davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-10-12
Erie Stockholders
Want Dividends

r. D. Underwood, president of the
Erie Railroad, has received COM
munication from a group of preferred
stockholders who are making prepara-
tons to urge at the adjourned annual
meeting October ID the Inauguration Of
preferred dividends. The stockholders,
il. their letter to Mr.. Underwood, esti-
mate that the income the road will re-
ceive for the first year of Federal
operation will be equivalent to II per
cent. on the first preferred stock, or
to more than 8 per cent. on the first
and second preferred. The letter adds:
"In view Of the Director Generals
statement that all railroad maturities
will be taken care of on per cent
basis, provided the money cannot be
raised elsewhere at the same rate, it
would seem that the last obstacle in
the way of resuming dividends has
been removed
New-York tribune., 1918-10-12
Money and Credit

Owing to the fact that to-day is a
legal holiday the weekly bank state
nents were issued at the close Of busi-
ness yesterday.
The statement of the New York
Clearing House Association showed a
decrease of s29, 9,635,0OO in loans and
discounts, while net demand deposits
increased s1s,734 900. Surplus reserves
increased s14,86O,740 to a total of $751;
564,75o. United States government de-
posits totalled s246,4Ss, 900, against
;316,798 900 week ago.
The Federal Reserve Bank of New
York, reporting as ce week ended Oc-
.tober 10, showed a total Of bills dis
counted and bought amounting to
SS14,910,976, against $758,184,61l the
preceding week.
Money rates we're unaltered in the
local market yesterday. At the Stock
Exchange call money ruled at to S1a
per cent.
Offerings of time money were small.
Borrowers continued to bid S to 61a
per cent for all maturities.
Ruling rates for money yesterday
compared with a year ago, were as
follows:
Yesterday. Year ago.
Per cent. Per cent.
Call money:
New-York tribune., 1918-10-12
Taxpayers Urged
To Buy q Per Cent
Treasury Certificates

Mark Eisner, collector Of internal
revenue for the Third New York Dis
trict, in statement yesterday urged
taxpayers to anticipate their pay
ments by purchasing United States
Treasury per cent certificates Of in
debtedness, which mature July l5,
1919. Certificates Of this issue" he
said. 'will be accepted at par. with ad-
justment of accrued interest in paw
ment Of income and profits taxes when
payable at or before maturity Of tho
certificates.
1T is the aim OF the government to
make the floating OF this indebtedness
a popular one. and it will be to the
advantage OF those whose taxes are
measured in comparatively ANAL,
amounts as we'll as the large ccrpora-
tions and wealthy persons to partici-
pate in the purchase Of these impree-
nahlc sccuyitics."
New-York tribune., 1918-10-12
The I. G. C. is Blamed

In banking quarters it is felt that
the Interstate Commerce Commission
is more to blame than the railroad
administration for the delay in get
ting rentals to the railroads. AL
though it is more than nine months
since the government took over the
contro! Of the carriers, the |. C. C. has
failed to complete it's accounting of
revenues over the three-year test
period. Since the first Of the wear
there has been due the roads approxi-
mately $73O,000,0o0, and specific paw
ments on account Of these rentals have
rot been much in excess Of SIS 900 900.
1T Ia further stated that upon the
Interstate Commerce Commission must
also be placed the blame to account
Cor the fact that not single contract
has yet been signed by the government.
although, some of the roads have at
tached their signatures to the docu-
ment.
New-York tribune., 1918-10-12
The sharp and very general rise

!, The sharp and very general rise
, IN stock prices yesterday was prob
ably produced mainly by the repur-
chases of those who had previously
sold short in anticipation of de-
.cline. and who preferred not to
maintain & market position over the
double holiday, in view of the posi-
.bility that momentous developments
may come at any moment. That was
) why the so-called war stocks ad-
! isvanced along with the peace issues
1T is now evident that the decline in
the war issues was occasioned chiefly
/. .by speculative selling, both for long
and short account Few real in
-vestors have been frightened into
selling by the pessimistic predictions
that the ending of the war would
bring an end also to the prosperity
Of many American industrial COM
panies. 1t is true, of course, that
, there is very likely to be a period Of
rnsettlement and readjustment i'm
nlediately following the restoration
of peace; but there is no good reason
Tor believing that any considerable
BART of the industrial machinery
will fall into disuse, or that our in
dustries will prove any the less fexi-
BILE in readjusting themselves topeace
conditions than they were in read
justing themselves to war demands
and that readjustment was made
with an ease that astonished the
world. 1t is a comforting fact from
every viewpoint that many, perhaps
2 majority, of the leading Industrial
companies are in excellent condition
financially to face the temporary
unsettlement that lies ahead. They
are, as one observer has remarked,
so we'll fortified as to be "pretty
close to shock proof
Here is another reason for invest
ing in Liberty bonds:
Liberty bonds yield Az per cent
now, but the investor who buys and
holds them will, in a relatively short
time, probably obtain a yield at
least half again as large in terms
of purchasing power. AS the gen.
eral level of commodity prices de-
cline after the war, and it is likely
to decline very materially, the in
terest on Liberty bonds will COM
mand a constantly increasing guam
tity of goods. The investor can nov
buy Liberty bonds with money tat
is heavily deprecated, whereas the
investment will be paid at maturity
with a dollar that will 60 much fur
ther than the dollar of to-day. In
other words, you can lend 50-cent
dollar and get paid with 100-cent
dollar.
New-York tribune., 1918-10-12

equipment recently ult or in proc
ess Of construction for the roads. The
amount involved is said to approxi-
mate ss5o,ooO, 900. covering the pur-
chase of 100000 freight cars and 3,1oo
locomotives. Delivery of much of this
equipment is being delayed because
the carriers are not in a position to
pay for 1t. Those who will represent
the railroads at the Forthcoming con-
ference are 7. De Witt Cuyler, chair
man Of the Railway Executives Ad-
visory Committee; julius Kruttschnitt
president of the Southern Pacific: T.
F: Loree. president Of the Delaware 4
Hudson, and Alfred P. Thorn, counsel
for the COMMITTEES.
New-York tribune., 1918-10-12

In d strial
Cotton

Covering and trade buying caused a
sharp rally in the cotton market yes
tcrday, but it was not fully sustained
with the close barely steady at Z net
advance of II to 40 points. After sell
ing at 30.57 early December bloko 20
1923 rallied to 5000 and closed Il
3O.65, compared with 29.6e, the low
level of Thursday.
The possibility Of important political
developments over the two-day ad-
Journment doubtless increased the dis
position to even up commitments, and
the rallies reflected frmer technical
POSITION. This was considered largely
responsible for the advance, but the
market was also Influenced by reports
of smaller Southern offerings and of an
increased trade demand below the 80
cent level. This is the raw material
value on which present goods prices
are based, and the belief is that do
mestic spinners are more inclined to
hedge against forward requirements
around this figure. French and Italian
interests were again mentioned as buy
ers. while the advance met scattered
Southern selling and realizing
The market opened steady at de-
cine Of points on December, but
generally Z to 16 points higher, and
sold Is to 20 points net higher right
after the call on a continuation of
the buying movement which had been
IN progress at the close on Thursday
This bulge met increased ofeings,
which were encouraged by the contin-
ued good weather in the South, and
the market reacted 80 or S5 points
during the middle Of the morning. But
the Southern selling was much less
active than recently, while the trade
still seemed to be buying on the de-
cline. and the market frmed up, reach
ing the highest points of the day dur
ing. the middle of the afternoon. when
active months sold 30 to so points net
higher. The close was we'll off from
the best under realizing.
All three of the future markets will
be closed to-day, and the report of the
Census Bureau on supply and distribu-
ton for September will be published at
the opening on Monday morning.
Southern spot markets as officially re-
rorted were unchanged to 62 points
higher. except Baltimore, which was
nomlnally IS points lower. Exports for
yesterday were 1850 bales.
Range of prices
New-York tribune., 1918-10-12
Wealth M MarketS and Commerce
Don't Be a Defaulter!
By John f. Rovensky

VicePresdemt of the National Bank of Commerce
THE fourth Liberty Loan calls for about oneeghh Of the
national income certain proportion Of population
unable subscribe to this To that they
charge The
scribe than the that satistcay would their
share The average family $25OO
enjoying income than this should subscribe
than the oneeghh The duty every
directly proportonate enjoys
institutions Those able bear their who give de-
faulters
New-York tribune., 1918-10-12
> u s t &. N {. n (: &
Cereals

Wheat.-The clearances Of wheat from
the seaboard recently have been on a
more liberal scale but the export move
ment is apparently being somewhat re-
tarded by tremendous shipments of
army supplies and on this account the
export programme is behind schedule.
In view of the smaller shipments
than expected and the tremendous
movement from the farms. stocks have
accumulated to a point where the
visible supply at terminal points now
figures about hundred million
bushels, while huge stocks are also
being held at mills and in country e1e-
vators. This gives the appearance of a
tremendous amount of wheat which
many think will tax the shipping capac-
ity to move
At the same time, needs abroad are
great. and with the shipyards now turn
ing out lar"e numbers Of vessels week
ly it is no. '--''- 20 believe that
the season advances the export
movement Slo" IL volume. The
shipments Of flour have been DELAYED
more than wheat, owing to the fact that
the loading Of -four is rather slow
procedure and by shipping wheat the
efficiency of steamers can be quite ma
terially increased
Stocks of flour in ell the Eastern
cities are unusually large, and while
the government is buying a consider
able quantity for export the demand
has not reached sufficient volume to re-
lleve the congestion and the distribu-
tion is not keeping up with the big
mill production.
Corn.-A steadier tone developed in
the corn market and at the close of
the day values were 1sto 1hc net
higher. Shorts were DISPOSED to cover
sor over the double holiday and there
was less pressure to sell. In some
quarters it was thought that the trade
mad become over-enthusiastic on the
peace proposition and considerable at.
1entlon was attracted to the cash mar
kets where q steadier tone prevailed
while futures were below q paritv
with cash quotations.. The country was
still disposed to sell, however. and the
numerous Inquiries for shipping per-
mlts recently have given the impres-
ZION that the movement in the near
futures will be limited only bv to
ability of shippers to procure the neca.-
sary permits.
Yes days Previous
Chicago: 'oAaey
December .:.:: 1.iszs 1.'oZzss 1'.''oZs HHSiday Holday
oats.-The oats market nresan+os .
rather heavy tone. The late non+ha d
advanced Ac to CSC in svmnatb~ oa;Hs m;ts
corn, but October was &c lower vh;ch h;st
was thought to represent weakness ~';n -,
the cash situation. Exporters 'e',n uo,l, ~
again indifferent and, While tbe "ere ",er
ernment was buying cash oats IN 1o;r fo;r
volume recently, this demand ajnna 10 aa;r IL
nipbparehe!y i;bo1 insufficient to absorb the
liberal offers from the countrv ''e
Yesterdays Previous
Oats. No 2 white ciose' close Year ago
Chicago: ''S Holiday
November November ..... .esA .s4sa uor,
december ........ .e4I2 .S4I Hoidays, Hf3oIday
Rye-Market steady. =" ''''u'S
Nau.v Yes'day's Previous
'ssn No. west.s1.77 sly 'fd5 Ho,ssn ago
fiour and Neutrality-suspicious. worn.
New York: c,@cs eSlous
lorr Min sp pat s11oo s1i Is o, heaT ago
Rys fllea. Hnnn yel gran. 1877. sS7 Ho1s Hio,:say
, ''ou'' eholre..... 900 on tIo,5' 1"y
AioIOay
New-York tribune., 1918-10-12
News Digest
Foreign

Paris Boursc Activc.--PAR1S, Oct,
! Trading was active on the BouWe
to-day. Three per cent rentes, 90
francs for cash. Exchange on London,
26 francs centimes. Five per cent
loan, 80 francs 45 centimes.
London Traders Cheerful.-LONDON
Oct. 10.-Tradng on the Stock Ex-
change maintained q cheerful tendency
to-day, but business was in moderate
volume. Trading was chiefly in Brit
ish and French funds. Shipping securi
ties and few industrials were firm.
Prices of neutral stocks were flat on
improving exchange arrangements. Rio
Tintos were quiet, following an interim
dividend Of 80 shillings.
New-York tribune., 1918-10-12

The local ID market for spot cotton was
quiet and 20 points higher. at 32. so for
mddling upland, compared with 50 40
the day before. There were no prices
the year before because of the holiday.
NC sales in spot were reported. South
ern spot markets follow:
Galveston steady. % points higher at
1925; sales 982 bales
% New zs Orleans steady. unchanged at
Mobile quiet, 62 points higher at
1925; sales rs bales
sales 3S1 bales.
Norfolk steady, SO points higher at
1925: sales LAG bales.
Baltimore nominal, IS points lower
at 3150; sales nil.
Augusta steady, 25 points higher at
30.37; a'es S97 bales.
Memphis steady, unchanged at 31.5O;
sales 1900 bales.
Houston steady, unchanged at 1925;
sales 4,711 bales.
Little Rock quiet. unchanged at
81 so; sales GOA bales.
New-York tribune., 1918-10-12

Todd Shtpyards Corporation. - Net
earnings from operations for the wear
ended March 81 amounted to $11,99s,-
oo0; from which interest charges Of
5b3, war tax reserves of sb,S6b.4s1 and
sinking fund reserve Of $995,8O9 were
deducted, leaving a surplus of s3.e43.-
237. or the equivalent of s44 per share
New-York tribune., 1918-10-12
Coffee, Sugar, Tea and Cot.
tonseed Oil


tonee Futures.-Yesterday's mar.
het opened at unchanged prices, with
Il good demand for all native months
al maximum levels, but there were no
sellers, due to the strong primary mar
kets and to fresh war developments
ABROAD. The early cable to the ex-
change reported Santos futures at de-
clines OF 25 TO rs reis. This cable, how
ever, was later followed by gains OF
225 to ATS reis. which tended TO
strengthen sentiment here, The market
closing firm and net unchanged.
he loc,l SPOT market .el cted the
strong Brazil markets. Rio Is sold at
i0Ss 20 103a. Santos As sold at l4A
to arrive. The interior demand has
been checked by light offerings and
the great delay in shipping. In the
cost and freight market, the only busi-
ness reported was in Santos 3-.ls. well
described at IA, via steamer, London
credits
New-York tribune., 1918-10-12

The above rates express the cost Of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say, s$.7550. The intrinsic
parity is $4.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 foct that in Eng
and 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., 1918-10-12
Butter, Cheese and Eey.

$40 4oun,sseerr.amReceipts nser yesterday were 5 :
extras "eHases, 1h so,> Creamery higher than
5sisM,sdt, 5saS, 10, eoH@ @61c; extras. 81 score core
55c: 80 seoe eoe, ,hrsts; sS to 81 score. 57H@
thirds sel1nas So@1 80 to ST score, 54a57c;
extras 'o,9 g, - oSc; unsalted. higher than
frsts 81 o. ,zlaoc; 2 q o2c; extras. 601aM61c;
state da;r,s ir nst.1oc; t; seconds. 56@ 5sc;
ualry tubs. finest. 68M6ac: good
New-York tribune., 1918-10-12
CottOnseed

Cottonseed Oil. - There was ar
absence new feature in the market
yesterday. Trading operations were
again OF a routine character, although
holders were not showing much dis
position to press sales and the under
tone was steady.
New-York tribune., 1918-10-12
Relevant Comment
The Districts Record

SUBSCRIPTIONS Of the banks in the
New York Federal Reserve District to
the latest issue Of Treasury certificates
Of Indebtedness totalled S249,59 900,
according to figures issued yesterday.
The quota for the district was $3.50 $780,
600. Of the seven issues put out in
anticipation of the Fourth Liberty
Loan the banks of this district took
$3.50, ,989,O00 of the certificates, against
a quota of $1,386 100000. 1t is consid-
cred significant that while the mutual
savings banks OF the district were not
assigned quotas a large number of
these institutions participated in the
large and ready response. Of the IT'S
savings banks in the district 144 were
subscribers, taking total Of S49,120,-
500. Subscriptions from 143 separate
private subscribers aggregated $44,149,-
600. The quotas for the district rested
upon 621 national banks, 225 state
banks and 1876 trust companies.
Reserve Bank Check Collections
On October the New York Clearing
House Association made operative an
amendment to the effect that "no mem
Der Of the association or bank or trust
company or others clearing through
any member shall pay exchange or
other charges or allow time in connec
ton with the collection of anv item
collectible through the Federal Reservc
banks, but which is collected through
other sources. in excess of the charges
which would have been payable or the
time allowed had such item been COL
lected through the Federal Reserve
bank" The effect Of this amendment
has been to increase greatly the bust
ness done by the check collection de-
partment of the Federal Reserve Bank
OF New York. In August the average
number Of out town checks going
through the bank daily was approx;,
mately $4,000, whereas durinr J tha
present month the average is well over
10000.
New-York tribune., 1918-10-12
Conference on Equipment Payments

Members Of the Railway Executives
Advisory Committee are scheduled to
go to Washington on Monday to con-
fer with the Director General Of Rail-
roads on plan for paving for the
New-York tribune., 1918-10-12

Liverpool Cables.-Spot cotton ouiet.
mlddlihg 81 points lower at 22.Ooj:
good miodling 80 points lower at q SD
90 oatea les 2,VVo. American 1000: Imports
quiet but steady. at 81 % ..,,2 points "a
vance. Closed unsettled at net a.
cline of l6 to 25 points. Octohar
2l.93; November, ?1.43; Decemberr'
New-York tribune., 1918-10-12
The Dollar in Foreign Exchange

the neutral exchanges yesterday Hol-
land checks declined to 43a4 cents.
Closing rates yesterday, compared
with week ago, follow:
Quoted dollars to the pound.>
New-York tribune., 1918-10-12
Dividends
Extras

Extras
American Glue Company.-An extra
S SHlvlaend Of So per share in Liberty
. nonos has been declared in addition ~
Ma.E me regular dividend of SIS, both payabIo
noth oosemDer l to stockholders of record
New-York tribune., 1918-10-12

ennHs On sy''7o shares of capital stock. Div;.
9en 9enos i paid d. ing the year were sS3s.
-'o' leaving balance Of s3,316.947
New-York tribune., 1918-10-12

Cheese.-Rece;pts yesterday were 931
boxes. State, whole milk. fresh fats,
specials, colored, lb. 33@331ac; white,
o3c; average run, colored. 80 1ac; white,
32Nc CT -rades go SC; twins
specials, 33a 33 1zc: average run. 32lzc;
fats, held. specials. 29@ 32c; average.
run. 29M31c; twins, held specials. ~
q 32c; average run, 2612 @31c; state.
Skins, specia 8. "a z@251sc; prime to
choice, 23@24c; fair to good, 200 22c:
lower grades, SG1Sc.
Eggs Receipts yesterday were To-
713 packages. Fresh gathered extras.
per dozen, 57@ 5Sctfi extra frs 5. 54Q
56c; hrsts, 52M53c; seconds. 49M Sic;
thirds, 42W45c: rites. No. i, 45G 46c;
No. ? and poorer. 40@44c; checks. good
to choice. dry 40@42c; under grades.
35@39c; refr.ge atars, special marks.
fancy. char~o naid 45JI46c; firsts.
charges paid, 44@ 45c; seconds charges
paid, AZ 12 043c; state, Penn ;yivania and
near Western henery whites fine 20
fancy. 74@79c; ordinary to prime. 81
082c; gathered whites, ordinary 20
fine. 60(d74c; Western and Southcrr
gathered whites, 5s@6Sc; state, Penn
sylvania and nearby nennery browns.
gathered whites. 58M6Sc. state. Penn
syvania and nearby hennery whites. 6o
(o62c; gathered brown and mixed. 5e
GO 0Sc
New-York tribune., 1918-10-12
Federal Reserve Bank of New York


of Of
October 4 follows
RESOURCES
Gold and gold certificates: October 10 October4.
Gold vaults settlement $346e4598 $353212339
Gold with g. r. and in redemption
fund.-. notes................. aoo44ass sooe27oes
Gold with foreign 201096
Legal tender silver and
subsidiary Observation-Disclosures. 44o218o
Total reserve Observation-Disclosures. $ess32a1s5 s7ooss1413
Bills discounted bough
K
Rediscounts and advances-U ~
cations ................. 5sa2ee743 542so2
p""'es oougn'''' 1187o1 967 1136792o5
Totals $s14s1os7e s75s1e4e14
tmcnts ~ ''O''
on'ed states bonds and notes 3oes44oo 2sse8soo
Totals Observation-Disclosures. $3o6s44oo $2ssSsooo
~ '' '''''''''' $1,538e23661
LIABILITIES
Msha, hL s201a42oo
Non-me '' o9066575 588,663630
N"o'''''''
to other Federa poso~o 4224O17
ation
FEEDER
Federal Reserve Rank ro+es 71e31725
Foreipn government o..ov..
Other liabilities ~ '' ''''..... 92698262 926171o3
as 6844eso 741175
'''''''''' 649,363
o'a iao'ees $1538s23 $14e58s4
Federal notes outstanding 7o sad ooo
Against which there edwith Fedora '~"~~S
Commer";a @ % non money 2s5e2zoos
~ Observation-Disclosures. 84s1o976 758,e4614
New-York tribune., 1918-10-12

The Federal Reserve Bank Of New
York has put in force the following
schedule of redlscount rates, which ap-
PLY to bankers acceptances: Maturtes
up to Is days, per cent; Is to so
days, inclusive. AZ per cent; 81 to so
days. inclusive, Az per cent.
Weekly Bank Clearings.-Bank clear
ings at fifty leading cities of the
United States for the week ending with
Thursday, October 10, as reported to
"Bradstreet's Journal" aggregate s6,-
429, ,707,o00, decrease of per cent
from last week, but gain of 1874 per
cent over this week last year.
Bank of France.-PARIS. Oct. Ii
The weekly statement of the Bank of
France compared with week ago fol-
lows. in francs:
Gold .... 5,43s.271 600 Inc. $4,000
Silver -. 32o.2e7 600 Inc. 5000
Circl't'n. 80, ,54e 755,ooo Inc 314.5ee 600
Gen. dep. e,433,ooo Dec.129, ,e2s, 900
Bills disc.
& adv. 1854, ,5s1 900. Dec. 4,12o, 600
Treas. dep a14.e21 GOO Inc. 21,ae3 900
New-York tribune., 1918-10-12

Below is iven 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., 1918-10-12
Hay and Straw

Yesterday
~ tPer toni. A year age
Timothy. No /.
large bales SCI oo@43oo Holiday
No. clover mixed. 81 OO@4OOo Holiisy
Rye straw, No. l.. 220O@2S.oo Holidav
New-York tribune., 1918-10-12

Federal Reserve banks on commercial
paper for all periods UP to ninety days:
New-York tribune., 1918-10-12
Call money:

Bank Acceptances.-Rates were un-
changed yesterday as follows:
Thirty Sixty Ninety
Spot de- days. days. days
o. livery: Per cent.Per cent. Per cent.
T. igiblc
banks A4@4 4ss@44 %sa@4A
z igible
non men,
Der banks.414@41s 4ss@4A 4ss@4A
Ineligible
bank bills.5I4@4 sA@4a4 sA@4sz
For delivery within thirty days:
Per cent.
Eligible member banks ... 4n
Eligible non ember banks 49,. 4s.
Ineligible bank bills
Bank ClearinEs.--Bank clearings ye.-
terday in New York and other cities
we're;
Exchanges. Balances.
New York s5s5. 5.44a.e73 S5s,412,717
tBoston .-.. 51.657,O74 6.163.123
Chicago .... a3.6s7,663 6,736.7a4
Philadelphia. 71,372,753 1866, ,723
Silver.-London, 49hd, unchanxed:
New York. 1011 1sc, unchanged; Mexican
dollars, 7Sc. unchanged.
Sub-Treasury. The bank. lost
1925, 900 to the Sub Treasury Yesterday
Discount Rates.-The following table
gives the current rates o$ tbs twelye