
OF $2,526,428, compared with s6i7.05l
for the previous year.
American Light & Traction The
annual report for the year ended De-
cember 81 showed net earnings Of s5,-
O23,3s1. compared with s5,6ss,o27 FOR
a year ago. Dividends paid on the pre-
ferred stock amounted to SSo4.l72, the
same as In 1916. Common DIVIDENDS
amounted to $1,9e6.o67. an increase Of
$185,l70 over last year. The companys
total surplus at the close of the year
was $12,246,874
New-York tribune., 1918-02-02
Business Failures in January

The number of commercial failures
in January, as reported by "Dun's Re
view" is the smallest for the period
in over decade, while the liabilities
arc the lowest for the month. except
ing those Of last year, since 1909. The
LIS January insolvencics. involving
$l9,27S,7S7, compare with $40 failures,
for $1S,283,12 in January, 1917, with
1000 failures. for 1858 ,2S6, in Jan
uary, 1916, and with the high record
Of 2,84S failures. for S49, $40 ,575. in
January, 1915. The trading reverses
were fewer the past month than in
any year since 1900, while the number
of manufacturing failures is the small
est since 1909. The insolvencies among
agents, brokers, etc, however, are larger
than in all previous years except 1916
and 1915. While the commercial NOR
taIty on the whole was comparatively
low. there is some increase in the
number Of large defaults for the
month. There were twenty mine for
100000 OF more. aggregating $1O,137.-
592. compared with twenty-fo similar
failures with aggregate liabilities Of
$7,473,3S5 in 1917 and twenty-seyen
7 with liabilities of $1O,O34 ,s03 in 1916
January OIL Company Charters
The total authorized capitalization
of oil companies chartered in January
with capital of 100000 and more. &C.
cording to figures compiled by 1.-THE
Oil Trade journal" and covering ali
states of the Union, approximatcd s7O.-
100000, involving about eighty com
panles. These figures compare with a
total of 100000 covering about
nifty companies. in December. and with
Sl2O,0OO, 900. covering 10 companies.
IN November. Charters granted in
delaware contrit uted three fourths Of
inc January total. Wyoming charters
comprised about half the remainder
New-York tribune., 1918-02-02

Thc above rates cypress the cost OF
foreign money in terms Of the Ameri-
can dollar. You buy an English pound
sterling at. say, S4.75l's. The intrinsic
parity is S4.SG5s per pound. Thus you
say either that pounds are at discount
or that dollars arc at premium, which
Is owing to the fact that in England
the demand for dollars with which to
settle accounts in this country is great
CT than the demand in this country for
pounds with which to settle accounts in
England