davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-07-04
June Oil Output
Close to Highest
Record Production
More Than 2,7OO New Wells
Completed and 174,917
Barrels Filled

Record high prices for crude pc
troleum are stimulating new develop
mcnt work all over the country. New
wells are rapidly being drilled in all
of the big producing areas and accord
ing to "The Oil City Derrick" consid-
cred an authority on matters pertain
ing to the industry, June almost be-
came a banner month in field develop
ments. The completion of 2,718
wells during the month made a new
high record for the fields covered in
the report and new oil production to-
tailed 174,917 barrels, an amount only
exceeded in June, 1916, when the total
of new production was 10000 barrels.
More wells were completed during
June than May in the sylvania
fields, Central Ohio, Indiana, Illinois,
Kansas, Oklahoma and Northern
Louisiana. The principal increase in
production was from Kansas and Gulf
Coast with fair gains in the Central
West and Wyoming. The largest de-
cline was reported from Northern
Louisiana, where a loss of 1866 bar
rels was recorded. Outside of the
Gulf Coast there were few gusher
wells to swell the figures, so that the
increase in output comes largely from
the greater number of completions.
This is considered favorable as the
smaller wells would be expected to
decline less rapidly than the gushers.
AS compared with May the June com
pletions show an increase of 254, and
the new production is greater by 21 ,235
barrels. In June, 1917, the new wells
were 2003, and the new production
1913 ,O63 barrels.
were 1868 wells under construction,
making a new high record for opera
tions. The Gulf Coast fields main
tanned their activity during June. and
reported ITO completions with a new
production of 1886 barrels. While
there was a decrease of eighteen in the
competitions, the new production OBJ
tanned showed an increase of 26,251
barrels. Large wells were completed
at Goose Creek, Saratoga and Edgerlv;
Goose Creek had an old hole worked
over which started at 1900 barrels.
Kentucky remains the busiest divi-
sion of the Central West. Operators
completed 1862 well~, which was a loss
Of nine from the previous report. The
new production obtained was 2,656
barrels, or 625 barrels more than in
May.
The Oklahoma operator was buster
than ever in June, and completed 1908
wells, almost reaching the high record
of May, 1914 when 1,043 wells were
completed. The total shows an in
crease Of PA over the previous report.
The production obtained was Al 666
barrels, loss of 6,309 barrels as COM
pared with May.
Kansas reports 546 completed wells
during June, with a new production of
58,s86 barrels. The completed wells
new production gained 1902 barrels
over Nav.
New-York tribune., 1918-07-04
Dividends
Regular Declarations

American Cigar Company. Quarterly diNi-
dead Of ia per cent on the common stock.
payable August ! TO stockholders Of record
July 10.
American Light Il Traction Company
Quarterly dividends of ~ per cent IN cash
and -: per cent ia stock on the common
stock. both payable August | 70 stockhold-
ers of record July II.
Brooklyn City Railroad Company Quar-.
ter!y dividend OF 2le per cent. payable July
10 to stockholders Of record July 3
Cosdcn & Co.-Dividend of - per cen,
payable in stock August | to stock kholders
OF record July Is.
Homestake Mining Company. Monthly
dividend of 30 cents a share. payable JuIy
20 to stockholders of record July 20.
MidvaIe Steel L. Ordnance Companv
Quarterly dividends of sl.50 share. payable
August to stockholders Of record July is
Pere Marquette Railroad Company.-Ouar-
terly dividend of a per cent on the prior
preference stock. payable August l to stock
holders of record July 15
United Coal on.-Quarteriv divi-
dend of u per cent on the preferred stock
payable July 25 to stockholders OF record
July TO-
International Agricultural CORPORATION
Quarterly dividend of IA per cent on the
preferred stock. payable July 81 to stockhold-
ers of record July Is.
Atlas Powder Company.-Quarterly div;.
dend OF 11e per cent on the preferred STOCK
payable August l to stockholders of record
July 90. 'No'u
New-York tribune., 1918-07-04
Approve New Bond Issue
American Telephone to Con.
vert 1t in Two Year.

Stockholders of the American Te,.-
phone and Telegraph Company a. .
special meeting yesterday authorizes
the issuance Of $50,O00000 seven-vo..
6 per cent bonds, convertible after tn.
years into the stock Of the com,,,,
at 1oe. An aggregate vote of 9.128 77s
snares was cast in favor of the plar
while 291 shares opposed it.
Clarence H. Venner, who was ,r.-
ent, objected to the contract rnadn %
the con- pany with the banking s,,rSy
cate underwriting the proposed issra
alleging that it was contrary tn ~,
company's charter, in that by tho .aie
OF convertible bonds at 81, less co-o
missions of 3 or 4 per cent. tho cn~a
pany would not receive par for ~.
stock issued upon conversion of tbs
bonds. '"e
"The law does not authorize cox
poration TO issue stock at less than
par" said Mr.. Venner, "but what !,
cannot do directly it NAV not do ;n'
directly, through the evasive pro.ss,
OF first selling convertible bonds at a
heavy discount"
Replying to question from, ".
Venner regarding the disposition -;
the per cent commission on ,he nm
derwriting Of the bonds, Theodore Y
Vail, president of the company sa;a
that 21s per cent was the svndicats,.
omission and one-half Of per rev,
Will be paid to the organizers of tho
syndicate. '"e
New-York tribune., 1918-07-04
Pacific Mail to- Retire
$1,7OO,OOO Preferred Stool

Common shareholders Of the Pacific
Mail Steamship Company, at special
meeting yesterday, approved the pro.
posal of the directors providing for the
retirement on September / Of the s..
100000 preferred stock at s11o share
Following the stockholders meeting
the directors voted to offer to common
stockholders for pro rata subscription
10000 shares of the common stock al
$50 share. This compares with the
current market price of 28a4 Holders
OF the common stock # record on
august viii have the right to sub.
scribe to tie new stock, payment for
tcnber 8 f
New-York tribune., 1918-07-04
Elections

C. Z. Graham, vicc-president of the
Chesapeake E. Ohio Railway Company.
has been elected vice president of the
Hooking Valley Railway Company, the
Chesapeake & Ohio Railway Company
of Indiana, and the Chesapeake & Ohio
Northern Company.
L. Brooks Leavitt, formerly Of
Bertron, Griscom & Company, has be
come associated as manager Of the
bond department with Paine, Wcbber
& Company.
Harry Bronner, president of the
Missouri Pacific Railroad Company,
and j. j. Raskob, vice-pyesdent of L.
l. du Pont de Nemours Company, have
been elected directors of the Mercan-
tic Trust & Deposit Company. James
NJ Wade was elected assistant treas
urer.
New-York tribune., 1918-07-04
u. S. Financing for B. G Nj.
Government Is Considering
Plan. Bankers Announce

plan for reorganizing the financial
structure of the Boston & Maine Rail
road is under consideration by the
Federal government, according to an
announcement made yesterday to tha
noteholders by J. P. Morgan & Co.,
Kidder, Peabody & Co. and Lee, Hig-
ginson & Co.
ain view of this fact the bankers
stated, I'VE believe that action on the
part of the noteholders to protect their
interests is at present unnecessary, but
should such occasion arise in the
future we shall be glad to inform you
The original amount of the Boston
& Maine note issue was 27.00O,0 900. Of
which total S13,693940 has been paid
leaving outstanding $13,3O6,O6O.
New-York tribune., 1918-07-04
Steel Trade Aided
By Priority Ruling

The steel trade read with keen in
terest and some surprise, says the
"1ron Age" messages sent broadcast
by the prlorities committee telling
manufacturers that on a considerable
amount Of their output priority Ger
tihcates are not needed. The dscre-
ton thus given to the mills has re-
lieved some OF the strain urder which
the industrs was laboring However,
1T does not change by single ton the
amount of the country's output re-
quired fo- the government and it's
allies, and therefore holds out no i'm
r,ediate prospect of release of material
tor general use.
Lake Superior ore producers have
decided that the As cents advance
in price shall apply only in part to
1918 tracts-that is, t. ore un-
loaded at Lake Erie docks after mid
night of June 80.
June pig iron returns Dy wire, with
several furnaces estimated, indicate
very slight falling Off last month.
the total being 1923, ,79l gross tons for
thirty days. or 11O,793 tens dav.
against 3,4lt,4l2 tons in May, or Ill
no tons a day. AS the May rate had
been exceeded but once, the June per
torrance is cons sidered satisfactory. in
view OF the number of furnaces being
tcrced out Tor refining. Fifteen were
blown out and eleven were blown in
last month, a net loss of iorr, leaving
o55 furnaces active July !, with an es-
,lmated capacity of $500 tons d dav.
While lalge government orders con
tlnuc to be given out, good headway
has been made by the mills. particu-
larly on shell and ship steel. Some of
the forging plants as we'll as the ship
yards now have on hand ell the steel
they were entitled to receive up to
July /.
For France 10000 tons more barb
wire has been allocated AMI $4,000 tons
of wire rode. A fresh distribution of
wire nail orders has been made, but
for only somewhat more than 10 per
cent of the 100000 kegs IF the original
allocated ORDER.
Railroad structural steel require
ments continue a factor IN the fabri-
eating field, adding measlrably TO the
demands for ship constr iction, special
government projects and war plant ex-
tensions. Three piers FOR a govern
ment warehouse at Brooklyn will take
5000 tons.
All June records for Lake Superior
ore shipments were broken last month
with a total close to 100000 tons. one
dock being estimated.
New-York tribune., 1918-07-04
No Greater Profit
In Copper Aduance,
Producers Assert

Although the announcement that the
War Industries Board had decided to
increase the government price for cop
per from 3a to 26 cents a pound for
the period running from July 2 to Au-
gust 15 came as a great surprise to
Wall Street, copper trade interests as
serted that they had been expecting
the advance for several weeks The
increase of 21A cents in the price al
lowed was generally looked upon as
satisfactory.
Copper producing interests said,
however, that the increase would not
accrue to them in the shape OF addi-
tional revenue. Increased operating
costs, larger refining charges and the
increase in freight rates would about
eat up the increase, they said. Accord
ing to one copper man, 26 cents a
pound for copper merely allows about
the same margin of profit which re-
suited from the agreement entered
into last September, when the price
was arbitrarily fixed at 231a cents a
pound.
One of the biggest factors, it is said
tee in Washington in its decision was
the 25 per cent increase in freight
rates, which went into operation on
July 1. Copper men have said on sew
eral occasions lately that the added
freight charges meant an increase Of
about a cent pound in operating
charges Of the copper producing com
panies.
1t is believed that the authorities at
Washington are convinced that the
proper policy in the matter of price
fixing is one which should stimulate
production. During the last month
output of some of the large copper pro-
ducing properties has fallen off. The
Anaconda Copper Company, for ex-
ample, during the month of June pro-
duced 25,Soo,ooo pounds of copper,
against 28,400,000 pounds in May and
265OO,00O in April. The Miami Copper
Companys June output amounted to
4692.554 pounds, compared with $780,
4O8 in May and 4,913.5n0 in April.
New-York tribune., 1918-07-04
Borrowing TOO Costly

The other day the Canadian Minister
of Finance paid visit to Washington
on financial business. Upon his re-
turn he stated" says THE Montary
Times" "that large issue of Cana
dian government bonds could only be
made upon ga or 6 II per cent basis,
>wlth fiotatior charges of 5 per cent.
Ibis is, of course, on account of the
heavy demand for funds IN New York.
and more especially for subscriptions
for Liberty Loan issues. There may,
OF course, seem to be much disparity
between the yield upon the Liberty
Loan bonds and an interest return Of
+ per cent on Canadian government
bonds, but this difference is to a large
extent cancelled by the substantial in
come tax to which issues other than
United States government issues are
subject. The Finance Minister also
stated that the market for the higher
grade Of corporation securities was
practically upon per cent basis.
Canadian bonds can be sold in the
United States and arrangements have
been made with the capital issues COM
mittee for this purpose Considering
the state of the market, h"wever, it is
rot probable that very many sales will
be made"
New-York tribune., 1918-07-04
Dividend on Preferred


Directors of the international Agri.
cultural Corporation, at d meeting held
yesterday, declared a quarterly dvi.
oend of Il per cent on the Sl3.O55, 500
preferred stock, placing the issue on
an annual 8 per cent basis. This was
the first disbursement to shareholders
since 1913. when 315 per cent was
paid. An official statement, issued after
Yesterdays meeting, said
j., The directors of the company felt
that pending the working cut of some
possible plan for the payment of ac-
oumulated dividends on the preferred
stock the earnings for the year fully
warranted a this time n oderate cash
dividend distribution which would
yield to stockholders current income
return on their stock"
New-York tribune., 1918-07-04
@ Wealth Markets and Commerce
New Treasury Certificates
Will Be Second Issue Preced-
ing Fourth Liberty Loan

Secretary Of the Treasury McAdoo
has announced second issue of Trea-
sury certificates in advance of the
fourth Liberty Loan Of minimum of
$3.50 000, 900.
The certificates will be known MS
series Alb, will bear an per cent in
terest, will be dated July 8, 1918, and
due November 7, 1913. Subscriptions
will be received by the Federal Reserve
Bank of New York up to the close of
business on Tuesday, July 16.
Payments for certificates allotted
must be made to the Federal Reserve
Bank of New York 1T par and accrued
interest on and after July 8 up to and
including July 16.
New-York tribune., 1918-07-04
New York

Receiver for Perpall & Co.-Judge
julius M. Mayer in the United States
District Court yesterday appointed
Ezra P. Prentice as receiver for Clar-
ence c. Pcrpall & Co., members of the
Consolidated Stock Exchange, against
whom an involuntary petition in bank
ruptcy was filed on Tuesday. The re-
ceiver was instructed to wind up the
business of the firm and report to the
court.
New-York tribune., 1918-07-04

The above rates express the cost Of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at. say, s4.75%. The intrinsic
parity is s4.S6Ss per pound. Thus you
say either that pounds are at dis
count or that dollars are at a premium,
which is owing to the fact that in Eng
land the demand for dollars with which
to settle accounts in this country is
greater than the demand in this coun-
try for pounds with which to settle ac-
counts in England
New-York tribune., 1918-07-04
'Telcph
Hanover 6514

tees had handled some $42,OOO,O0O
of the bonds in this manner.
There is no fundamental reason
why such plan should not prove
successful in the United States. Ger
tainly it would not fail for lack of
cooperation on the part of the in
vestment houses. They are already
giving three or four months of the
year to Liberty Loan work, without
compensation, though their business
has been drastically curtailed by
government preemption of the mar
kets. Investment bankers of broad
experience are convinced that the
price of Liberty bonds could be
maintained if this government could
be persuaded to adopt the Canadian
plan. Surely, then, it is a matter
worthy of the most serious consid-
GRAFTON on the part of treasury Off
clals. In short time the govern
ment will offer the Fourth Liberty
Loan, and the success of that issue
may depend to not inconsiderable
extent upon the prices prevailing
for the outstanding bonds; at least
heavy discount on the present issues
would have an important bearing on
the rate of interest of the next
fiotation. Anything which would
help to maintain the market value
of the bonds should, therefore, COM
mand the attention Of the authori-
ties at WASHINGTON.
New-York tribune., 1918-07-04
News Digest
Foreign

Paris Bourse Quiet-PARIS, July o.
Trading was quiet on the Bourse to-
day. Three per cent rcntcs sold at so
francs 90 centimes for cash. Exchange
on London was quoted at 27 francs 16
centimcs. Five per cent loan brought
88 francs 35 centimes. 1t will be a
holiday on the Bourse tomorrow.
New-York tribune., 1918-07-04
Routine U. c. S. Meeting

In View Of the recent rnmora con
cernlng consolidation Of three tobac.
co companies, more than Usual inter
est est ATTACHED l to board meeting of the
Ghlted Cigar Stores Company vestar-
day. NO announcement wa; forthcom
llg' however, that merger was under
way. way. The stock closed at 1909, up a
New-York tribune., 1918-07-04
New York-Montreal Exchange

New York funds at Montreal are now
quoted at a record premium of about
rs per cent. This makes il extremely
costly for Canadian interests with pay
ments to make in the United States.
Yet no definite steps have been taken
50 tar to improve the exchange stu
alton, which is growing worse instead
CT better. According TO "The Monetary
ilmes,' loan or credit in New York
Eas been considered as m adjustment
CT trade relations. "a small credit or
loan might te justified" this authority
says, "but there would be no necessity
CT advantage in resorting to New York
tor considerable loan to finance our
war requiem ents. Every dollar raised
abroad requires the repayment in some
form or other Of, say, two dollars in
Principal and interest"
New-York tribune., 1918-07-04

ub-Treasury.--The banks lost to the
SubTreasury yesterday $2,460000.
Silver.-Bar silver in London was
4S@sd. unchanged; New Yo,k. 994ac
unchanged; Mexican dollars, tic, un-
changed.
London Money Market. - LONDON,
July 3.-Moncy was firm at per cent
Discount rates were: Short bills, ~
per cent; three emonth bills, 8 9-16 per
cent. Gold premiums at Lisbon were
quoted at 139.
New-York tribune., 1918-07-04
June Charters in East

Charters filed in the Eastern states
Tor new companies with a capital in
excess of 100000 or over during the
month of June amounted in the apcre.
gate to 227,243 900, according to the
compllation of The Journal of Con, =
rerce" This compared with tota,
o. o. new charters Of S423 ,224 600 in june.
New-York tribune., 1918-07-04
Relevant Comment
No Dealings in Pullman

Apparently the taking over Of con-
troll of the Pullman service for oper-
alton by the government ordered by
Director General McAdoo caused little
excitement among holders of Pullman
Company stock yesterday. At the ex-
change there were no transactions in
this issue, which closed last week at
112h. Pullman shares sold in Janu-
ary at 1O0H, rising in May to 119, the
nigh price for the YEAR 10 date
New-York tribune., 1918-07-04
London Exchange Firm-L'

London Exchange Firm--LONDON,
July 3.-The reinvestment of dividends
was responsible for frmness and ac-
tivity in tax free war loans, industrials
and leading oil shares on the Stock
Exchange to-day. Otherwise there was
no increase in business, but the under
tone continued confident. Foreign rails
were the most active in the afternoon.
Money was in larger supply owing to
maturing Treasury bills. Discount
rates were steady
New-York tribune., 1918-07-04
Money and Credit

Money rates were firmly maintained
ruling rates were to 61a per cent
throughout the session. Banks were
less liberal in their offerings owing to
the heavy government Withdrawals of
the past few days.
Only a moderate demand was re-
ported for fixed date funds, which ruled
at 5 II to 5$4 per cent for mixed col
lateral loans and 5a4 to 6 per cent on
industrial collateral loans.
Ruling rates for money Yesterday
compared with year ago, were as
follows:
Yesterday. Year ago.
Per cent. Per cent
Call money:
On mixed collateral 3R
On industrial coltl 6la q
Time money (mixed collateraD:
Sixty days...... 5a4@6 434@5
Ninety days.... 534@6 424@5
Four months .. . 5a4@6 1905
Five to six'months 5a4@6 44@5
Commercial Paper.-A fair amount
of business was done yesterday at 6
per cent for four to six months ma
turtles.
Bank Acceptances.-This market con-
tinued active despite the frmer tone in
the general money market. Rates were
as follows yesterday:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent. Per cent. Per cent.
E j e lie
m m b er
banks. .4A@4 4A@4h 4h@4A
E igib lie
nOrmem-
her banks4h @41s 42a@4I4 4A@4h
e ig lie
bank bills.5l4@4sz 5H@424 5A@434
For delivery within thirty days:
Per cent.
Eligible member banks ...... 4N
Eligible non member banks. go. 45a
Ineligible bank bills. ............ 6
Discount Rates.-Tne following table
gives the current rates of the twelve
! Federal Reserve banks ur commercial.
manor IN all roriods I'm to piro+v dave.
New-York tribune., 1918-07-04
FOUR PER CENT.
DIVIDEND NOTICES
rur AMrn1cAN ronAcon coMpANt

THE AMERICAN TOBACCO CoMfsS''
No. Ill Fifth Avenue. ,s,s
New York. \ Y. July ), lsssssr
Notice is hereby given thar 'he trsns'ss
Books OF registered four per cent. ~ .sss, ~,
bonds OF The American Tobacco Coms,Ss C,h1 ,Ss
win close at 2 NJ. July Is. 1918. so ,s,S
payment OF interest due August is,,s y,
and reopen at 10 A. NJ August 2, isls~
J. NJ. w. HICkF. frsssa
New-York tribune., 1918-07-04
The Dollar in Foreign Exchange

Quiet conditions prevailed in the
local foreign exchange market yester-
day, rates moving narrowly. Italian
lire bills eased off on increased offer
ings while slightly lower rates were
quoted for 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., 1918-07-04
Quoted cents to the uuitJ

Below is given the current exchange
value of foreign money IN dollars and
cents, together with the intrinsic gold
parity. as calculated by the United
States Mint:
New-York tribune., 1918-07-04

Yesterday. ago.
Sterling, demand. .....$47535 $47535
Sterling sixty days.. 4.72La 4.72Ia
Sterling. cables. ........ 4.76h 4.76a
Sterling, ninety days. 4.71M 4.71
(QunteL units to the dollar.)
Francs, checks ....... 5.717s 5.713a
Francs, cables go. $500 $40
Lire, checks $4,000. 8.8034 8.e1
Lire, cables .......... 8.79Ia 8903s
Swiss, checks ........ 400 3.o3lh
Swiss, cables ......... 3.97 3.95
New-York tribune., 1918-07-04

Discount Rates.-Tne following table
gives the current rates of the twelve
Federal Reserve banks un commercial.
paper on all periods up to ninety days:
New-York tribune., 1918-07-04

pTOVlQou luIluS lOI tlc pay IllCuC VI
commissions and the expenses of
the committees, but has built up a
comfortable surplus that eventually
will find it's way into the Dominion's
treasury. Whenever large block
of bonds is offered for sale the com
mittee waits upon the prospective
seller and informs him that it will
take the bonds at the fixed price, if
given time in which to dispose of
them, but if the sale must be made
Immediately it will have to be at
discount Of, say, one-half of l per
cent In many cases the alternative
proposal is accepted, and the bonds
are bought below the fixed price, to
be retailed later at a profit to the
committee This works no injustice
TO the large seller, because it is OBJ
vious that if large blocks of bonds
were thrown on an open market
they would force prices down, as is
cause loss perhaps much more sub
stantial than is sustained under the
operation as it is now conducted.
Moreover, the discount applies only
to an individual block, and does not
affect the market value of the whole
issue, as is the case in an open mar
ket. 1t may be remarked in passing
that up to recent date the commit