davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-06-29
Other Cities

Foreign Wool Market. BOSTON
june 28.-"The Commercial Bulletin"
will say tomorrow:
"The foreign wool markets have been
moderately active on American buvin q
during the past week, with prices hardly
changed and the freight and insurance
situation adverse to our Importers
ne manufacturers are increasing the;r
output of military fabrics as fast q,
she supply Of raw material allows. but
approximately half Of the machinerv
OF the country is still engaged IN
civilian work." va
American Pipe and Construct,o,
Decision.-NEWARK. June I2s.-vica
Chancellor Lane this afternoon 49,
served 81 decision on the application for
1he appointment Of a receiver in Nan,
Jersey Jersey for the American Pine II and
lar corporation of New Jeuo,t Jersev ~
present in the hands of y Fedsrssii Fdsrsii At
Selver oeo r VINO was appointed some time
Aeo - a pennsylvania court. Charles
a., a. Hlecncock, of New York, a stock.
;noio,er, ;nso,, made the application, alleging
insolvency. The company is both .
t;s and holding CORPORA.
tt' .loh' ana IN this latter capacity hoIds
u tHe corporate stock of seventeen snh'
e'ol@ry pubic utility corporations.
New-York tribune., 1918-06-29
Men
Consider Merger
George J. Whelan Outlines
= Plans Of the Proposed
Consolidation

George ]. Whelan, one Of the DOM
inant interests in the United Cigar
Stores Company and president Of the
Tobacco Products Corporation, said
yesterday that conferences have re-
Gently been held with representatives
of the American Sumatra Tobacco Com
pany with the view of arriving at terms
involving a consolidation of the three
companies.
Among the plans under considera-
tion, according to Mr.. Whelan, is one
which provides for a cash payment Of
$125 share to United Cigar Stores
shareholders, and another involving the
formation of new holding corporation,
the shares of which would be ex-
changed for United shares "on an at
tractive basis" On neither of these
plans, however, have the interested
parties reached an agreement, Mr..
Whelan said.
"The proposition is simply this" he
added. "We have growing and pros
porous business in the United Cigar
Stores Company which we would nat
urally be willing to sell, provided the
right terms were offered. Whether we
will finally get together am unable to
state. There is no question as to the
legality Of the combination being talked
of, because the companies are not COM
petitors."
Mr.. Whelan was enthusiastic over
the future prospects of the United
Cigar Stores business. He estimated
that the company would show net earn
ings, before excess profits taxes, for the
current year of more than $5,00O,000.
In 1917 the surplus, after deducting
s550,O00 for Federal taxes, was ST.
S73,501.
New-York tribune., 1918-06-29
Mr. Leverinks Rebuttal

Richmond Levering, promoter and or
ganizer Of the Metropolitan Petroleum
Corporation, issued an open letter to
Howard D. Ross, president Of the Met
ropolitan, yesterday, denying charges
made against him In circular recently
sent out by Mr.. Ross to the stockhold-
ers. In replying to the charge that he
made $1,500,000 cash out of the sale of
Metropolitan stock Mr.. Levering says:
"The fact is that Lowned no stock and
my firm was the largest loser through
the gambling that the curb brokers
started" He also quotes q special com
mittee to establish his position. This
was the Matchett committee, which re-
Gently announced in a report that it
"has not been able to satisfy itself that
there exists any foundation for the
fraud charges"
New-York tribune., 1918-06-29
Minnesota Bankers
Predict Record Crops
Outlook Favorable for All Grains
in Three Northwestern
States

Especial Correspondence to The Tr,bune)
MINNEAPOLIS, June 2s.-The crop
outlook in Minnesota was never 40
good as 1t is now, according to state
ments by bankers attending the annual
convention of their state organization.
They predict the biggest yield of food
products on record, if weather is rea-
sonably favorable until harvesting
Not one adverse development is re-
ported, except hail damage in a few To-
callties. The wheat acreage exceeds
that Of last year, and this crop is uni
formly in good condition. Oats, rye
and barley promise we'll, and their
acreage has been increased.
likely to be less in yield than last
year, and this is due to a shortage Of
good seed at planting time. But this
years corn will be of good quality
and total large, although there is no
hope of record crop. All crops in
South Dakota are in good condition.
and tksre has been sufficient moisture
during June in some localities that
have been too dry in that month in
some years.
There is promise of big crops in
North Dakota, where the acreage is
large. All grains are reported to be
in good condition there, except in a
small section in the Western part of
the state.
Montana is the only Northwestern
state which has any considerable area
in which crop prospects are considered
dubious, and there the outlook was for
large yield of winter and spring wheat.
haxseed, oats, barley and rye until
mid-June, when lack of moisture in
the northern bier Of counties caused
reports to Minneapolis, St. Paul and
Duluth that crops were in great dan
ger unless it rained soon.
Since then there has been a heavy
rainfall 1st;aa in this region, but the precipi-
revived wholly, and in others which
continued dry the temperature fell, and
this was favorable But there is no
doubt but that Montana's crop yield
will be less than expected. For the
four Northwest states, however. crops
this year will average big.
New-York tribune., 1918-06-29
Dividends
Regular Declarations

Citizens Traction Company.-Quarterly
dividend of TX per cent on the preferred
stock. payable July 1 to stockholders of rec
ord June "a.
General Motors Corporation. - Quarterly
dividends Of per cent on the common and
l n per cent on the preferred stocks, both
payable August l to stockholders of record
July Is.
Hamilton WooIen Compsny.-Semi-annua
dividend Of per cent, payable July 10 to
stockholders of record June 28.
Philadelphia & Camden Ferry Company
Quarterly dividend Of s per cent. payable
July 10 to stockholders of record June 28.
j.. B. Stetson Company.-Semi-annu
dividend of 4 per cent on the preferred and
the usual ad interim 10 per cent on the COM
mon stocks. both payable July is to stock
holders of record July /.
United States Mortgage & Trust COMPANY.
-Quarterly dividend of per cent, payable
June 20 to stockholders of record June 28.
Utah Consolidated Copper Company
Dividend Of 80 cents a share, payable July
II to stockholders Of record July s.
Corn Products Refining Company.-Quar-
terly dividend Of TX per cent. payable July
10 to stockholders Of record July 5.
Mimi Copper Company.-ouarterly divi-
dend OF 81 share. payable August Is to
stockholders OF record August /.
New-York tribune., 1918-06-29
Butte & Superior. Decision

Information reached the financial dis
trlct yesterday that the United States
revoked the injunction ordered by the
Circuit Court at San Francisco on Nav
IA against the Minerals Separation
Company, Ltd According to attorneys
Of the company here the gist Of the de-
cision handed down at Helena is tlat
the Butte & Superior Company is re-
lieved of the necessity of depositing it's
monthly earnings in the Federal court
and also of making monthly reports Of
operations, provided the company uses
more than one-half of l per cent of oil
or more than ten pounds of petroleum
to each ton of ore treated under the So
called f1otation process,
New-York tribune., 1918-06-29
Butte & Superior in
Full Control of Finance,

HELENA, Mont. June 28.-The Butte
and Superior Mining Company now has
exclusive control over it's own finances
and an receipts. Judge Bourquin, in the
entered October 3, 1917. in the sn;t ~
the Minerals Separation Companv' i'm "
tied, for infringement of patent and
collection of royalties, under the pro-
visions Of which the Butte and Supe-
rior could not pay out any of it's re-
ceipts, nor dispose of any LIQUID assets
nor tie up its properties in anv wav'
Judge Bourquin's order restores the
company control over property worth
New-York tribune., 1918-06-29
Business Leaders
Feel Their Way i'm
New Environment
Uncertainty of Future Leads to
Cautious Buying for Dis
tant Delivery

Buyers of fall merchandise are
tending to defer purchases until thew
can learn chow far the price pendu-
lum is likely to swing" according to
"Bradstreet's." Although the pros
poets for trade seem good, there is
hesitancy in placing orders for dis
tant delivery.
In sketching the increasing extent
to which government needs control
the markets, "Bradstreet's" adds:
with the government exercising pri.
critics, regulating prices and taking
such goods as are needed, free trad
ing on civilian account is out Of the
question. Collections range from fair
to good. and, as sellers dominate CON.
dltions, credits are close to a cash
basis and bankruptcies are Of neglici-
BILE account"
Touching the same general subiect.
"Dun's Review" points out that while
business interests have been quick tn
adapt themselves TO the frequent and
radical economic changes of the war
period. hesitation and caution not nm.
naturally prevail in many quarters
and forward projects are beink con,
fined within still closer limits"
New-York tribune., 1918-06-29
Chinese Loan Plan Progressing

The projected $5o,ooO,ooo loan to
China by American bankers, cooperat-
ing with important Japanese interests,
will involve public offering of secu-
cities in this country, according to New
ested in the plan. In view of the
favorable attitude now taken by the
State Department toward the transac-
tion it is confidently expected that the
details of the loan will soon be ar
ranged. In this event Japan will prob
ably supervise the distribution Of the
FUNDS and the collection of the taxes
that will be used against the payment
OF the interest and the loan at its ma.
turity. This government, it is under
stood. will give its Endorsement to
Chlna,s guarantee that the obligation
New-York tribune., 1918-06-29
Cut
Deep Into Rail
Gross Revenue
Government May Boost Road
Rates Again to Meet Big
Wage Increase
Especial Correspondence to The TrDrnc)

Especial Correspondence to The Trsbxnc)
CHICAGO. June 2s>-Shippers will
be allowed 10 per cent Of exceptions
under the governments rate advances,
It is now expected. 1t is estimated
that this will reduce the amount which
tho railroads would get under the 25
per cent freight rate increase from
100000 to s15o,ooo,ooo. The
railroads figured at first that the in
crease would yield them 100000
additional revenue. But the govern
ment stated that exceptions would be
allowed when necessity was proved,
and now the expectation is that the
carriers will not benefit In excess Of
$500, 100000.
Aside from revenue decrease
through exceptions, they will be af-
fected also by decreased shipments.
Owing to the advance in rates manu-
facturers will ship and consumers use
as little material as possible. Lum-
ber is a commodity which will sbe af-
fected by the increase. as 1t is be-
lieved that building will be restricted
greatly until after the war Is over.
Reduced shipments Of nails, hard
ware, concrete and other structural
products are predicted for the same
reason.
Reduced shipments and the extent
Of exceptions allowed may. it is said,
bring railroad gross revenue down to
V1yh hn a,f
have to again boost charges. The
wage increase which the carriers must
meet will be kindred factor.
Increased passenger fares may not,
it is stated, provide railroads a much
greater amount in net than they are
now receiving, as the rise has greatly
diminished travelling already. Coaches
and sleeping cars are carrying one
third and even one-half fewer pas
sengers.
On the other hand. the wage in
crease may exceed the total amount
1t was estimated at first would be paid
to railroad employees. The government
ruling is that the wage advance shall
be above what was paid in 1915. Un-
der the Adamson law members Of the
brotherhoods were not given an ad-
vance in wages, but their remunera-
tion came through a reduction in the
hours of labor. The lack of change
In the wage basis is a technicality
which provides for the men another
pay increase, which in some instances
will amount to from 35 to 40 per cent.
1t Is also said that still another ad-
vance may be asked for. Whatever
the increase in railroad gross revenues
may amount to, there Is no doubt that
the wage advance will total the $780,
100000 estimated.
New-York tribune., 1918-06-29
Russian Securities
Advance Sharply
Bond Prices Mount on Re-
ported Fall of Bolsheviki
Regime

Russian government securities ad-
vanced in striking manner in the Wall
Street market yesterday on the cabled
reports Of the overthrow of the Boil
sheviki regime. The Russian govern
ment external bh per cent loan bonds
advanced 6h points to 46, while the
external 6hs jumped points to Al.
In two days. trading these bonds have
advanced more than 10 points from
their recent low level.
The 5h per cent ruble bonds of the
Imperial Russian government were
quoted yesterday at $s3 to 500 per
1000 fubles and actual sales were
recorded at $96. This compared with
a closing quotation of the day before
Of $94.
Russian paper money was quoted
in the local market at 14.3O to 144O
cents per ruble for 100 ruble notes
against 14.20 to 1870 cents on Thurs
day.
New-York tribune., 1918-06-29
Wealth Markets and Commerce
Relevant Comment
Joining the Procession

The War Savings Society Of the Fed
eral Reserve Bank of New York an
nounced yesterday 100 per cent men,
bcrship Of the 1900 men and women
which compose its staff. The Reserve
Bank staff is now the third largest
banking organization in the city, having
increased from about two hundred a
year ago. Every director, officer and
clerk has now joined the army Of saw
ing and production and Is buying
stamps regularly.
New-York tribune., 1918-06-29
Marine Insurance Easier

Marine insurance rates for vessels
and cargoes bound to South America
and West Indian ports are somewhat
easier. Subsidence of the submarine
scare is responsible for the tendency.
Rates for the west coast Of South
America are now quoted at 2 per cent
and 1 "a per cent for armed belligerents,
a reduction of one-half Of ! per cent
compared with the recent quotations.
For the east coast similar reduction
has been made for outward and inward
voyages. Transatlantic rates remained
steady.
New-York tribune., 1918-06-29

s7,o44,s15, against $7,112.516 for ths
corresponding period of the precsdins
year.
Northern Ohio Traction 8 Lits
Company.-Report for the tweNs
months ended May 81 last shows grsn
earnings of $6,6s3 ,265, against $b,5ess
a75 for the preceding year. Net ssias. 81
ings were $2,394,347, compared W. ~.
$2,603,863 for the year before. Nss
income was $1,360,58S, which compales
with $1,562,02S for the previous yes
Balance after preferred divideness
totalled $1,061,9 $3.50, against 81 ,2Sz's.s
for the twelve months ended May 81
1917. Balance after deprcciasass
amounted to S826,9
New-York tribune., 1918-06-29
ANDREW J. MCCORMACK, Auc.,o,...
REGULAR AUCTION SALE
STOCKS AND BONDS

ANDEEw J. MCCORMACK. Auc.,onee
REGULAR AUCTION SALE
STOCKS AND BONDS.
BY ADRIAN H. MULLER q EoN
OFFICE. 55 WILLIAM ST.
WEDNESDAY. JULY 8, 1911.
at 1890 O'clock at the
EXCHANGE SALESROOM.
NOS. II and is vESEY STREET
For Account OF Trustee.
8 shs. Brooklyn Academy OF Marse
S3 shs. Hamilton Bank Note Co.
For Account of Whom 1t May Concs,r
81 shs. Title Guarantee & Trust e.
$4,000 United States Steel Corpn. lst Mtr
Series F $50 Regstd BIDS. 1851
$4,000 United States Steel Corpn. LIST Mtx.
Series D so Regstd. Bds, 1851
S15,oo0 United States Steel Corpn. lie, Mr.
Series B $50 Regstd. BIDS, 1854:
Ys.o00 Porto Rico Gas Co. SO Bonds IaSa
$1,000 Oklahoma Power & Transraisdor
Co. 1st Mtg. SO BIDS, 1887
$4,000 Continental Public Utility Co ~
Coll. Trust Bds., 1919.
$4,000 Continental Public Utility Ca. es
Coll. Trust Bds. 1918.
200 shs Manhattan Beach Co.
160 shs. Federal Dyestuff & Chemical
Corpn. prefd.
$500 shs. Knox Terpezone Co.
New-York tribune., 1918-06-29
Sinclair Oil Higher

Strength Of Sinclair Oil stock was
accentuated yesterday by the declining
tendency Of prices. With the rest Of
the market working lower, Sinclair ad-
vanced sharply, and closed 23s points
up at 321z on turnover of 21,300
shares. The present price compares
with recent low of around 25. The
company passed its dividend in April
after having paid at the rate Of per
cent year from August, 1915, to Feb
ruary. 1913
New-York tribune., 1918-06-29

One Of the restraining influences
on which much emphasis has been
laid is the money market. In view
Of the fact that the Reserve Board
has called upon banks to curtail nom
essential credits, in which class are
placed loans for stock speculation, it
is not impossible that the supply Of
money would fall short of market
requirements were big speculative
movement to take place. But whether
or not that should happen, the
chances are that the money market
would be- allowed to take its own
course, with no resort to artificial
methods Of keeping the call rate
and speculation is now financed to q
greater extent than ever before on
demand money-at per cent, the
level at which the money pool has
become active hitherto. It may be
said, however, that a very sharp rise
in the rate might take place without
restricting speculation, for the rea-
son that the yields on stocks and
bonds are at unprecedentedly high
levels, and those who carry stocks
can therefore afford to pay we'll for
the accommodation.
New-York tribune., 1918-06-29
Elections

David r. Burbank has been eIecsea 4
director of the Illinois Central Kas.tps.
Company, succeeding Charles Il. hsts
ham, resigned.
Walter Goodenough, L. D. Loveaa
and F. w. Wood were elected vice Pr
dents of the American Shipbustaiss|
Corporation. Mr. Goodenough is v,
president in charge of ship eonssss
New-York tribune., 1918-06-29

The above rates express the cost of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at. say, s4.75as. The intrinsic
parity is s4.S6Ss per pound. Thus you
say either that pounds are at dis
count or that dollars are at 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., 1918-06-29
Button Combine" Dissolved

DES MONIES, Iowa, June 28.-Judpe
M. J. Wade entered voluntary decree
in Federal District Court here late To-
day dissolving the Button Combine >,
which was alleged to have virtua1Iv
controlled the prices and output Of tn.
entire pearl button industry of tho tho
United States.
New-York tribune., 1918-06-29
The Dollar in Foreign Exchange

Exchange rates moved narrowly in
this market yesterday. Spanish pesetas
were shade easier. Larger offerings
of Swedish bills resulted in fractional
decline in the Stockholm crowns.
Francs and sterling rates were firm,
Paris cables advancing to 5.69B.
Closing rates yesterday, compared
with a week ago, follow:
Quoted dollars to the pound.)
New-York tribune., 1918-06-29
New York

Buy Seasons First Cotton Bale.-E
=. Bartlett, jr, of Gwathmey & Co..
yesterday purchased the first bale ~
this u, seasons Texas crop for $1,000.
me proceeds in excess Of $500 will o.
to the Red Cross. N ""' ~
New-York tribune., 1918-06-29
Stock and Bond Averages
News Digest
Foreign

London Market Dull.-LONDON, June
28.-Trading closed quietly, but with a
firm tone to-day, dealers being disin-
clined> to make extensive commitments
over the three-day holiday. The mis-
cellaneous section of the list was the
strongest, several stocks advancing on
bonus distributions. Gilt-edged stocks
were dull because Of the new New
South Wales loan Of 100000. Grand
Trunk securities were easy. There is
still demand for money over the end
Of the half year. Discounts were
quiet.
Aetna Explosives Dividends Paid
Receivers Benjamin B. Odell and
George G. Holt, of the Aetna Explos-
ives Company, Inc, yesterday reported
to Judge Julius M. Mayer, Of the
Federal District Court, that in accord
ance with his orders they have paid
two dividends aggregating $ee4,959,
to creditors Of the company whose
claims total $1,5o4,S6o. They further
reported that since their appointment
the surplus profits, over and above all
expenses of every kind. exclusive of
amortization, have exceeded $4,s40 900,
New-York tribune., 1918-06-29

IF it were not for the fact that
the stock market can no longer be
depended upon to discount events far
in advance Of their occurrence. as it
was commonly supposed to do in the
days when it was possible to see
much further into the future than it
is now, the sentiment pervading the
financial district at present would be
of great Significance. But Wall
Street has been wrong so many times
in the last year or two that its judg-
roents must be accepted with reser-
vations. At any rate, the Street is,
on the surface at least, fairly seeth-
ing with optimism. Bankers who or
dinarily are reluctant to discuss the
question, as we'll as brokers and
traders, rather freely express conf
dence in the market outlook, and pre-
d;ctions Of an important speculative
movement are frequently heard. Not
fer months has bullish sentiment
been SO pronounced. And the ex-
planation is simply this: The finan-
cial district has abandoned all doubt
as to the outcome Of the war and,
rightly or wrongly, believes that
Americas strength will be made to
bear fruit in the form of an earlier
victory than seemed probable a few
weeks ago. In other words, as one
observer puts it, Wall Street is get
ting ready to discount peace. That
is the sort of thing that one hears
everywhere, but strangely enough
the surface sentiment is not trans
lated into action, for the market, in
stead Of booming, as might be ex-
pected, remains stolid and tends to
become quieter rather than to broad
en- out. During the last day or two
there has been pause in the rise
which had proceeded steadily but
without the least excitement for sew
eral weeks. It is just as well, for it
it quite as dangerous to be over
optimistic as it is to be unduly pessi-
mistic. There are so many uncer-
tainties to be faced, including the
possibility Of more severe tax bill
than is now anticipated and the fur
ther possibility that Washington
would intervene were speculative en-
thusiasm to reach undue proportions,
that investors and spectators would
do well to act with caution.
New-York tribune., 1918-06-29

London Money Market.-LONDON.
June 2s.-Money was Arm ut per cent.
Discount rates were: Short bills. 3h
per cent; three month bills, Gle per
cent. Gold premiums at Lisbon were
ut 10000.
New-York tribune., 1918-06-29

Discount Rates.-The following table
gives the current rates Of the twelve
Federal Reserve banks on commercial
paper on all periods up to ninety days:
New-York tribune., 1918-06-29
United States SAVINGS Bank

s. w. Cor. Madison Ave. and ESth q.
A dividend has been declared for ~
three or six months ending juno 80, isi@
at the rate of
THREE AND ONE-HALF PER CENT.
per annum on all accounts of IS and ~
wards entitled thereto. payable July 10, ISIS
Deposits made on or before July
18th will draw interest from
July 1st, 1918.
CHARLES N TAINTOR. President
JOHN HYSLOP, Treasurer.
New-York tribune., 1918-06-29

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., 1918-06-29

Paris Bourse Firm.-PARIs, June
1o.-Pr'ces were firmer on the Bourse
sco-day. 20 Three per cent rentes brought
o9 francs 65 centimes for cash. Ex-
change on London was quoted at 27
francs 10 centimes. Five per cent loan
sold at SO francs 80 centimes.
New-York tribune., 1918-06-29
Money and Credit

Borrowers In the call money market
at the Stock Exchange yesterday found
an ample supply Of funds at 4 to Az
per cent. Some business was done on
basis Of Sla per cent, which was the
closing rate for call loans secured bv
mixed collateral.
Quiet conditions continued to prevail
in the market for fixed date funds, with
little new money being loaned. Bro
kers quoted rate Of 6% per cent bid
for loans Of sixty days ON industrial
collateral, and per cent bid for loans
running for ninety days or longer.
Ruling rates for money yesterday.
compared with year ago, were as
follows:
Yesterday. Year ago.
Fer cent. Per cent.
Call money: