davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-08-07
Bankers Confer on
New Plan to Aid
Public Utilities
Suggested Amendment Of
Law Governing Loans by
War Finance Corporation

The formation of a $50, 600, 900 or
S70000.00 intermediary banking cor
poration to aid the financing of the
public utilities was suggested yester-
day at n conference of bankers in the
Offices of James N. Wallace, president
of the Central Union Trust Company.
The meeting was called to consider the
effects of the ruling of the Attorney
General last week that the advances
that the War Finance Corporation, with
which the proposed $l00,000,000 cor
poration was to discount its paper,
could make to any one corporation
were limited to $500 900 on the plans
of the bankers.
No Conclusions Reached
Although there was a free inter
change of ideas on the question OF
finding substitute programme which
would comply with the Attorney Gen.
erals Interpretation, no definite con.
clusions were reached The proposal
to establish an intermediary corpora
ton with a capitalization of from SlO,-
100000 to S2O,0OO,00 which could re-
coive a maximum of $50 100000 in ad-
vances from the War Finance Corpora
ton, was regarded as worthy of tur-
tker consideration. If this idea should
be executed it is likely that one or
more additional corporations OF the
same type might later be established
as the need arose. Another conference
on this subject will soon be held.
A statement of the attitude OF tne
bankers who attended the meeting
toward the interpretation of the wa,
Finance law by tho Attorney Generai
has been forwarded, it is UNDERSTOOD
to the authorities at Washington. IN
fnlf
legal obstacle to the carrying out OF
the original plan for 100000 600 cor
poration will prove great hindrance
to the solution of the problem. Aver
the meeting a banker remarked tnas nay
in the light of the Attorney General
ruling the law seems unworKaDie, aiiu
that either the act will have 10 W
amended or the Interpretation chaheeu'
Want Underwater, Not Lender
Among bankers generally, It was
ascertained. the opinion that the War
Finance bill should be amended IN ceI..
tain important respects is growing. -
the War Finance Corporation were ~
thorized to function more as an unoes-
writing organization than money
lender, many bankers believe, It's m.s-
sion of aiding essential industries
could be better carried out.
The bankers efforts to devise instIa. n,.
mentalities for supplying the puoi.0
utilities with needed capital Will COZ.
tinue to be coordinated through ~ tlo
special committee. of which Mr.. va.
lace is chairman, appointed some weeks ,ss
ago at the suggestion of W. P. G. hs..
ding, governor of the Federal Resebs ,ss
Board and managing director OF lns
War Finance Corporation. Reports Inv
this committee would disbsnd YER e.
authoritatively denied yesterday. DC. o.
sides Mr.. Wallace, the committee con-
slsts of Charles H. Sabin, presiG6en. y.
the Guaranty Trust Company; ln0Hs'
w. Lamont, of ]. P. Morgan ~ ~
ard Frederick w. Strauss, OF J. q We
Seligman & Co.
New-York tribune., 1918-08-07
News Digest
Foreign

"a ~ o.
London Market Steady.-LONDON,
Aug. 6-The members Of tho Stock Ex-
change commemorated the anniversary
of the outbreak of the war by sus-
pending business and attending short
service at a nearby church. When
trading was resumed the market had a
good undertone. There was quiet sup
port to glt-edged securities and oil,
mining, colonial and land shares at
hardening prices, and the less active
sections were frmcr in sympathy.
Paris Market Active.-PARIS, Aug.
6.-Trading was active on the Bourse
to-day Three per cent rentes sold at
81 francs IS centimes for cash. Ex-
change on London was 27 francs 9h
centimes. Five per cent loans brought
II francs 55 centmes.
New-York tribune., 1918-08-07
Vera Cruz Shipments Decrease

Trade of Mexico with this country
through Vera Cruz greatly decreased
during the first half of 1918, compared
with the corresponding period last
year, according to the value of exports
invoiced at the American consulate in
that port. For the six months ended
by June last exports totalled $2,OS6,3SO,
of which free goods represented 81, SOL
635 and dutiable goods $394,745. For
the first half of 1917 shipments Of free
goods to the United States amounted to
s701S,093 and dutiable goods to $224,-
66s, making total of $7,242,76l.
New-York tribune., 1918-08-07
productions of the company in the
United States and Mexico.

productions of the company in the
United States and Mexico.
The Mexican Petroleum Corporation,
whose stock is entirely owned by the
Mexican Petroleum Company, Ltd, of
Delaware, has greatly increased it's
refining oil. In referring to the pro-
duction of its wells, Mr.. Doheny says
that no change has been noticeable
during the past year in the produc-
tivity of the great we'll Casiano No.
7. which now holds the record of
having produced more than 70,ooo,o 900
barrels of oil during it's eight years
Of existence. He adds that the greatest
we'll of the company, the Cerro Azul
No. 4, is limited in its production to
the capacity of the pipe lines which
are connected with it, It's present yield
is about 1o,ooo,OOo barrels of oil a
year.
New-York tribune., 1918-08-07
Relevant Comment
U. S. Leads in Rubber Industry

According to Samuel P. Colt, presi
dent of the United States Rubber
Company, approximately 70 per cent
of the worlds total rubber manu-
featuring industry is conducted in the
United States. "In the year 1917" he
says, "about $1,000 people were indi
rectly employed in rubber manufact-
urc and distribution, and the total
amount of business done by the COM
panies engaged therein aggregated ap
proxmately 100000, which would
place the total worlds business in
rubber at over S1,OO0,O0O,000. In 1917
there was consumed in rubber manu-
factures in the United States over
350,000,000 pounds of rubber, of which
nearly 25O,0OO,0OO pounds, or FIVE
sevenths, was required by the automo-
bile industry. The popular impression
still prevails that the world relies on
Brazil and Africa for the majority of
its rubber, while, as a matter of fact,
to-day not to exceed Is per cent of
the total rubber consumed is wild rub
Der, the balance coming from the Far
East in the form of cultivated or
plantation rubber"
New-York tribune., 1918-08-07
Elections

D. II. McDougall, formerly general
manager of the Dominion Steel Com
pany, has been elected president and
director of the Nova Scotia Coal and
Steel Company, succeeding +. II. Crock
ard, resigned.
William j. Terry, formerly loan clerk
of the Chatham and Phoenix National
Bank, has been elected assistant sccre-
tcry and assistant treasurer of the
Hudson Trust Company Of New York.
New-York tribune., 1918-08-07
Dividends
Regular Declarations


American Cotton Oil Company, -,
Quarterly dividend of per cent Oh 't to
common stock. payable Septempef "
stockholders of record August To-
Continental Paper Bag Compan'mo IN
Quarterly dividend Of ~ per cens "a
the preferred stock, payable AusSs'
to stockholders of record August c.
Studebaker Corporation ass'. er..
dividends of 1sa per cent on TN tne .nra-
ferred stock and per cent on 'ho o,toek.
mon, both payable August 81 10 s'''
holders OF record August 70.
Hartman Corporation. - Quaisc Car.
dividend Of "a per cert. payao,e, Az.
tember to stockholders OF ree0iu -
gust 20.
PENNSYLVANIA Gasolene Compsnssn Al
Semi-annual dividend of per cs Is
the preferred stock, payable Aus'''
New-York tribune., 1918-08-07

The above rates express the cost of
foreign money in terms of the Amer-
can dollar. You buy an English pound
sterling at, say. s4.7535. The intrinsic
parity is s4.S6ss per pound. Thus you
say either that pounds are at dis
count or that dollars are alta premium,
which is owing to the fact that in Eng
land the demand for dollars with which
to settle accounts in this country ~
greater than the demand in this couf-
try for pounds with which to settle 30.
counts in England.
New-York tribune., 1918-08-07
The Dollar in Foreign Exchange

Quiet conditions continued to pre-
vail in the foreign exchange market
Pesetas were easy. Besides the effect
Of the attempt now being made to
stabilize exchange on Spain through
a negotiation Of loan the ban on
the selling of pcscta bills held here
in other countries is helping to re-
New-York tribune., 1918-08-07
DIVIDEND NOTICES

THE BOARD OF DIRECTORS OF THE
American Cotton Oil Company declared
a quarterly dividend OF one per cent upon
the Common Stock of the Company. paw
able September s. 1918. at the Banking
House of Winslow. Lanier x Co. 80 Cedar
Street. New ork city. to holders OF record
OF such stock al the close of business on
August ;. 1918.
The Stock Transfer Books OF the Com
pany will not be closed.
RANDOLPH CATLIN. Secretary
New-York tribune., 1918-08-07
Dry Weather Scare
Sends Cotton About
81 a Bale Upward
Short Covering and Foreign
Trade Prospects Other
Market Factors

Cotton prices for variety of rea-
sons made further advances of be-
tween 81 and So o bale on the New
York Cotton Exchange yesterday. AS
tute observers attributed the new
rally to short covering, continued dry
ing belief around the ring that the
prospects of foreign trade in the
Southern staple were improving.
The weather, however, seemed to be
the dominant factor in the situation.
When the market opened reaction in
prices seemed likely, as the traders
were impressed by reports that the
drouth in Texas might soon be
broken. But soon the later weather
news indicated that the reported tropi-
cal storm was more likely to cause
rains along the Central and East Gulf
coasts than to reach the dry regions
of Texas.
Wall Street a Heavy Buyer
AS the advance which followed the
weather indications started, Wall
Street interests, it was said, bought
heavily, supposedly to cover contracts
sold before the publication of the gov
ernment's crop report last Thursday.
Numerous stop orders were uncovered
on the advance. October contracts sold
up from 27.77, the low point of the
morning, to $3.50 in the late trading,
making an advance of no less than 1863
day. That delivery closed at 1885,
with the general list showing net
gains of between 1877 and 143 points.
December sold up from 27.37 to 1900,
and January from 27.3O to 1886. These
figures marked the high point of the
present upward movement, and show
rise of nearly five cents a pound since
last Thursday morning.
Trading was extremely active at
times, but the orders came internait-
tently, and there were frequent inter
walls when the market seemed relative
ly narrow. At these times it was ex-
tremely sensitive to either buying or
selling.
Early Sellers Began Covering
Before the squirt started yesterday
morning offerings were readily alb
sorbed on decline of 10 togo points,
however, and it was said that many of
the contracts were going into the
hands of buyers for British and Con-
tinental trade interests. This started
covering by the early sellers, and then
the weather news came which sent the
market soaring.
Little was heard during the day of
orders from the domestic trade or of
Southern selling. Exports for the day
and so far this season reached 22,247
bales, against 1854 for the season to
date last year. Southern spot mar
kets, as officially reported, were un-
changed to 1875 points higher, with the
Southwestern markets showing the
greatest gains.
New-York tribune., 1918-08-07
More Demand for Debt Issue

Unusual activity and strength de-
veloped in the market on the Stock
Exchange yesterday for Brown Broth
ers West Virginia 6 per cent debt GER
tificates. In all, $4,000 of the certif-
Gates changed hands, with an advance
from 49 to 54i2. The bankers, who
have long been interested in the West
Virginia debt case, said they had no
lIntormation that would account for
the sudden strength of the issue. 1t
is understood, however, that recently
there have been two conferences. ut
which the appointment of commits
sion sion to consider ways of meeting
West Virginia's obligation to the
State of Virginia was discussed. So
far as is known here, nothing further
has developed. In the last decision of
the United States Supreme Court it
was held that West Virginia should
pay Virginia something more than
$12,000,0OO.
New-York tribune., 1918-08-07
Wealth Markets and Commerce @

duce the discount of the dollar. Rates
on London and Paris were steady.
Closing rates yesterday, compared
with a week ago, follow:
Quoted dollars to the pound.)
New-York tribune., 1918-08-07


spite of the restrictions on time
loans for Stock Exchange purposes,
it would still be possible to conduct
a big speculation in stocks based on
demand loans. The contention is i'll
founded. 1t is true, of course, that
from time to time the banks will
have large amounts available for
call loans, but the conditions which
would make it possible for them to
lend freely one week might be so re-
versed the next that they would find
it imperative to call such loans on
a large scale, and that would GER
tainly wreck any large speculative
position financed wholly with de-
mand money. 1t is not so much
question of rates; spectators might
be willing to pay much higher prices
for money than those which obtain
at present. But there are bound to
be periods when, owing to heavy
government financial operations, the
supply of money for speculation will
be scant, no matter how much spec
ulators might be willing to pay
for it.
For the balance Of the war such
speculation as is carried on will, in
all probability, centre on the indus
trials, with railroad shares playing
an extremely unimportant part in
the market. Charts of railroad stock
prices will look less and less like
profile maps of the Western roads.
When the railroad contracts are
signed there may be a temporary re-
vival, but after that the curves of
activity and prices will in all likeli-
hood tend to flatten, because the ele-
ment of speculation will have been
removed for the time being. After
ward-but that depends on whether
the carriers are restored to their
owners or permanently held by the
government.
Yesterday General Motors gained
51a points in a dull and otherwise
featureless market, and the stock is
now within IL points of the high
level Of the year. On July 26 this
issue sold at 159, after an advance
from 120, and then declined to
1891, the low price of last Friday.
1t has in less than four days trad
ing advanced "a points. The action
of this issue is beginning to have a
bad smell. Perhaps it may eventu-
ally reach the nostrils of the gov
ernors of the exchange. This is not
a propitious time for such scandal
Gus manipulation as has been going
on in General Motors for some
months.
Those who fear that industrial
companies will be unable to main
tain dividends if their war profits
are taxed 80 per cent may find
ground for a more optimistic view
in British experience. "The London
Economist" shows that the average
rate of dividends paid by 1,473 Brit
ish industrial companies in twelve
months ended June 80, 1918, was
! 10.5 per cent, compared with 1912
per cent year before.
New-York tribune., 1918-08-07
Bank Transactions Exceed Clearines

Observers of business conditions
have frequently regarded bank clear
ings as an index of trade volume. Re-
ports of the Clearing House Associa-
tion in thirty-fve American cities,
however, show that the bank clearings
in April, May and June did not equal
onehalf of the total bank transactions.
The clearings in the second quarter
of 1918 amounted to $1O,959, ,32S, 900,
and the total bank transactions for the
same period reached S22.897.936.OOO.
New-York tribune., 1918-08-07
Money and Credit

Money rates were firmly maintained
in the local market yesterday, with
comparatively small turnover of bust
ness. At the Stock Exchange the rul-
ing rates were to 61s per cent, with
some loans made early in the day on
the basis of 511 per cent.
Offerings of fixed date funds con-
tinued small and most of the business
done consisted of renewals. Borrowers
are bidding per cent for all time
loans.
Ruling rates for money yesterday,
compared with year ago, were as
follows:
Yesterday. Year ago.
Per cent. Per cent.
Call money:
On mixed collateral s 2I2
On industrial col't'l 6!a
Time money (mixed collateraDt:
Sixty days. ...... 4I4@4A
Ninety days. 90 44@4R
Four months ....6 434
Five to six months 4a4
Commercial Paper.-A small demand
for commercial paper is coming from
interior institutions. Rates are steady
at per cent for the best regular ma
turtles.
Bank Acceptances.-Rates were un-
changed yesterday, as follows:
Thirty Sixty Ninety
Spot de- days. days. onye.
livery: Per cent. Per cent. Per cent.
E igible
m m ber
banks. :. .4h@4 4"@4A 4h@4A
Ell igibla
non-mem-
Der banks,4I4@4Ls 496@4h 42a@4h
/ n el ligible
bank bills.5N@4A 5I4@4s4 64@4z
For delivery within thirty days:
Percent
Eligible member banks ........ 4lz
Eligible non-member banks..... ~
Ineligible bank hills. s............6
r. 4 Z
New-York tribune., 1918-08-07
Enemy Bank Debt to England

Legislation is shortly to be enacted
in England which will make it impos-
sible for enemy banks to be opened
there for long period of years after
the war. In the meantime the task of
liquidating the enemy banks which
were doing business there when the
war broke out is nearing completion.
Nearly all of the realizable assets of
these banks have already been liqui-
dated, with the result that the only
debts owing to British and Allied cred
itors by the London agencies of the
three German banks are $4,000, 900, due
from the Dresden Bank to the Bank
Of England, and s2,ooo,ooO from the
Disconto-Gesellschaft to the Bank of
England. The big debtors are the two
Austrian banks, the Austrian Laender
Bank still owing ss,ooo,ooo to the Bank
of England and s3,5oo,Ooo to other un-
secured British and Allied creditors,
while the Anglo-Austrian Bank owes
about $500, 900 to the Bank of Eng
land for advances and interest on its
acceptances
New-York tribune., 1918-08-07
THE YALE & TOVNE MANUFACTURING
COMPANY

dividend, No. 81. of TWO and one-haN
per cent (2Rgo) for the quarter ending
September 30th, 1918. has been declared by
the Board of Directors out of the past
earnings. payable october lst to stockhold-
ers of record at the close Of business Sep
tember 23rd.
J. H ToWNE. Secretary
New-York tribune., 1918-08-07

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., 1918-08-07

Discount Rates.-Tha 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., 1918-08-07

Bank Clearings.-Bank' clearings In
New York and other cities were as fol-
lows:
Exchanges. Balances.
New York -. .$558,855,214 $60,510,871
Boston ....... 49,485,719 8964,879
Philadelphia :. 56,983,e31 1904, 11O
Sub-Trcasary.-Thc banks lost $685.
600 to the Sub-Treasury yesterday.
Silver.-Bar silver in London was
48fs, unchanged; New York, 99ssc,
unchanged; Mexican dollars, TIC. un-
changed
London Money Rates.--LONDON,
Aug. 6.-Money was unchanged. at 8
per cent. Discount rates we're: Short
bills and three months bills 317-32
per cent Gold premiums at Lisbon
remained 1870.
New-York tribune., 1918-08-07
ANDREW J. MCCORMACK. Auctioneer.
REGULAR AUCTION SALE
STOCKS AND BONDS
By ADRIAN IL. MULLER 4 SON.
OFFICE. So WILLIAM ST
WEDNESDAY,, AUGUST =, 1918.
LXCII Ncy SAL I-CDn nf,><

EXCHANGE SALESROOM,
NOS. II AND l6 NESEY STREET
For Account of Trustee in Bankruptcy.
so shs Postal Life Insurance Co
$50 shs. greensboro Development Corpn
40 shs Canada Iron Corpn.
For Account Of Whom II Nay Concern.
100 shs Mccall Corpn. prero
500 shs. Arizona Einghamton Copper Co.
l sh. Brown Spin Wright Co.
200 shs. Chicago South Bend G. Northern
Indiana r. r. prefd.
The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1918-03-01
union SERVICE TO BE
HELD THIS EVENING
First Of Series Takes Place at Geth
semane Cathadral-Federat
Backs the Plan.

Under the auspices Of the Fedora
ton OF Churches of Fargo, the vari-
Gus churches Of the city are uniting in
a service at Gethsemane cathedral,
tonight at o'clock, in a response to
q call from the General Wartime
Commission OF the Churches Of Am
erica" asking that the month OF
March be observed as a time of
special penitence and prayer for war
conditions and especially for our boys
at the front.
The order Of service for the even
ing includes the singing OF patriotic
songs and other helpful hymns,
scripture reading and microscopy
prayers. Addresses win be made by
w. L. StockwelI and Rev. II. H
Frost. Ministers Of several Of the
churches OF the city will take part in
the service.
A personal and special invitation III
hereby extended TO fathers, mothers
and other relatives of boys at the
front. This service will be held each
Friday evening in different churches
of the city. Announcement will be
made tonight Of where the next
service will be held.
The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1918-03-01
JOHN HAAS FUNERAL
SERVICES Held TODAY

Funeral services for John Haas.
pioneer Fargo M0Orhead business
man, who died Tuesday after a five
years illness. were held from ST.
Mary's cathedral at 3 o'clock this
morning. Rev. Father ]. G. George
Oh ciating. Requiem high mass was
said by the Very Rev. Father ThOs.
Egan. IntermhSt was In st. Maryss
cemetery, J. E. Dougherty. OF the
Luger parlors. in charge.
Mr.. Haas came to Fargo in ter
ritOrial days operating the old
Headquarters hotel until 1859. when
he removed to MOorhead. opening
the Midway saloon. later known as
the House OF Lords.
Five years ago. Mr.. Haas health
began to fail. and he gave up the
liquor business. denouncinE il in a
letter which was given wide pub
iicity at the time. His health con-
tinued to grow worse, pulmonary
tuberculosis developing.
Mr.. Haas had heavy interests
in Fargo and Moorhead real estate.
His widow and two sons survive.
The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1918-03-01
ACQUIT BACKUS
OF VIOLATION OF
CONSCRIPT ACT
Havana Man Appears In
U. s. Court With Long
Beard-Looks Like 45

After q stubborn fight by both the
government and the defense. Otto
Backus Of Havana, Sargent county.
was acquitted Of the charge of fail
ing to register on June s, 1917, in the
United States district court at noon
today. The case was the first Of its
kind tried by a jury in this district.
wearing a heavy beard, Baclus
looked more Ike person of IS years
than one Of military are when he
took the stand in his own defense
early this morning. Under the direct
examination Of Attorney A. q. Divet
Of Fargo, Backus stated that he first
commenced to wear a beard about
i've years ago, especially during the
winter months because OF skin af-
fiictions.
He testified that he attended the
schools at Havana and that when
he first enrolled his name was Back
us, but was later changed to Goltz.
because the children made fun of his
name. He testified that a week or
two before the date for the registra-
ton of all men Of military age, he
and his sister looked up his age IN
his grandmother's Bible and learned
that he was four years older than
what he thought he was, or IS years
OF age.
Judge John Carmody for the pros
ep%Sion, cross-examined the witness
as to the age of "a years which was
given on his application for $1,000
insurance in the Worllmen in the
year 1918, and which. If that agS
were correct, would make the de-
about 20 years old on June
5, registration day. Baclzus told Of
going to the physicians Office and OF
the doctor asking a half dozen or
more questions, and when 1t came to
the matter OF his age, the physician
told him that a year or so would not
make any difference. He testified
that he learned after his arrest last
that he was listed in the in
surance papers as "a years old.
The defendant did not have an
aptitude in recalling dates and when
incidents Of fifteen or eighteen years
ago were spoken of. he gave no POSI-
tive statement relative to time,
simply saying: somewhere in there"
He could not remember the date on
which he was born. saying that 1t
was either the fifth or the eighth OF
He didn't know the
year.