davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-01-19
French Exchange Rate High

French exchange, by reason of the
advance that has taken place during
the last fortnight, now stands at the
highest level since April 7, 1917. On
that date cable transfers to Paris sold
at 5.67 francs to the dollar. 1t was
just after our entrance into the war,
and the French exchange rates re-
sponded to the belief in financial cir
cles that the United States would i'm
mediately make large credit advances
to France The improvement was
largely sentimental for franc eX-
change cased off again, selling as low
as $50 in October. The present quo
tation is 5.6SA francs to the dollar,
which compares with a par Of 5.1SB
In exchange circles the explanation for
the movement Of exchange in favor Of
Paris is that the United States govern
ment is buying francs in order to make
remttances to France for paying the
American expcditionary forces.
New-York tribune., 1918-01-19
Investment Bankers
Adopt Proposal to
Curtail Financing
Would Have Semi-Omcial
Board Regulate Issues
Of Securities

Supervision Of the issuance Of cor
by semi official board is recommended
in a report adopted yesterday by the
Board of Governors of the Investment
Bankers Association. The report was
submitted by the special committee,
headed by Allen B. Forbes, appointed
at the last annual convention Of the
association, held at Baltimore.
The appointment of a board to pass
on al! issues of securities was recon-
mcndcd BY this committee "in order
that non-csscntial financing may be
curtailcd and essential financing ac-
complished, and that industry and fin
ance may be maintained on as we'll or
ganzcd and normal basis as is prac
ticablc under the changing general con-
ditions."
The survey CT tho situation, the com
mlttcc stated, makes it appear that in
respect to corporate financing much
has been and will continue to be neg
lccted through the regulatory and re-
strlctlvc power of the securities mar
ket' and that in respect to state and
mun1cipal financing much can be ac-
complshed by official proclamation.
1t is also the belief Of the committee
that no offerings Of any class Of sccu-
rltles VIII be made at time to inter
Iere with the governments Liberty
Loan campaigns.
Inc recommendations of the commit
tee are in line with those recently out
lined III a report drawn up by com
mittee of bankers in this city headed
by Thomas W. Lamont, Of J. p. Morgan
a. Co. They also coincide with the
plans being drawn up by the Federal
Reserve Board at Washington to effect
regulation Of the issue of corporate Sc
curltles on a voluntary basis rather
than by legislation.
The meeting of the governing board
was held at the Waldorf Astoria Hotel.
Those present were Warren S. Hayden,
presldent; William G. Baker, jr John
E. Oldham, Frcdercl. A. Yard, Law
renee Chamberlain, Frederick r. Fen
ton, George w. kendrick, Richard l..
Morris, George w. Hodges, Stacy c.
klchmond Howard +. Beebe, George B.
Caldwell, H. l.. Stuart, Roy c. Osgood,
}. Sheppard Smith, William G. Lerchcn,
j: ). Wilson. jr., John A. Prescott. Will
II. Wade, James NJ. Wright, Edwin
White, Charles l.. Stacy and Roby Rob
inson
A resolution was adopted by the
board heartily indorsing the govern
ment's war saving stamp plan and
pledging support during the period of
the campaign.
New-York tribune., 1918-01-19
Petition Filed for
Receiver to End
D. & r. c.. Tangle
Action Taken to Prevent Pri-
ority of Equitable Trust
Judgment

STAY of execution Of judgments for
$36, 900 granted against the Denver
g. Rio Grandc Railroad by the Federal
courts Of the Southern District of New
York and of Colorado and appointment
of a receiver for that road were asked
in Il petition on file yesterday in the
Federal District Court at Denver. The
petitioner is the Elliot Frog and Switch
Company, of East St Louis, Ill.,, which
asserts about $4,000 is due it.
The petition sets forth that the re-
ccivership and restraining order are
asked to prevent priority being given
the judgments, both of which are in fa
vor of the Equitable Trust Company Of
New York and are outgrowths of ac
tions begun to secure fulilmcnt of the
guarantee Of interest Of the bonds Of
the Western Pacific Railroad made by
the Denver e. Rio Grandc.
The petition asks that the road "and
all other persons" be restrained from
disposing Of any of its properties pend
ing appointment Of the receiver
AS result Of conferences held here
yesterday between the Denver g. Rio
Grande and Western Pacific interests,
1T is expected f. J.. Brown will be cho-
sen as d receiver agreeable to both
sides. He is favored by the Missouri
Pacific, the largest stockholder Of the
Denver & Rio Grandc, and the Equi-
table Trust Company as the trustee for
the Western Pacific bondh olders, it is
asserted, will not oppose this choice.
The hearing scheduled for to-day in
Denver on the right of the Equitable
Trust Company to execute attachments
on the Denver & Rio Grande's free as
sets in that city, it is expected, will be
postponed until after the hearing on
the receivcrship application, which has
been set for next Thursday.
1t was pointed out yesterday, how
ever, that the trustee for the Western
Pacific bondholdcrs may proceed to at
tach the Denver railroads assets, in
which event they will be held by the
court. subject to its decision on the ap-
plicatiOn for a rcceivership.
New-York tribune., 1918-01-19
Stocks
[By Tho Associated Pressl

Inauguration Of the governments
conservation regulations caused pro-
nounced diminution in the volume Of
business on the Stock Exchange. Trad
ing was accompanied By frequent
pauses.
There was some apprehension before
the opening Of heavy liquidation b.
speculative interests at industrial
points. but commission houses reported
few offerings from such sources. Sell
ing came chiefly from professionals,
who succeeded in dislodging a few
stop loss" orders on the early decline.
Public interest was at lowest ebb. ard
observers Of the market expressed the
opinion that this condition would con-
tinue pending definite adjustment of
existing complexities.
Publication of the text Of the Admin
istration's order removed all doubt of
its scope and Importance. This was
supplemented by advices from manu-
featuring centres, many of which re-
ported partial or complete cessation
Of operations for the five day period.
Pools were active in certain stocks,
notably shippings, oils and tobaccos,
but in general the movement was re-
stricted and meaningless. Leaders re-
covered the greatest part of their to 2
point recessions before the close
Bonds We're firm on limited trading.
Liberty rs sold at $3.50 to 9S4s, first
As at 97.06 to $3.50, and second As at
1922 to 96.1O. U. S. bonds Gold issues)
were unchanged on call
All stocks quoted dollars per share
New-York tribune., 1918-01-19
New Treasury Certificates Offered
Revenues of Express Companies

Total operating revenues of the
principal express companies for the
month Of September. according to
figures compiled by the Interstate
Commerce Commission, amounted to
S9,673,S05, compared with $685. ,O45
for the sponding month of 1916.
Operating expenses totalled $9,729,-
1913. an increase Of S1,s99 ,O29, so that
there resulted an operating deficit of
$56,093, against a surplus the proceed
ing year OF 81 ,022 176.
New-York tribune., 1918-01-19
Mexican "Pete" to the Front

Pool operations continue to furnish
most of the interest in the dayto day
stock market movements. Yesterday
it was Mexican Petroleum that re-
spondcd to the persuasive tactics of
the professional operations. The days
movement carried that issue to 81 u
up 37s points from Thursdays close.
In the face of the hcaviness Of most
of the other industrial shares, this
gain could not be held, however, and
the stock cased off late in the day.
closing at S9Sa I'D 2&s pointS
New-York tribune., 1918-01-19

Since so many persons are in the
habit of scolding the Interstate Com
merce Commission whenever an op-
portunity is presented, it is not sur
plising to find that much abused body
blamed tor the situation which ap-
parently made the Garfield order
necessary. The argument on which
this conclusion is based is now so old
and threadbare that it is hardly
worth repeating; in substance, it is
that the commission stifed railroad
growth by refusing to grant all the
rate increase that was demanded.
The truth is the railroads have been
enjoying remarkable prosperity for a
long time, and were when they were
taken over by the government.
Moreover, they were producing trans
portation on a scale which was un-
dreamed OF before the war, probably
all that would have been required
under intelligent management. In
the seven months ended October 81
last the number of revenue tons of
freight carried one mile increased
twenty-seven billions, or 1876 per
cent, compared with the correspond-
lnr months year before, itself a
record period. And the railroads
undoubtedly would have been able to
make an even better showing if thew
mad not been handicapped by stupid
priority orders. Iti extremely doubt
ful If there is any real shortape Of
transportation facilities. The trouble
IS that the transportation machine
has been used wastefully. Railroad
officials have not been responsible fo,.
that. They have had no choice but to
obey orders. AS for the Interstate
Commerce Commission, it does not
figure in the equation at all.
New-York tribune., 1918-01-19

The above rates express the cost Of
foreign money ir terms of the Ameri-
can dollar. You buy an English pound
sterling at, say, s4.75M. The intrinsic
parity is s4.S65s per pound. Thus, you
say either that pounds are at a dis
count or that dollars arc at q 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., 1918-01-19
Speculation in Art

The Wild speculation in objects, o.
art against which the famous hel'
Bode, director general Of the BERN
museums, has repeatedly protested "
assuming even more alarming proper.
tions in Germany. There is no douu
that proiiteers are putting their mons! M
into art, Partly for purposes OF ols
play and partly for safety OF lnVes.
ment, but objects OF art are also ben.
employed more and more as eXpols
to steady exchange. In fact, plctu''..
are being used like coal and IRON y
like the asparagus which was expoIa.
last year and the potatoes which 5"
being exported now.
New-York tribune., 1918-01-19
MarcOni Wireless Dividend

The Marconj Wireless Telegraph
Company, Ltd, of London, according to
cable advices. has declared dividend
of 7 per cent on the preferred stock
and a . per cent interim dividend on
the ordinary stock
New-York tribune., 1918-01-19
Washington

Tariff Commission to Meet Here
W WASHINGTON, Jan. lS.-The Tariff
Commission Will go to New York for
a conference on January % with repre-
sentatlves of the silk industry.
New-York tribune., 1918-01-19
Liverpool Cotton Statistics

LIVERPOOL, Jan. 49, Weekly cot
ton statistics: Imports, $4,000 bales;
American. $4,000; stock, All 900; Amer
ican, 274,000; forwarded, 81 900; Amer
lcan, $4,000; exports, none; sales,
$4,000; American, 5000.
New-York tribune., 1918-01-19
The Dollar in Foreign Exchange

French exchange continued to
strengthen yesterday, being quoted at
5.GSM francs to the dollar for cable
transfers, compared with $50 the day
before. Check francs went to 5.70M
Italian exchange was hrmcr. with lire
quoted at $40 for cables. Spanish pc
sctas were easier at 2!.13 cents for
checks.
Closing rates yesterday, compared
with week ago, are given In the table
below. American bankers have sus-
pended all dealings in German and
Austrian exchange, so that daily quo
tations for either marks or kronen are
no longer available.
Quoted dollars TO the pOund.)
New-York tribune., 1918-01-19
AUCTION SALE

$4,000 GULF, FLORIDA & ALAeA-~.
RAILWAY COMPANY FIRST NoS''
GAGE SIX PER CENT BONDS =,
Pursuant to certain Trust grres,arlis
dated July l. 1914, between Gulf' ~
n Ala bama Railway Company az,
undersigned. securing an issue Oh =. al
year convertible Sc gold notes .. III
Railway Company. the undersignsur IS
sell the collateral held by IL secufins ~
notes. VIZ. first mortgage bonds OF OH
Florida & Alabama Railway Coripa,asse ,se.
the principal amount of S54,ooo, al pppss,A
auction AT the Exchange SAFES trsnbsi
l4-l6 Vesey Street. Borough OF MAY ssy 4
tan. New York city. on me 2Srd osss ssaa
January. 1918. at 1890 o'clock p. M r...,ra-
sale Will be conducted under our !h' acc.
tions by Adrian II. Muller g. Sop'
tioneers. ,s
Dated. New York. January Is, niSsr Sr r
GUARANTY TRUST COMPANY OF ~
YORK, Trustee.
New-York tribune., 1918-01-19
Laying Up Russian Currency

A substantial amount of business is
being transacted here in Russian gov
crnment currency. The money, mostly
in the form of 500 ruble notes, is be-
ing sold by several houses in the finan-
cial district At the Office of one of
the Russian steamship companies it
was stated yesterday that the present
price for the Russian notes is around
8 to 10 cents a ruble, compared with
par value Of 51.2 cents. Buyers Of
facturers and importers, who are ac-
cumulatng it with view to making
purchases of goods in Russia after the
war is over. There is also some spec
ulation in the ruble currency by those
who believe that the cessation Of hos
tllitles will bring a substantial appre-
citation in value. One firm here is buy
ing up interest coupons due last Au-
gust on the Russian internal bonds
which have not been cashed. An aver
age of cents a rublc being paid for
the coupons. The Russian internal 5M
per cent bonds are now quoted in this
market around SS3 1000 rublc bond.
New Treasury Certificates Offered
1t was announced at the New York
Federal Reserve Bank yesterday that
subscriptions in a large amount had
already been received to the $4OO, ,O0O-
900 issue of 4 per cent Treasury GER
tiiicates of Indebtedness, being offered
in advance of the next Liberty loan.
The point was emphasized that this
issue should not Interfere with the
sale Of the certificates issued in lieu
Of the heavy tax payments that fall
due next June. The campaign to dis
tribute the latter securities among
business interests will continue un-
abated.
New-York tribune., 1918-01-19
Extra Dividends

Maryland Coal.-The companv hos
dec Jared an extra dividend of 2 per
cent. in addition to the regular divi-
dend of per cent. both payable Feb
ruary to stockholders Of record Jan
Uary 81.
New-York tribune., 1918-01-19
Money and Credit

Money rates were firmly maintained
yesterday. At the Stock Exchange the
ruling rate for call loans was per
cent, compared with 5i2 on Thursday.
The banks continued to restrict their
offerings of fixed date funds, with the
result that only few loans were neeo-
tiated. Rates were 5% to per cent
for practically all maturitcs.
Ruling rates for money yesterday,
compared with q year ago, were as
follows:
Yesterday. Year ago
Call money. so go
Time money (miXed collateraD:
80 days. .......... 5aa%o 2I2@234eo
80 days. .......... 5a4oo 2a4po
4 months......... 53aoa 2sA@3oo
S to months. .... 5a40o so
Commercial Paper.-Rates were un-
changed yesterday at 5la to 5a4 per
cent for the best regular maturites.
Official rates of discount for each of
the twelve Federal districts are a..
follows:
New-York tribune., 1918-01-19

Though the Fuel Administrator
order has been modified to permit
number of steel plants to continue
operations, further reduction in the
output of the vital basic commodity
is certain; in fact, some plants have
already banked their furnaces. 1t is
naturally assumed that this suspen-
sion was necessary in order to clear
ur the acute congestion of freight at
terminal points, but whether ncces-
sary or not it is particularly unfor-
tunate, and it is likely to result in
serious shortage of steel later on.
Such a shortage was threatening
even before the situation was aggra-
waited by the fuel order. That is
made evident by the falling rate of
steel ingot production in 1917. "The
Iron Age" calculates the annual rate
at various periods during the year as
follows:
Period Gross tons.
First half ....4 43,OOO, 900
Third quarter ............ $4,000, 900
october ............. 4o'ooV,ooV
November 43, 15O, 900
December ................. o|,1VV,VVV
The rate of output in the current
month undoubtedly will show an even
more drastic decline than that which
took place in December. The total
capacity Of all the steel producing
facilities in the country is in the
neighborhood of 47,5OO,O00 tons, and
every pound that can be produced is
needed. 1t is hoped, therefore, that
when the confusion arising out of the
fuel order is cleared up steel makers
will have the cooperation of the gov
ernment in speeding up operations
to the limit of productive plant. War
needs come first, and unless there
should be a decided gain in produc-
ton, business not directly engaged in
war work may be crippled by lack of
the universal commodity.
New-York tribune., 1918-01-19

London Money Market. LONDON.
Jan. lS.- Money was harder at 3M per
cent. Discount rates. Short bills, 3 80
per cent; three months bills, Apa per
cent. Gold premium at Lisbon, 1000.
New-York tribune., 1918-01-19
Elections

Charles Palfrey was elected vice
president Of the Hibernia Bank and
Trust Company, Paul Nille1e cashier
and William +. 'Tutt assistant cashier.
": +. Reid, of Portland. was elected
presldent OF the reorganized Metro
polltan Steamship Company.
New-York tribune., 1918-01-19

country, as reported by II. G. Dun 4
Co. this week, amounted to $500, $685.,
9o3, decrease Of III pc cen, from Il
year ago. Clearings at New York fell
off &c per cent from the corresponding
week of 1917
New-York tribune., 1918-01-19

w. W. Crawford president of the
American Trust and Savings Bank. of
Birmingham, Ala, was elected a di-
rector Of the Sloss- Sheffield Steel and
iron Company, succeeding Major J. s.
Sewel!, resigned. J. ". Mcqueen, vice
president of the company. was also
elected director to fill a vacancy.
New-York tribune., 1918-01-19

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., 1918-01-19
ANDREW ]. MCCORMACK. Auctloas'
REGULAR Auction SALE.
STOCKS AND BONDS.
BY ADRIAN II. MULLER Sun
OFFICE. % WILLIAM 81.
WEDNESDAY. JAM AIRY %. i9ie

al l2:30 O'Clock. AT the
EXCHANGE SALtSRoOM.,-
Nos "A and Ii ' ESEY STRbD''
For Account Of Executors. c.s
so shs Eagle Savings s, Loan Co o'
T. Ctf. 80. 1882 n,b.
5000 Mountain LAX Club 50 De-
Bonds
% shs. De Irehmaraner COMPANY.
For Account OF Whom II May Cohc,.,.o,. so,.
- shs. city of New York fire 'A'
ance Go. I'D
10 shs. Fay & Bowen Engine Co pre-
2d Series e.
$1,000 Kansas CITY Kwys. 2d N's
Bonds. 1914. .o-o.
III shs. Kansas City Ewys CO. W.
mon. - m
81 shs Kansas CITY Light & Power "
prefd 49, Il.
$1,000 Chicago Elevated Rwys. co. 30 -
tended Notes. 1912.
- shs. Grass Creek Petroleum "
New-York tribune., 1918-01-19

Stephen j. Leonard was elected a
director Of the Central Foundry Com
pany in place of w. l.. Klutz. resirned
New-York tribune., 1918-01-19

WASHINGTON, Jan. 1S.-Under
ruling of Director General McAdoo
the Garfield fuel order will not ap-
ply to plants engaged in the build
ing Of locomotives for the railroads.
The order is general and applies to
all plants in the United States so
engaged.
New-York tribune., 1918-01-19
Combinations:

PHILADELPHIA, Jan. 1S.-Bald-
win Locomotive Works, employing
approximately 10000 workmen, is
operating, despite the mandate is
sued by Garfield to plants working
on government contracts. Other
plants, including the Niles-Bement
Tool Works, are open, pending an in
terpretaton Of the closing down
order.
New-York tribune., 1918-01-19

PHILADELPHIA, Jan. 1S.-State
Fuel Administrator Potter has or
dered the Baldwin Locomotive Works,
which has been running as usual, in
defiance of DR.. Garfield's orders, to
close down Immediately all depart
ments of the plant in operation.
New-York tribune., 1918-01-19

Bank Clearings.-The days clearings
at New York and other cities:
Exchanges. Balances
New orK. ..'.. 1851, 144.563 S7O.509, 1868
boston. .'..... 55,718,365 17.976,e67
chicago. ....... 73028,832 7,452, ,729
Philadelphia. 62623,577 1868. .28s
st. Louls....... 25o68,109 5,29S,83o
Sub Treasury. New York banks
gained from the Sub-Treasurv $3O9 600
Silver.-Bars in London, 44Ad, un-
changed; New York, $3.50, unchanged;
Mexican dollars, 72lac, unchanged
Bank misunderstanding through
the banks at the principal cities Of the
The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-12-03
LIEUT.. ALLEN MARBLE
CABLES He IS SAFE

The friends of Mrs, Jessie Wardle
did not share with her the a%pprehen..
sion they felt over the possible tate OF
her son, Lieut.. Allen Wardle, who, they
hoped rather than believed, might yet
be safe regardless Of reports to the
contrary. Monday evening their hopes
were justified when Mrs, Wardle,
seated at dinner, received Il cab!egram
from her son sent from Belgrade,
France, announcing that he was well
and happy.
Some months ago Lieut., WnrdIe was
taken prisoner by the Germans when
his airplane went out of commission
and he landed on hostile territory. ~
appears that he did not make an ideal
prisoner. There were reports OF re-
peated attempts to escape and he was
transferred from one prison camp 70
another so rapidly that his family could
not get a line on where he was. AS
soon as they were reasonably certain
that he was in one camp, a message
would come from the Red Cross an
~nouncing that he had been transferred.
Finally he was located at Camp VII
lengen, from which place 10 American
officers made an attempt to escape IN
October. Only three were successful,
and they could give no Information re
Earding the fate Of the others, Those
who succeeded In reaching Switzerland
we're Lieut., George Purycar, Lieut.,
Edouard Isaacs and Lieut., Willis. Pur-
| veal returned to his command and
lsaacs and Willis were sent to the
United States.
A few weeks ago Maj. Ewing Car
ruthers received u letter from his
brother, Lieut.. Louis Carruthers, II
which he said that he had talked witt
Lieut., Puryear, who said that Lieut.
Wardle made the attempt to get away
with him. No word was received from
Lieut.. Wardle after that time, and II
was feared that he might have beef
wounded or killed In the attempt The
cablegram received by his mother Mon
day evening was the first message sht
has had from him In months,
No family can have greater pride
than the Wardles for patriotic devotion
to the country's cause. At the head OF
them all stands Mrs. Wardle, the
mother, who has applied herself viii
unCeasing labor to Red Cross and Other
work that she has been able to find
Her daughter, Miss Bessie Ward'e, ha'
worked early and late with one Of thu
local draft boards, Lieut.. Ernes
Wardle is q naval aviator. and Harr!
Wardle. with the 3l6th Field artillery
died recently IN France. Mrs. Wardle'
brother, Lieut.. Cleve Jones, is also II
the aviation service.