davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-06-26
Lewisohn Brothers,
In Pierce Oil
Frederick Lewisohn Elected Di.
y rector AS a Result of
Readiustment

Lewisohn Brothers, members of the
Stock Exchange, have acquired sub
stantial interest in the Pierce Oil Cor
poration as result of which Fred
erick Lewisohn has been elected a di-
rector. 1t was reported in financial
circles yesterday that the entrance of
the new interests into the company's
affairs was synchronous with the
passing of Hayden, Stone & Co., who
are represented on the board of d.
rectors by Charles Hayden.
At the Offices of Lewisohn Brothers
it was stated that associated with the
firm in the future management of the
oil company's affairs will be an i'm
portant group of financial institutions
Of this city, and that their representa-
tives will be later added to the board.
The company's general Offices have
been removed from st. Louis. where
financial backing in the past has been
obtained, to this city.
1t was also stated that there has re-
Gently been marked improvement in
the company's earnings; Net for the
first five months of the current year
was placed at approximately s1.l5o, 1000,
compared with s393,o0o for the CORE
spending period year ago. Capital
stock outstanding amounts to $685.
500, the par value Of each share
being $25.
Prior to February l, 1918, Standard
Oil interests owned majority of the
stock, but on that date it was an
nounced that, owing to litigation which
had arisen over control of the com
pany,. Henry Clay Pierce, chairman of
the board. and associates had pur-
chased over two thousand shares from
John D. Rockefeller and associates.
The COMPANY operates oil refineries in
Missouri. lllinoir, ArkansAs, Oklahoma,
Louisiana and Texas.
New-York tribune., 1918-06-26
News Digest
Foreign

London Quotes Russian Issues High
cr.-LONDON, June 25.--The tone of
the stock market continued good to-
day. A scarcity Of sellers kept tran
sactions within moderate dimensions,
but hardened quotations, especially in
the gilt-edged section. Russian bonds
advanced 2 points and were leading
features, and Russian mines and indus
trial shares were also better. Mexican
issues continued strong, and the lead
ing shipping and..oil stocks were active
and higher Money was in good sup
ply and discount rates We're quiet.
Paris Bourse Active.-PARIS, June
25.-Trading was active on the bourse
to-day. Three per cent rentes brought
60 francs centimes for cash. EX-
change on London was quoted at 27
francs 16 centimes. Five per cent loan
sold at 8S francs 25 centmes.
New-York tribune., 1918-06-26
Other Cities

Dividend Allowed for Holders of CAM
den Iron Works Securitics.-NEWAR
n. j., June 25.-Judge Thomas G.
Haight, of the United States District
Court, has signed an order giving per-
mission to the receiver of the Camden
Iron Works, of Camden, to pay 80 per
cent dividend on unsecured claims
against the company aggregating ST.
100000. The court took under advise
ment the question as to whether bond
holders of the company should be per-
mitted to share in the dividend, and or
dered the cancellation of all bonds in
the treasury. The receivers were al
lowed $4,000 and their counsel $4,000.
Mccormick & Co. Enter Reserve Sys-
tenn WASHINGTON, June 25.-The
Federal Reserve Board to-day an
nounced admission to the Reserve sys-
TEN Of Mccormick & Co., Of Salt Lake
City, with resources of $1O,108, 900, and
the Farmers and Stock Growers Bank
of Salt Lake City, with resources Of
$1,187, 900.
New-York tribune., 1918-06-26

Erie K. r. Seeks
Bond Extensions
Holders Will Be Asked to
Wait Until 1928 For
Redemption

The Erie Railroad Company gave
rotice yesterday of offers to extend un-
til July 1, 1928, three issues of under
lying bonds maturing on July / this
year. They are the $1,bO0,000 first
mortgage S per cent bonds Of the Buff
falo G. Southwestern Railroad, 81 ,OO0,-
600 Buffalo & Southwestern division 5
per cent bonds Of the Erie Railroad
Company and 100000 terminal per
cent bonds of the Chicago & Atlantic
Railway.
1t is intended to extend the first and
last named issues subject to prior re-
demption at 105 and interest. Holders
C all three issues are asked to deposit
attached at the offices of J. F. Morgan
g. Co. In the case of the Buffalo g.
Southwestern division issue temporary
receipts will be issued exchangeable
for. bonds of an equal amount, and
there will also be paid in cash S110 on
each 1000 bond. The investment yield
will be approximately 6h per cent.
Similar conditions will apply in the
case of the Chicago & Atlantic terminal
bonds, except that the cash payment
will be $75 and the yield on the eNr
tended bonds about per cent.
In financial circles it is believed that
the action of the Erie in seeking an
extension of the divisional bonds is in
keeping with general policy on the
part of the railroad administration to
restrict capital borrowings as far as
possible. Wherever possible it is ex-
pected that holders of maturing securi-
ties will be asked to accept an extern
sion until after the war.
New-York tribune., 1918-06-26
Regular Declarations

! American Public Utilities Company
Quarterly dividend of Il per cent, payable
in scrip July l to stockholders Of recorc
June 20.
Anaconda Copper Mining. Company.-Q Quar-
terly dividend of 81 per share payable Au
gust 2G to stockholders OF record July 20.
Chicago City Railway Company.-Quarter-
ly dividend of per cent, payable june 20 te
stockholders of record June 26.
Chicago Pneumatic Tool Company.-Quar
~terly dividend of y per cent, payable July
Is to stockholders of record July 15
Central Illinois Public Service Corporation
| Quarterly dividend of S1.50 per share on
the preferred stock, payable July Is to stock
holders of record June 30.
Central & South America Telegraph Com
pany.-Quarterly dividend of liz per cent.
payable July 10 to stockholders of record
July 5.
Chicago City Railways.-Q Quarterly dividend
of per cent, payable July 20 to stockholders
of record June 20.
Consolidated Traction Company of New Jer-
sey.-Semi-annual dividend OF per cent
payable July Is to stockholders of record
June %.
Edison Electric Company of Lancaster
Quarterly dividend of 2 per cent, payable
july l to stockholders of record June II.
Harrisburg Light & Power Company
Quarterly dividend of Y per cent on the
preferred stock payable June 80 to stock.
holders of record June 10.
Hudson Trust Company Quarterly divi-
, dend of per cent, payable July ! to stock
holders of record June %.
Illinois Northern Utilities Quarterly iivi-
dend of | Il per cent. payable to stockholders
of record July 20.
Kansas City, Fort Scctt & Memphis. Rail-
way Compary.-Dividend of j per cent on
the preferred stock, pavpble July | to stock
holders of record June 25.
Mexican Telegraph Company.--Q Quarterly
dividend of 212 per cent payable July II to
stockholders of record July 6.
Monomac Spinning Company.--Quarte
dividend of 81 per share. payable July to
stockholders of record June %.
New Idria Quicksilver Mining Company
Dividend of 80 cents per share, payable July
to stockholders of record June 81.
North Butte Mining Company Quarterly
dividend Of 25 cents per share. payable July
20 to stockholders of record July IL.
Public Service Corporation of Northern
Illinois. Quarterly diYidends of ] 81 per cent
on the common and 1l2 per cent the pre-
ferred stock, both payable August / to stock
holders of record July Is.
Central Leather Company.-Quarterly divi
dend of u per cent on the common stock.
payable August to stockholders of record
July 10.
New-York tribune., 1918-06-26
July Cotton Gains
1870 Points in
Upward Jump
Short Covering and Alb.
sence of Notices Cause
Wide Movement

The movement in the cotton market
yesterday was irresistibly upward.
July contracts sold up to $3.50, or
moro than 50 a bale higher than Mon
days close, and at the highest level
reached since they broke to 23.05 tow
ard the end of last month.
Closing firm, the general list at the
end of trading was within a few points
of the best prices at a net advance of
from SO to $50 points. The strength
of the near position arising from the
almost complete absence of July
notices was the outstanding feature Of
Che days market. Small tenders were
expected, as there is comparatively
little cotton certifcatcd here for de-
livery, but the one or two notices
issued and the apparent difficulty of
bringing cotton here during the next
thirty days appeared to cause the
short interests great uneasiness.
Few Sellers in Ring
Few sellers were found around the
ring, and the action of the market sug-
gested that there was a considerable
short interest outstanding. The pros
pect for small tenders has evidently
hastened a readjustment of contracts
to spot values, and yesterdays buying
included covering by both speculative
and trade shorts.
The market opened steady at an ad-
vance Of to % points, and was irreg-
ular right after the call. Selling of
condition figures, and there were re-
actions to about Mondays final quota
tlons. July, however, ruled strong
from the start, and the market soon
tirmed up, with the covering of later
deliveries becoming more active during
the afternoon as result of reports
of continued high temperatures in the
Southwest. October sold up to 1913,
or l03 points net higher, and December
sold 40 above the closing figures of
the previous day.
prominent Southern authorities were
said to indicate a condition of S6.7
and an increase of IA per cent in
acreage, pointing to crop of 15,560,-
600 bales, excluding linters, or the
largest except one on record This
doubtless. accounted for some of the
early selling, but the offerings were
readily absorbed, with Liverpool a
good buyer of October as we'll as July.
The buying of the active old crop
position included the covering of strad-
dies by both Liverpool and New
Orleans interests, and trade interests
were credited with covering hedges
sold against spot supplies in the South,
and there was also active demand from
Wall Street sources.
No Exports Reported
In some quarters the prospect for such
small tenders was attributed partly to
the possibility of using lower grades
in making goods for the government,
but traders. more generally looked
upon the advance as readjustment
to spot values brought about by the
existence of a considerable short in
terest and the failure of cotton to
come here for delivery. No exports
were reported yesterday. Southern
spot markets were unchanged to so
points higher.
Yester- Day A yesr
New-York tribune., 1918-06-26
Oil in Australia

A company has been organized FOR
the purpose Of determining whether
petroleum can be found in New South
Wales, Australia. modern derrick
has been erected and machinery in
stalled near Penrith. about forty miles
from Sydney, where surface oil has
been found in numerous places in the
vicinity OF this test we'll. This will be
the first test made in New South Wales
for petroleum. The driller who is in
charge of operations is "a practical oil
man from the United States.
New-York tribune., 1918-06-26
Elections

Lewis Dixon has been elected pres
ident of the Penn Petroleum and Re-
fining Company.
Edward G. Buckland, vice-president
and general counsel OF the New York,
New Haven & Hartford Railroad, has
been elected president of that com
pany, succeeding Edward j. Pearson.
who was appointed Federal manage
of that road.
Floyd P. Smith was elected vice
president of the Dcnner Steel Com
pany.
New-York tribune., 1918-06-26
Buckland Now New
Haven r. r. President
Howard Elliott Remains With
Company in Advisory
Capacity

Edward G. Buckland, who has been
vice-president and general counsel of
the New York, New Haven & Hartford
RAILROAD Company since 1914, was
elected yesterday to the presidency to
succeed Edward J. Pearson, recently
appointed Federal manager for the
system. Mr.. Buckland has been con-
nected with the New Haven for the
last twenty-five years.
Formerly he was assistant profess
sor of law at Yale University. of
which he is graduate. Later he was
appointed local attorney for the road
at New Haven and still later he gave
up the general practice Of law and be-
came attorney for the company at
Providence, looking after its Rhode
New-York tribune., 1918-06-26
Stock and Bond Averages

Island interests. In 1894 Mr.. Buck
land took charge of the company's S
legal affairs in Connecticut, Rhode
was elected vce-president in' charge
of the company's interests in Rhode
Island and was it's representative in
Washington. In 1910, when he re-
turned to New Haven, Mr.. Buckland
was placed in charge of -he New
Haven's Connecticut affairs, including
the trolleys and the New England
Steamship water lines.
Howard Elliott, former president of
the company and chairman of the
board of directors, it was announced,
will remain with the company in an
advisory capacity and as chairman of
the committee on intercorporate re-
lations.
New-York tribune., 1918-06-26

around the the peg level established a
fortnight ago. The Holland market,
however, reports that the favorable
outcome Of the fighting on the Austro-
Italian front having stimulated peace
expectations on the Amsterdam Bourse
Austro- German exchanges there have
fallen sharply. German markets, ac-
cording to the late cables, have de-
clined from $3.50 to 3345 in Holland,
which brings them below the value of
francs, which are quoted at 34.67. Aus
trian crowns have declined in Amster-
from 20.15 to 1880.
New-York tribune., 1918-06-26
Money and Credit

Conditions in the money market ves-
terday reflected further ease in the
general situation. At the Stock Ex-
change call money ruled at AZ to ner
cent
banks were generous in their offer
ings Of fixed date funds, one of the lead
ing institutions in the financial district
offering large block of money at per
cent Tor the sixty and seventy y-fve-dav
periods. The market is quoted at
66% to 6 per cent for sixty days and
longer on industrials and 5h to per
cent for similar periods on half and
half collateral.
Ruling, rates for money yesterday,
compared with year ago, were as
follows:
Yesterday. Year ago.
Per cent. Per cent.
Call money: v
On industrial col'tl 4A 6Is
Time money (mixed collateraD:
sixty days ........ 5A@6 5@5H
Ninety days ....... 594@6 5@5H
Four months. 5M@6 665N
Five to six months. 534@6 5@5H
Commercial Paper.-A better demand
for prime paper is reported. Rules
were unchanged yesterday at per
cent for the best regular maturities.
Bank Acccptances.-The demand for
bank acceptances continues to broaden
and requests for eligible bills are com
ing from both local and out-of-town
sources. Rates yesterday were as fol-
lows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent. Per cent. Per cent.
e. gible
m ember
banks. .4A@4 4n@4A 4A@4M
e irible
non-mcm-
Der banks.4h @41s 4ss@4L4 4h@4A
n eligible
bank bills.SA@4s4 sA@4s4 5A@4M
For delivery within thirty days:
Per cent.
Eligible member banks ........ ~
Eligible non member banks. 80. 4sk
Ineligible bank bills.
Discount Rates.--Tne following tatIs
gives tho current rates Of the twelve
New-York tribune., 1918-06-26

The above rates express the cost of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say, s4.75aa. The intrinsic
parity is $4.S65s 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., 1918-06-26

The stock market was much more
of a two-sided affair yesterday.
Pool specialties advanced sharply,
and quite easily in some cases. On
the other hand, a number of the
more representative stocks dis
played reactionary tendencies. On
the whole the general performance
reflected confidence on the part of
holders of securities in the future
outlook The declines that occurred
were attributed in the main to real
izing sales by traders, who bought
their stock at lower prices. A GER
tain amount of selling for the de-
cline was also in evidence. The
stock market continues largely a
professional affair. The public is
buying some stocks here and there
throughout the list, but purchases
for the outside account are not in
sufficiently large volume to take the
control out of the hands Of the pro-
.fessional traders. Brokers continue
to point out that the floating supply
Of stocks is comparatively small,
which probably accounts for the
ease with which the market ad-
vances at times.
New-York tribune., 1918-06-26
An Exchange Stabilizer

In foreign exchange circles yester-
day much interest was manifested in
the advices from Washington that the
Treasury Department has under contem-
plation plan for the issuance of Liberty
Loan bonds, payable in foreign money,
for sale in other countries to stabilize
exchange rates. The idea is considered
worth while by exchange brokers. al
though they point out that the inter
est rate on such bonds would have 70
be sufficiently high to attract the in
vestment of funds for foreign account.
New-York tribune., 1918-06-26
Dollar Scars at Montreal

New York funds at Montreal went
to the record premium of 1882 per
cent yesterday. The further advance
was attributed to the fact that the
Canadian Minister of Finance. who has
just returned to Ottawa from Wash
ington. holds out little hope of relief
from the fiotation of Dominion loan
in the United States 1t had been
hoped that the arrangement Of loan
would solve the difficulty and reduce
the discount on Canadian funds. The
Canadian Finance Minister is under
stood to have learned on his visit to
Washington that the Dominion would
have to pay 6A to 6la per cent on
any loan that it might wish to bring
out in New York. Such rate is held
to be prohibitive, owing to the adverse
effect it might have on Canadian
credit
New-York tribune., 1918-06-26
Amster Talks ON Rock Island

Nathan L. Amster, Rock Island di-
rector, in an interview yesterday ex-
pressed the conviction that the board
within few days will obtain the nee
essary approval from the government
to declare the dividends on the pre-
ferred stocks of the company, due at
this time. "When this is DONE" Mr..
Amster added, "it is my intention to
Immediately enter request with the
railroad administration to permit the
company to pay dividends on it's $751;
000O0 common stock. Rock island
earned over 10A per cent on this
stock in 1916 and III per cent in 1917
Owing to lean year, however, it
earned but comparatively small sur
plus in the three years ended June
so last, equivalent to only fraction
over 4 per cent. There is, however,
an additional sum amounting to ST.
100000 per annum which the company
spent in excess maintenance during
those three years, and which went
into the costs of operation. i, This
should be allowed the railroad, in ad-
dition to its average net earnings after
payment of preferred dividends up to
a sum equivalent to per cent on the
common stock"
New-York tribune., 1918-06-26
DIVIDEND NOTICES
Railway Steel-spring Company.

May % 1918
A quarterly dividend OF ONE AND ONE
QUARTER PER CENT. NAee) has this
of this Company, payable June %, 1913
to Stockholders of record June Is. 1918
The Transfer Books will not be closed
Checks VIII be mailed by Bankers Trust
Company
New-York tribune., 1918-06-26

Bank acceptances continue to
grow in favor as an attractive
form of temporary investment. The
demand for this kind of paper is
exceedingly heavy at the present
time. A leading dealer, in comment
ing upon the present activity in the
market for bank acceptances, said
yesterday: SThe recent demand for
prime bank acceptances is due large
ly to the fact that the banks ex-
pected a much greater demand for
the tax payments than they were
called upon to meet, and the Treas
ury Department handled the situa-
ton SO we'll in redepositing the
funds that there was not the strin-
gency anticipated. We are expert
encing a broader market for bills
than has been in evidence since the
inauguration of discount business in
this country. The situation is such
that when we receive a block of
bills it Is merely matter of select
ing the house we wish to accommo-
date, owing to the vast number of
requests in the market" Prime bank
acceptances eligible for rediscount
at the Federal Reserve Bank are
quoted in the market at 4aa@4A
per cent.
New-York tribune., 1918-06-26
THE HANK or aMrRIC.

New York, June lsth 1918
L. The Board of Directors have to-day de.
clared a semi annual dividend OF fourteen
I) per cent, free OF tax, payable July LIST.
1918. to stockholders OF record OF this date
until July End. 1918
W. NJ. BENNET. Cashier.
New-York tribune., 1918-06-26
The Dollar in Foreign Exchange

Exchange rates moved narrowly
yesterday. Swiss francs were slightly
easier. Sterling bills we're firm.
Closing rates yesterday, compared
with a week ago, follow:
Quoted dollars to the pound.)
New-York tribune., 1918-06-26
General Motors Still Soaring
Austrian Crowns Decline

So far the local foreign exchange
market has made no response to the
Italian successes against the Austrians.
New-York tribune., 1918-06-26

$50 |As.tSu o@o improvement (O
N W. Corner Broad and Arch Streets
Philadelpnsa, June IL, 1918.
The Directors have this day declared u
quarterly dividend of two per cent ts1 90
per .sharel. payable July ". 1913. to stock
holders OF record at the close OF business
June 80. 1918. Checks will ha mailed
!. w. MORRIS. Treasurer.
New-York tribune., 1918-06-26
Dyestuf Reorganization

The Noteholders' Protective Commit
tee, of which Alvin w. Krech, .presi-
dent of the Equitable Trust Company.
is chairman, announced yesterday that
it had adopted plan of reorganiza-
ton for the Federal Dyestuffs and
Chemical Corporation, which went into
bankruptcy on October 5, 1917.
The plan provides that the property
shall be bid in by the noteholders at
foreclosure on July 13, and that a
new company be formed, for which
there shall be raised 100000 new
working capital, through the issuance
Of that amount of three-ycar per cent
prior lien notes. 1t is also provided
that s2,75o,ooo fve-year 6 per cent ad-
justment mortgage bonds be issued
and S2,000,C00 common stock.
Holders of the two-year first mort
gage per cent bonds, due December
i, 1917. are asked to surrender their
securities, for which they are to re-
ceive new fve-year per cent bonds
and bonus in new common stock.
Common stockholders will be required
to pay an assessment of 3712 cents a
share. for which they will be given
new three-year 7 per cent prior lien
notes in an amount equal.
New-York tribune., 1918-06-26

Conditions in the general money
market reflect increasing ease. The
rate for. call loans at the Stock Ex-
change this week has been main
tanned around 4 per cent, with sub
stantial offerings at this figure. A
fortnight ago call money was in
scanty supply, even at per cent.
In the case Of the market for time
loans secured by the deposit of
Stock Exchange collateral rates are
5a to 6 per cent, depending upon
the period of maturity and the char
acter Of the collateral. In the last
week some of the banks here have
even found it possible to transfer
funds to London for temporary in
vestments in discounts, the rate
over there being slightly higher than
in this market. Though bankers are
naturally averse to making predic-
tions regarding the future course of
local money rates, they are never
theless more confident now of the
outlook than they have been in
months.
New-York tribune., 1918-06-26

Bank Clearings-Bank clearings yes
terday in New York and other cities
we're:
Exchanges. Balances.
New York .s64o,e15,575 $e3, 1872, ,25s
Boston ...... 66,674,280 22,127 1884
Silver.-Bar silver in London was
4s7hd, unchanged; New York, e9hc,
unchanged; Mexican dollars, TIC, un-
changed.
sub-rreasury.---TAhe banks lost to tn.
Sub-Treasury yesterday $1,406,000.
London Money Market.-LONDON,
June 25.-Money was firm at 8 per
cent. Discount rates were: Short
bills, 32 per cent; three-month bills,
8 9-16 per cent Gold premiums at Lis
bon were at 1870.