davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-07-11
were officials Of companies n.,.

"elS oliiclaiS OF companies mann
featuring copper wire.
1t is the contention Of the wire ma,
ufacturers that the jump in the n-o
ducers' quotation should not as...
purchases made on the basis of 2si,
cent copper, upon the understands
that there would be no further adysn..
before August Is. Now wire man
facturers find themselves in posjtinr
where they may be forced to buy d
cent copper and sell it to their ovT
trade at prices as low as il they hss
paid % = cents only. They want H.
war industries Board TO make sper;sl
allowances on orders of this kind the
must fill. In the event that this ::
not done, wire makers threaten "a
make the ultimate consumer of q.
copper pay the increase.
When the Wa Industries Boar
fixed the price of copper from .Tuns .;
to August Is at 231s cents pound
said the representative of an inportan,
user Of the metal yesterday. the con'
sumers We're led 20 believe that tbi.
figure had the Presidents approval arS
would not be changed in the interim
Accordingly, consumers contracts wen
based on the lower price.
"On July 2 the price was raised 10
70 cents q pound, to be effective from
July ? to August IS. Now the con.
sumers will suggest chat inasmucb Al.
they made their contracts in good faitS
on the basis Of 231a cent copper tss
producers new price should not "a
INTO feet on those contracts until Az.
gust Is. even though the majority q.
the contracts contain clauses nrovii
ing for the market price at the tim.
New-York tribune., 1918-07-11
Seventy to Serve
Rail Shareholders
Committee VIII Act for Ma
tional Association at Con-
ference and Later

S. Davies Warfeld, president of the
National Association of Owners of
Railroad Securities, announced yester-
day that he had appointed committee
of seventy from the membership to act
i'll behalf of that body and other per-
sons indirectly interested in such hold
lngs through insurance companies,
This committee is intended to serve
not only in connection with the pend
ing negotiations over the form of con-
tract for Federal control of the car
riers, but continuously while the rail
roads are under government manage
ment.
Among the New York members of
the committee are W. A. Day, president
of the Equitable Life Assurance So
ciety; T. II. Ecker, president of the
Metropolitan Life Insurance Company;
George Z. Ide, president of the Home
Life Insurance Company; Darwin P.
Kingsley, president Of the New York
Life Insurance Company; II. A.
ings Bank; John J. Pulleyn, president
of the Emigrant Industrial Savings
Bank; Gates w. McGarrah, president
of the Mechanics & Metals National
Bank; c. V. Rich, executive manager
of the National City Bank; E. V. R.
Thayer, president of the Chase Ma
tional Bank; Mortimer N. Buckner,
president of the New York Trust Com
pany; Seward Prosser, president of the
Bankers Trust Company, and Charles
H. Sabin. president Of the Guaranty
Trust Company.
The so-called sub-executive and spe-
cial committees of the Wa1field organ
ization will meet to-day after which it
is expected they will make public the
changes they hope to obtain in the
present tentative Federal contract.
Preliminary to the general gather
ing of railroad executives, attorneys
and bankers tomorrow at the Grand
Central Terminal the Railway Execu-
tive Advisory Committee will also con-
vene to-day. This body, it is under
stood favors the acceptance Of the gov
ernment contract in its present form
and will probably recommend its adop
tion at to-morrow's conference. To-
days meeting, it was said, will be of
routine character.
New-York tribune., 1918-07-11
$20,000,0OO From
Government for
Bethlehem Steel
Ask War Finance Corpora
ton for Advance if Any
Notes Are Unsold

A novel feature of the Forthcoming
offering of $50,OOO,0O0 serial per cent
notes Of the Bethlehem Steel Corpora
ton is that the War Finance Corpora
ton has been asked to advance $780,
100000 of the total. in the event that
the cntirc amount is not sold by the
New York underwriters. This devel-
opment in the negotiations was re-
vealed by an announcement yesterday
that the company had applied to the
War Finance Corporation for an ad-
vance of $20,OO0O0O "for the purpose
of expanding present steel producing
facilities, and for other methods Of
increasing steel production"
Full details of the company's financ-
ing plans are expected to be made
public to-day by the group of banks
in tho underwriting syndicate, includ-
ing the Guaranty Trust Company, the
Bankers Trust Company, the Chase
National Bank and J. e. w. Seigman
g. Co. 1t was stated that the formal
announcement had been delayed owing
to be approved by the War Finance
Corporation.
In outlining the terms upon which
the new notes will be offered to the
public, a banker said that the under
writing syndicate will undertake to sell
the entire issue, but the members de-
sired certain guarantees that the War
Finance Corporation would assume a
part at least of the underwriting re-
sponsibility.
The attitude Of the Bethlehem Steel
Corporation in seeking the assistance
Of the governments new credit instru-
mentality in financing the forthcoming
note issue recalled the experience the
company's bankers had in connection
with the offering of s30,0OO,0O0 pre-
ferred stock in the fall of 1917. The
underwriting syndicate was called upon
TO take up 80 per cent of the issue, the
remainder having been subscribed for
by the holders of the common stock.
1t was reported yesterday that funds
to be raised by the sale of the new T
per cent notes will cost the company
in the neighborhood of 9 per cent
New-York tribune., 1918-07-11
Organize New Steel Co.
Especial DisDatcn TO The r,;by,e,

topec'dt Dispatch to The Tribu,el
CHICAGO. July 10.-The Steel and
lube Company of America, which was
organized here to-day, with Fred
Schlesinger, chairman Of the executive
committee; A. A. Schlesinger. presi-
dent and treasurer, and C. P. Wheeler,
{. I. Boynton, Anson Mark and Clar-.
ence Mark, ce-presidents. now owns
SIX blast furnaces and has pipe mills
IN II, Evanston, this state, and GAINESVILLE,
vhlo' besides Chicago and Indian Har-
Dor properties. At Indian Harbor the
CONF pany already has erected eighty
eight dwellings for working,nen and
other buildings.
The Mark Manufacturing Company
has built at Indian Harbor on land re-.
claimed from Lake Michigan and VIII ich
was under water two years ago mod
ern steel mills. blast furnaces and m
ch ~ shops and has other production
facilities. '''''
New-York tribune., 1918-07-11
Corporate Returns

New York Railways Company
Statement of operations for May dis
closes gross earnings of $1,017, ,S42, com
pared with $1,045,s01 for the CORE
spending month of last year. Net after
taxes totalled SITE, ,40S, which compares
with $253,318 for the same period of
the year before. Deficit after charges
amounted to S54,096, against surplus
Tor the preceding year of S26,163.
Gross earnings for the eleven months
ended May 81 last were S1O,9S5.8 .82O,
compared with 0,435,6 ,616 for the same
months of the previous year. Net after
taxes for the period was s2,493, ,804
against S2,095,820 for the correspond
ing period of the year before. Deficit
after charges amounted to $45,O41.
Colorado Power Company Gross
earnings for May were S106,576, an in
crease of Sl0,201 over the same month
OF 1917. After operating expenses and
taxes of S43,593 net earnings totalleo
S62,9S3, compared with s54 1899 for May
OF the preceding year. Other income
was S6,s97, bringing the gross income
to $6S,oo0, an increase of S13,OS6
Gross earnings for the twelve months
243,243, against S1,124,628 for the pre-
ceding twelve months. Operating ex-
penses and taxes totalled $527 ,532, leav.
ing net earnings of s715,71O. to which
other income of $35,3l1 vas added,
bringing the total income for the period
to S751,022 Preferred dividends paid
during the twelve months were $50, ,iO3
an Increase of S8,353 over the amount
paid for the same months of the vear.
before. After common dividends Of
s@2l'2o4 cUrrius amounted TO s13O,483.
Nipissirg Mines Company, Ltd-si,-
ver produced in June by the comnanv
was valued at $34O,657, and snipned
bullion and residue amounted to s404'-
United Gas and Electric Cornors-
t1oH-Report for the subsidiary com
pany for May shows gross earnings
amounting to 81 1921 1892, an increase oP
S30,lS3 over the same month of j.s+
year. Net after taxes totalled s3so
e39, against s470,215 for Nav If
1917. Surplus after CHARGES srooyn4ed
to s5o,67S. Gross revenue for tba
twelve months was s16.297 .72o lrbint,
compares with 5,6S2, ,651 for tbe
previous twelve months. Net sffa~
taxes was s5,253,228, a decrease -
Silt ;3ol from the corresponding ner;od
OF the preceding year Surplus af+ar ter
charges amounted to s1,567,378.
New-York tribune., 1918-07-11
u. S. Steel Orders
Increase 58I.243 Tons

The United States Steel Corporation
added 5Sl ,243 tons to the total of un-
1llied orders on its books during the
month of June, according to the State
ment issued yesterday On June 80
the aggregate of untitled orders of the
company was 8,918.S66 tons, compared
with S;,337,623 tons on May 81 last.
In the trade it was stated that the
increase III untitled orders reflected
the placing of further heavy govern
ment contracts with the corporation.
Deilveries were made at rapid rate
during June, as the various plants
were operating at from SO to 95 per
cent of capacity.
OF the large total of untitled tonnage
carried by the corporation, it is said
that a considerable percentage CON
slsts of contracts which cannot be ex
ecuted on account of government pri-
orlty orders. This is business con-
tractcd for with private consumers in
the past which cannot be delieverd
until authority is received from the
government.
The following table gives the untitled
tonnage OF the corporation by months
New-York tribune., 1918-07-11
Elliott Now N. P. President

Howard Elliott was elected President
OF the Northern Pacific Railway by its
directors yesterday to succeed j. NJ.
Hannaford when the latter, who has
been appointed Federal manager of the
road, resigned its presidency Mr.. Eli
OFT Is chairman Of the roads executive
commlttee. He was formerly president
OF the New Haven road, succeeding
Cnarles L. Mellen, and resigned the
presidency of the Northern Pacific in
l9,9 to accept that position. He is
sui New Haven director and mem
Der OF its executive committee.
G. w. Bum, general counsel of the
Northern Pacific, and Thomas Cooper.
at present assistant to the president
and land commissioner, were elected
vice presidents.
New-York tribune., 1918-07-11
News Digest
FOREIGN
London Market Cheerfu,

London Market CheerfuI.-LONDON
July l0.-Thc stock market had cheer,
fui and confident tone TODAY. Most
OF the business was in specialties. The
excellent results of the half years
banking caused further INQUIRIES for
oank shares, while tin stocks we're
benefited BY the rise in the metal.
Shinpings >and oils were active and
tanned gilt edged securities. Money
was IN better supply and discount rates
were steady.
Paris Bourse Quiet. - PARIS. Julv
lO.-Trading was quiet on the Bourse
to-day. Three per cent rentes sold at
81 francs 80 centimes for cash. Ex-
change on London was quoted at 5la
centimes. Five per cent loan brouehf
88 francs 45 centimes.
New York
New Securities Listed.-Tho follow
ing securities have been admitted 10
trading OH the Stock Exchange bv the
governing committee: S1,536OOl adj.
dltlonal first and refunding MORTGAGE
bonds Of the Detroit Edison COMPANY;
s2d,363,9 proiit-sharing 5 per cent
preferred stock A and S24363 800 com
mon stock of the Wabash Railway
Company; and s2.27O,9OO additional
stock OF the General Electric COMPANY
New-York tribune., 1918-07-11
Regular Declarations

American Navigation Company-Quarter-
~ d'v'dend of lie per cent, payable July 20
TO stockholders of record July TO-
American Zinc. Lead &, Smelling Com
pany. Quarterly dividend of s1.50 a share
on the preferred stock, payable August / to
stockholders of record July ~.
Burns Brothers.. Quarterly dividend of
er ren' on the common stock, payable
August ID to stockholders of record August
r"""'ar q',srterl ly dividend of ~. per
cent on the preferred stock was declared
July 20. '''-'''''0ei' o' record
Crocker-Wheeler Company = Quarterly
dividends of 1%A per cent on the preferred
stock and 2 per cent on the common. both
payable July l5.
Dominion Coal Company. - semi-annual
dNiaend OF 31a per cent on the preferred
stock. payable August 1 to stockholders of
record July 13.
Elk Basin Petroleum Ccmpany-Quarter
ly dividend Of 2is per cent. payable August
1 TO stockholders of record July L.
r ". Woolworth Company-Quarterly
dividend of 50 a share on the common stock.
payanie September TO stockholders of rec
Federal Sugar Refining Company.-ouar.
terly dividend of l 12 per cent on the pr9
ferred stock. payable August to stocEbold-
ers Of record July 90.
;. Home Insurance Company. -semi-annusl
dividend of 12i2 per cent, payable to stock
holders OF record July /.
Kentucky Securities OBSERVATION-DISCLOSURES
iy dividend of y per ceHt on the preferred
stock, payable July Is to stockholde1~s Of
record July H. u
National Cloak & Suit Company.-ouar-
.erly . dividend Of Sl.75 share on the pre-
ferred stock, payable September l to stock.
holders of record August II.
otto Eisenlohr g. Brothers. Inc.-Dividend
OF per cent on the common stock. pavahls
august Lo to stockholders Of record August !
), Russell Motor Car Company-Quarterl
ol'lden1 OF ! = per cent on the preferred
stock. payable August /. A dividend af fe9
Per cen. eli the common stock. pavah.e
August l was also declared
;. thomas G. Plant Company-Quarte-Iv
tn alViuena OF 9l.15 share, payable July 81
New-York tribune., 1918-07-11
B. R. T. Note Time Expires
Over so Per Cent Of $685.
900 Holdings Deposited

Over 30 per cent of the s57,735,oOo
Brooklyn Rapid Transit per cent
notes had been deposited with the Cen
trail Union Trust Company yesterday,
under the plan approved by the War
FINANCE Corporation, providing for the
payment of so per cent OF the issue in
cash and the exchange of the remain
ing 20 per cent for new three-yea
per cent notes. The notes matured on
July 1, and yesterday was the time
llmlt set for receipt Of deposits.
Before the plan is declared operative
the company's bankers will confer with
the war Finance Corporation to de-
termine whether the time for receiving
deposits will be extended. An Official
,announcement along these lines may
be made to-day.
New-York tribune., 1918-07-11

ume of paper is moving at per cent
for the four to six months maturtics.
Bank Acceptances.---Insti con-
tlnue to buy bank acceptances eligible
tor discount on a fairly large scale.
Rates are as follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent. Per cent. Per cent.
E igible
m m Der
banks. .4s@4 4I4@4h 4h@4A
E igible
nOn-mem-
ber banks.4I4@4Is 4*@44 43a@4A
el igib Bile
bank bills.5I4 4@4a4 5L4@4a4 5A@4az
For delivery within thirty days:
Per cent.
Eligible member banks ....... W.
Eligible non-member banks. 80. 4s1
Ineligible bank hills. lls............
Discount Rates.-The following tablo
gives the current rates of the twelve
Federal Reserve banks ON commercial
paper on all periods up to ninety DAYS:
New-York tribune., 1918-07-11
Price Protest From
Copper Wire Men

Representatives Of an important
group Of copper consumers, as the re-
suit OF meeting yesterday in the
Whitehall Building, on Battery Place
decided to ask the price fixing commit.
tee of the War Industries Board Tor
a nearing concerning contracts thai
were negotiated before the recent sd.
vance III the metal from 231a. cent? ~
20 cents pound became effective on
july Z. The majority of those present
New-York tribune., 1918-07-11

The above rates express the cost of
foreign money in terms of the Amer-
can dollar You buy an English pound
sterling at, say, s4.75ss. The intrinsic
parity is s4.S69s 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 &C.
counts in England.
New-York tribune., 1918-07-11
Cudahy Packing to Issue Notes

Further details of the new S10,000,-
600 financing being arranged by the
nown fuaahy tards The Temany pans v
s1st of five-year per cent notes, it
is reported, which will be offered
within the next week or ten days at
around SO, or on basis of about 7ls
per cent. 1t is stated that the com
pany's business has grown so rapidly
as to nccessitate large increase in
it's working capital.
New-York tribune., 1918-07-11
Elections

Charles Hayden, chairman Of the
finance committee of the Chicago, Rock
Island &. Pacific Railway Company, has
been elected president and director of
that road, succeeding j. +. German,
who resigned because of his appoint
ment az Federal manager. NJ. l.. Bell.
general counsel OF the company, was
elected member of the board. filling
a vacancy.
New-York tribune., 1918-07-11
The Dollar in Foreig,. Exchange

Brokers reported light volume Of
business moving in the foreign ex-
change market yesterday. AS result
changes in rates were small. A slightly
easier tone developed in Spanish pese-
tas on the announcement that plan
is being worked out TO stabilize the
dollar in that market. Dutch guilders
advanced Scandinavian rates were
firm. Rates on London and Paris were
steady.
Closing rates yesterday, compared
with Il week ago, follow:
Quoted dollars to the p0und.>
New-York tribune., 1918-07-11
Relevant Comment
Government to Take Cash

To-day the government will with
draw from the local banks the last of
the funds received from tax payments
and placed on deposit here About 90
per cent remains of the $500, 100000
in cash that was paid in this district
in taxes. With this drawn out by the
government, the remaining balances
carried with the banks will represent
mainly funds received by the Treasury
from subscriptions to the first issue of
$750, 100000 of 4 l5 per cent certificates
of indebtedness.
New-York tribune., 1918-07-11

Silver.-Bar silver in London was
AZ sd, unchanged; New York, 99hc,
unchanged; Mexican dollars, TIC, un-
changed.
Sub-Treasury.-The banks lost to the
Sub-Treasury yesterday $1O1,00O
London Money Market. - LONDON,
July 10.--Money was firm at 2A per
cent. Discount rates were: Short
bills and three-month bills, 1882 per
cent. Gold premiums at Lisbon re-
mained 10000.
New-York tribune., 1918-07-11
Large Profits for Farmers

Crop prospects indicate that the
Western farmer will have large cash
resources as the result of his work. In
one typical Kansas county it is esti-
ted that returns from wheat alone
VII be Sl60 per capita, and the revenue
gon corn and other crops will be pro-
portionately large.
New-York tribune., 1918-07-11
Foreign Exchange Market Dull

Brokers in the foreign exchange
market complain of the dearth Of busi-
ness They say the market is growing
tunities for making money are conse-
quently greatly lessened. Private
credit arrangements and large inter
national loan agreements have natural
ly tended to reduce the amount of for
eien exchange availablc
New-York tribune., 1918-07-11
Will Bet on steA Dividend

The directors of the United States
Steel Corporation meet the last weel,
of the current month to act on the
quarterly dividends. In Wall Street
yesterday offers were made to bet even
money that the common stock dividend
will be the same as has been paid in
recent quarters, IA per cent regular
and ) Der cent extra
New-York tribune., 1918-07-11
Gold Exported From II. S.

Cod exports from the United State;
Tor ten months ended April last aerr..
gated s1S4,549,176. The s7o $40 10,
sent to Japan was the largest taking br
any country. Shipments IN S5.;1
amounted to s4S,344 ,521. Mexico a,S tonS
Sl7,770,849, Chile S12,2O3.716 and rnJ;a ,SGa
81 ,9e4,586. Most of the balance -rl ~
sZ3, ,693,512 was distributed anonr
canada, Argentina. Peru and urursy
New-York tribune., 1918-07-11
Increases

Gillette Safety Razor Company. a
quarterly dividend of 2 Der cent has
been declared, increasing the annual
dividend from per cent to per cent,
payable August 81 TO stockholders of
record August t.
American Sumatra Tobacco. - The
company has increased the quarterly
dividend of 2 per cent to 214 per cent,
payable August 1 to stockholders Of
record Julv %
New-York tribune., 1918-07-11
Russian Bonds Up on Curb

The Russian government 6l5 per cent
external loan bonds, on which the
sem-annual interest coupons are be-
ing paid by the National City Bank,
advanced on the curb from al to 48
yesterday, the latter being the highest
price at which these bonds have sold
in months This compares with a low
record price of SO made in April. The
bonds closed yesterday at 47 bid,
offered .at 4S1n
New-York tribune., 1918-07-11
Activity of American Can
Nevt to Steel American Can re

W f10S'O7J 4Oe@11 WITT wit
mon stock was the most active issue
on the trading list yesterday. The
turnover in Can was 10000 shares.
The stock sold up to 80 and closed
unchanged at 49. The revival of ac
tivity in Can comedies with the issu-
ance of market letters by number
OF Stock Exchange houses, in which
favorable reference was made to the
present poSition of the COMPANY.
New-York tribune., 1918-07-11
Dividends
Extras

The Penn Traffic Company. An
extra dividend of / per cent has been
declared in addition to the regular
scmi-annual dividend of s per cent,
both payable August 1 to stockholders
OF record July Is.
New-York tribune., 1918-07-11
Money and Credit

Conditions in the local money market
were unchanged yesterday. The banks
continued to restrict offerings of call
loans, and the ruling rates were to
6ls per cent.
Quiet prevailed in the market for
fixed date funds. A few loans were
reported at per cent for sixty to
ninety day periods on industrial Sc
curities as collateral.
Ruling rates for money yesterday,
compared with q year ago, were as
follows.
Yesterday. Year ago.
Per cent. Per cent,
Call MONEY.
New-York tribune., 1918-07-11

There was time when such wild
fluctuations in the surplus reserves
of the New York Clearing House
banks as have been witnessed fire.
quently of late would have thrown
the whole financial machinery into
disorder and perhaps have caused a
panic on the Stock Exchange. Now
the surplus goes up or down by
hundred million dollars or more
without causing more than casual
comment and without noticeable eff
feet upon the money market. Such
fluctuations are but passing aberra-
tions. Invariably the balance is
swiftly restored. The operations of
the government with the banks are
conducted with smoothness that
seems miraculous until one recalls
that after all they are chiefly mat
ters of bookkeeping. The banks re-
ceive billions in tax funds, the gov
ernment withdraws these billions
and pays them out, and they are i'm
mediately deposited with the banks
again. The banks buy Treasury
bills, so creating credit upon which
the government draws, and these
funds, too, go back into the banks.
And so it goes in an endless chain,
with the volume of credit constantly
increasing
New-York tribune., 1918-07-11

Bank Clearings.-Bank clearings yes
terday in New York and other cities
were:
Exchanges. Balances.
New York -. .s5so,758,361 S57,o16,ee9
Boston ....... 50,820,770 5,400,565
Philadelphia :. 63,95e,70S 7,755.637
New-York tribune., 1918-07-11

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: