davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-07-13
New Association
Will Not Compete
Proposed State Banks Organ
ization Will Have Scope
of Its Own

a delegation of prominent New York
bankers representing banks and trust
companies operating under state char
ter is scheduled to leave to-day for St.
Louis to attend the meeting on Mon
day, at which the organization of q
national council Of state bankers as
sociation will be given serious con-
sideration.
Edwin G. Merrill, vice e-chairman of
the Central Union Trust Company, who
will attend the conference, said yester-
day that the proposed new association
would be quite different in its scope
and purpose from the American Bank
ers' Association, and would not COM
pete with that organization. The plan
is to have a national council composed
OF representative bankers chosen from
the various state bankers associations
throughout the country. This council
would endeavor to safeguard the in
terests of state banking institutions
and oppose legislation hostile to them.
Every effort, however, would be made
to cooperate to the fullest extent pos
sible with the Federal Reserve sys-
tenn, whose membership now includes
majority of the larger state institu-
uons Many of the important details
of the organization are still to be
worked out
New-York tribune., 1918-07-13
Funds Received for
French Credit Payment
Liquidation of $5O,OOO,O0O
Acceptances Announced
by Syndicate

Announcement was made yesterday
that the Guaranty Trust Company. of
New York, the Bankers Trust Company
and Bonbright & Co., syndicate man
ayers for the $50,00O.O0O French in
dustrial credit arranged late in 1916,
have sent notices to the banks par
ticipating in the credit Of receipt of
funds from the French merchants, for
whom the credit was opened, for the
repayment of acceptances in that
amount due next Tuesday.
This credit was the largest single
operation of its kind ever undertaken
by American bankers. The drafts were
drawn by merchants of France on
American bankers, were accepted and
discounted, and the proceeds Of the
drafts were used to pay for American
goods exported to France. Since then
this method has grown in favor as
atfording a profitable means of fnanc-
ing part Of our export trade.
Four similar credits, aggregating
$60,000,0OO, arranged by Bonbright &
Co. for French interests for financing
the purchase of goods in this country
for French account, have all been paid.
New-York tribune., 1918-07-13
Roads Need Money
For Back Wages
Short by Millions of Dollars
of Amount Government
Awards
Especial Dispatch to The Trtbune)


CHICAGO, July 12.-Railroads out
of Chicago lack by several million dol
lars funds needed to pay employees the
back pay advances for five months
awarded them by the Federal govern
mcnt, and committees representing
brotherhoods have called at the Offices
of the roads and demanded that the
men be settled with. Railway officials
have frankly informed these commit
tees that checking off of payrolls is
about finished and that back wages and
salaries would be promptly paid but for
the fact there is no money in the COM
pany's treasury to meet such an OBJ
legation.
The roads have sufficient funds for
ordinary requirements and expenses,
but cannot provide millions for such
an additional and unusual outlay. The
Chicago & Alton requires 1000 900 to
pay its employees what the Administra-
tion has allotted them for five months
back. While the government has ad-
vanced money to some roads, the dis
tribution has not reached all lines. The
Burlington is the only one which has
paid all that is due under the back pay
award.
Most of the cash advances from the
government, pending signing of con-
tracts, have been tor supplies, new
equipment and other maintenance pur-
poses. Many employees are dissatisfied.
They cannot understand why railroads
do not settle with them, or rather why
the government, which ordered the
payment and which is to provide funds
for the same, does not turn the amount
needed over to transportation lines at
once.
At least 100000 employees will quit
the railroad service to work in muni
tion plants as soon as they receive the
back pay increase. In many cases it
amounts to regular pay for month
and half. The Studebaker plant at
South Bend needs 5000 men to work
on war contracts, and many other in
dustrial concerns in this vicinity are
offering desirable jobs. Skilled rail
road employees are in especial demand
at munition plants. This class of
workmen and unskilled labor will un-
doubtedly seek higher wages elsewhere
as soon as the roads settle with them
on the back pay basis. Munition manu-
facturers are offering men $8 and $40
day.
Railroads cannot compete with fac
tories in paying higher wages, and an
exodus of employees to other jobs will
be a serious matter for transportation
lines and may cripple them in oper-
ating. The question os the government
communicating labor has been raised,
but some legal advisers are of the
opinion it cannot be done. Thousands
of clerks and others in unorganzed
branches of railroad service are also
figuring on seeking employment where
pay is higher, but it is expected that
the greatest detection from railroad
ranks will be from machine shops, re-
pair shops, section gangs and freight
handling departments.
New-York tribune., 1918-07-13
Wealth Markets and Commerce.

Of the New York Central; Charles
Hayden, president Of the Chicago, Rock
Island & Pacific; L. w. Hill, president
Of the Great Northern; Marvin Hugh
lit. chairman of the Chicago North
western; w. S. Jenney, general coun-
sci for the Delaware. Lackawanna e.
Western; l.. E. Johnson, president of
the Norfolk & Western; Julius
Krutschnitt, president Of the Southern
Pacific; e. C. Lindlev, counsel for the
Great Northern; L. F. Loree, president
of the Delaware & Hudson; t. g. Pea
body, president of the Illinois Central;
Samuel Rea, president of the Pennsyl-
vania; e. p. Ripley. president of the
A1tchisonn, A Topeka & Santa Fe; Henry
Ruhlender. chairman of the St. Louis
& San Francisco; Finley ]. Shepard, of
the Denver & Rio Grande; C. B. Seger,
president of the Union Pacific; A. P.
Thom, counsel for the Railway Exec
utives' Advisory Committee; w. II.
Trncsdale. president of the Delaware,
Ll;asckawanna & Western, and Henry
Walters. chairman of the Atlantic
Coast Line
New-York tribune., 1918-07-13
Flaxseed Shortage
Sends Price SOARING

Flax production in this country ha.
decreased materially during the last
five years, according to THE North
western National Bank Review" In
1912 the total acreage was 2,S51 900
acres, and in 1917 it was 1909, 900, the
area planted for this crop in the
Northwest being by states as follows:
North Dakota, 965,o0O; Montana. 422,
600; Minnesota, 100000, and South
Dakota, 10000 acres. Acreage in the
Northwest, in fact, was s65 per cent
of the total in the United States. Tho
acreage last year of the three prairie
provinces of Canada totalled 5000
With a demand for about $4,000 1000
bushels OF faxseed, this country pro
duced only s,473, 900 in 1917, comnared pe
with 15,459,Oo0 bushels during the year
before. The shortage has resulted in
naxseed I; being imported from Argen-
tina and Canada and unparalleled
prices: Flaxseed is selling for about
$395 in the Minneapolis market
New-York tribune., 1918-07-13
Big Trade Demands
Near Crop Zones
But Government Requirements
Diminish Competition
for Business

There is q remarkable trade demand
for this season Of the year for essen
tials in regions close to crop growing
zones, according to weekly reports re-
ceived by "Bradstreet's. With the
avid concentrated demand for goods
that has cmanated from governmental
sources, it states, ordinary trade has
had to take back seat, as it were,
scarcity Of merchandise for normal
trading purposes has been created and,
in consequence. competition for busi-
ness has been greatly reduced, the nat
ural inference being that matters have
gone to such pass that orders come
in unsolicited. Thanks to high prices,
the money value of goods going
through the respective channels is
much larger than last year, but in all
probability the physical value of civil
ian business is somewhat lighter.
Moreover. the ever present fear Of
scant supplies of goods superinduces a
tendency to get down orders not only
for delivery the coming fall, but as
far ahead as next spring
Recorders from retailers thus far are
of negligible proportions, unseasonably
cool weather having initiated against
normal consumption, and at the same
time the induction of armies of Young
men to militant life has served to pop-
ularlze army garments purchased di-
rect from manufacturers, this develop
ment having adversely affected calls
for civilian attire.
"Dun's" report says that with press
ure Of war demands increasing rather
than lessening, there is little of the
customary seasonal hating in leading
industries, and weather conditions.
while necessitating downward revisions
OF crop estimates, have aided intensive
productive efforts in the great Eastern
manufacturing centres. That summer
shut-downs through lack of orders will
be virtually absent this year the varied
and extensive government REQUIRE
ments plainly indicate, and holiday OBJ
servances have been suspended at some
ts' dbllshments so as not to check the
now of materials into channels where
they are urgently wanted.
New-York tribune., 1918-07-13
Corporate Returns


United Light and Railways Company.
Report for the company for the
twelve months ended Nav 81, 1918, dis
closes gross earnings Of 1914 ,493, COM
pared with $1,961 1874 for the CORE
spending month of the year before, an
increase Of Sl3,369; After expenses and
taxes of S158,891 balance amounted to
81 1902, which compares with 81 ,806,-
315 for the preceding twelve months
Preferred stock dividends paid during
the period totalled $607,161 an increase
OF Sb,4S0 over the same months of last
year. Balance available for deprecia-
hon, common stock dividends, etc, was
S466,S01 The subsidiary companies
showed gross earnings for the same
period amounting to $8,181 ia, against
S1O6O,024 for the twelve months ended
May 81. 1917. Operating expenses, in
cludlng maintenance, general income
ana excess profit taxes, were 5,641 OPS.
Interest. dividends, etc, amounted to
s993,0S7, leaving net profit due the
United Light and Railways Company Of
1,647 ,031.
Bangor Railway and Electric.-The
company reports gross earnings for the
twelve months ended May 81 last of
1909, 2,794, which compares with S861, ,583
Tor the same period of the year previ-
Gus. Interest, etc, togalled $-33,238.
against S22o,31S for the esponding
months of the previous year. Preferred
stock dividend amounted to S1O5. 1000.
the same amount paid during the pre-
ced!ng twelve months. Surplus after
dividends had been paid was S2S,4S3
McCrory Stores Corporation.-Sal
ior .l,r June were S774,276, compared with
@o2o,ooo for the same period of last
year. Sales for the first six months of
the current year amounted to S4O62 O97
against $3,357,413 for the same period
of last year
New-York tribune., 1918-07-13
War Leaving Little Wool
Manufacturers Finding Scanty
Supply for Civilian Orders

BOSTON, July 12.-"The Commercial
Bulletin" will suy tomorrow: "Wool
is coming forward from the West and
is being valued with all possible ex-
pedition in order to supply the mills
for their military contracts without
delay. The government is making every
effort to meet the military require
ments SO far as it is possible to regu-
late wool traffic. Manufacturers with
civilian orders are receiving small en-
couragement on the question of wool
supplies and are running as far as
possible on old supplies"
New-York tribune., 1918-07-13
Regular Declarations

Central Sugar Corporation. - ouartsr,v
dividend Of sl.75 a share, payable August
to stockhoders of record July Is.
Fort Worth Power & Light COMPANY
Quarterly dividend of Ia. per cent on the
holders of record July 20 ''0oA-
Kinney Oil Refining Company.-Quar-
1etiy dividend Of 2 per cent, payable August
10 10 s.ocKnoiders Of record July l5
Initial dividend of 50 share on the pre-
ierred stock. payable in second Liberty Loan
4s on July 10 to stockholders Of record Jn1vI
New-York tribune., 1918-07-13
News Digest
Foreign


London Market Quiet. - LONDON,
July l2.-The supply of money ex-
ceeded the demand on the market to-
day. Discounts were steady. On the
Stock Exchange, as is usual at the last
of the week, trading was quiet, but the
tone was good. In practically all Sec
tions the price changes favored holders,
notably in the case of oil shares and
shipping and industrial stocks. Banks,
with the exception of Brazilians, were
weak.
Paris Bourse Dull.-PARIS, July 12.
Trading was dull on the Bourse to-
day. Three Per cent rentes sold at 61
francs 80 centimes for cash. Exchange
on London was 81 francs 16 centimes
Five per cent loan brought SO francs
IS centimcs. The Bourse will be
closed next Monday
New-York tribune., 1918-07-13

ANDREW ] MCCORMACK. Auotioneer
REGULAR AUCTION SALE
STOCKS AND BONDS.
BY ADRIAN ii. MULLER son,
OFFICE. 55 WILLIAM ST,
WEDN NESDAY. JULY Il, 1918.
at 1890 o'clock. at the
EXCHANGE SALESROOM
NOS. IA and 16 VESEY STREET.
For Account OF Executors
81 shs. Chicago u Eastern Illinois h'
X. prefd
shs. Empire & Bay .s.ato Tel'-
graph Co.
For Account Of Whom It May Concern
5Si2 shs. Security Bank
80 shs. Brooklyn Academy Of Music
$500 Potomac II Chesapeake Steamboat
Co. lst Mtg. 81 Bonds.
shs. Regal Motor Car Co. prefd g.
$4,000 loth & 23d Street Ferry Co. /"
Mtg. So Bonds. 1919
so shs. Fire Detecting Wire Co, Inc
$50 shs. Navy & Marine Press. Inc
q. Q shs. Roanoke Realty co. 80.
sl7,250 Roanoke Realty CO. cts. Of indeo'-
edness
New-York tribune., 1918-07-13
Specials

Art Metals Construction Company
A special dividend of 11@ per cent has
been declared, payable August 81 TO
stockholders of record August 16; the
quarterly dividend of II per cent was
also declared, payable July 81 to stock
holders of record July 12.
New-York tribune., 1918-07-13
DIVIDEND NOTICES
WESTINGHOUSE ELECTRIC
i MANUFACTURING COMPA

i MANUFACTURING COMPAN1.
a quarterly dividend Of ! = Z or Ge"tt ~
per share) on the PKEFERRED stoons
this Company VIII be paid July -. i'',, n.r
A dividend OF ia 60 (S7ia cep's IN. N.
share) on Tho COMMON stock OF ms ms ,Sis
pany for the quarter ending June ''' 1''"
BON diridendss 'l'p 's are payable to stockhOd'
ers OF record as OF June -. 1917 Gar
II. i. BAETz. Treasurer
New York June -, 1913
New-York tribune., 1918-07-13

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 $4.86Ss per pound. Thus you
say either that pounds are at a 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., 1918-07-13
The Dollar in Foreign Exchange

The volume of business transacted
in the foreign exchange market yes
terday was small, and changes in
rates were unimportant A slightly
easier tone developed in open market
rates on Indian rupee bills, although
the Federal Reserve Bank has made
no change in it's rate. Dutch guilders
were slightly lower. Francs and ster-
ling were firmly maintained.
Closing rates yesterday, compared
with u week ago, follow:
Quoted dollars to the pound.l
New-York tribune., 1918-07-13
DISSOLUTION NOTICE

STATE OF NEW YORK, OFFICE
the Secretary OF State. SIS &. supli-
THIS CERTIFICATE. issued ID SIS
cate. hereby certifes thai the Miprs ton
TEN. nc, a dom, site stock sorp0dds ,Sip dsy cf
has iiled in this Office on ms .es~v - dssO-
aen ay % 81 sSsg 1sRs's fS5 9s
ssi Of q the Ger General Corporation tSss LAM css.
that IL appears iherefrom 'has nay ssction b
poration has complied with said '''
order 20 ha dissolved. 81. sssi ef
" = Go, once OF the Secretary ,s,. 2, isss
rsEALl st the city of Albany 'h''
day OF July, 1918.
c. w. TAFT. - nnneA
New-York tribune., 1918-07-13
lndustrials

Sales. On., -,
5000 Aetna Explos. "a 4a en- ,os- ,1o"- ;ast
s9o s9o Burns Burns Bros Ice 3oTe 81 sou ao1ss
Soo ooo Chevrolet Mot..13 1875 1872 133
aOo a0o ..Cuprite-E Sui. ~ ias ia la
335 Eastern Co. So 81, 6lss s,s
900 Gen Asphalt. 34Is aaL aS@ o3a|2
10 Grape-Ola - ~
325 do pref 1!Y 1ls ,ls p
500 Keyst T&R com 70 1oH 100 ,ott
so Lima Loco AL, a4lss Az ~,
300 Marconi of Am. az az az 80
1000 n Y Trans. 1914 1els ia 4o,4
100 pa Coal & C. al a. a. ia
200 100 Pa Pa seab Stl ytc 55Is 55Ea 55H, 5sN.
aoo a Poulsen W1rcl. f3as 1aaf I3i Ia,l2
Soo Steel Alloys Cp. 5ss 5sZ ass sAs
New-York tribune., 1918-07-13
Conversion of Liberty Bonds

Conversions of Liberty Loan Il and
4 per cent bonds into bonds bearing
interest at the rate of AZ per cent
are being made on large scale at the
conversion Offices Of the Federal Re-
serve Bank on the twcnty-fourth floor
of the Equitable Building. The con-
version machinery is working smoothly,
and individuals presenting their bonds
for exchange for 4As are being cared
TOR with a minimum Of delay. So far
there has been no congestion at ALL de-
spite the fact that hundreds of per
sons and institutions are turning in
old bonds for conversion.
New-York tribune., 1918-07-13

There is food profiteering in Uru.
quay. The National Subsistence Board
of this country reports various veg
etablcs are being sold to the public in
Montevideo at a profit of 80 to $50 per
cent.
New-York tribune., 1918-07-13
Curb Market

Note-Thc Tribune assumes no responsi-
oiiity for the accuracy or authenticity Of
curb market quotations. Transactions and
prices Friday were reported as follows:
New-York tribune., 1918-07-13

Money Easy in London.-LONDON,
July 12.-Money was easy at 294 per
cent. Discount rates were: Short bills
and three-month bills, 3 1882 per cent.
Gold premiums at Lisbon were un-
changed at 130
New-York tribune., 1918-07-13
To Represent Bank of ItaIy

Commentators Gidoni, representing
the Bank of Italy and the Italian In
stitute of Exchange, is to have charge
of the machinery for stabilizing Italian
exchange in this market, it was learned
yesterday. Mr.. Gidoni will be located
at the Federal Reserve Bank, of New
York, where all matters pertaining to
the market for lire bills will be laid
before him. Since the Federal Reserve
Board undertook to improve the posi-
ton of Italian exchange in this mar
ket lire bills have rallied from rate
of 9.16 to the dollar to $50. Further
improvement Is looked for, according
to foreign exchange bankers
Wary of Distillers
Traders were wary of Distillers Sc
curities again yesterday. The stock
sold up to 56A and closed Il up, at Sc.
The low price for the day was 55A
Holders Of Distillers have been in
clined to be nervous ever since it be-
came apparent that Congress might
enact bone-dry legislation. 1t is as
serted by interests close to the COM
pany, however, that even in the event
of the country becoming dry Distillers
would not have to lquidate, but could
go on manufacturing industrial aco-
hol, for which there is an urgent war
demand.
The company is said to be producing
about 100000 gallons of denatured
alcohol each month. Distilers holds
large reserve stock of whiskey at
the present time, which in the event
of bone-dry legislation might have to
be sold in q hurry
New-York tribune., 1918-07-13
Standard Oil
Other Oil Stocks

Shares. Open. Hivh -,
e5o0 '4Am VenturaO IS II ttS". lsst
1900 = .4Appalach Oil. 3 7
1900 Barnett o & G. 3. !.
500 sCosden & Co. 65s eas srs -
1000 Crystal Ia pr) ~ ia 1I "a
200 ELK Basin Pet. els e1s sLs. ss
2200 'fEsm Oil Cor 80 -
1900 'Clenrock OIL 43s az az zz,a
400 Han O q R.. 15s ia iss "a
5000 Houston OIL. 70 "a soH ~
500 limp Con OIL. % "a i "2
2o00 Island o & T. 4Js 4R ~ ~
1900 Ken Oil (ap) u - y
200 Merritt OIL. rs 25I es" of
200 sMex Eagle Oil 12s y % I'll IL
900 INC C & U 7A 73s ~ &,
1000 'IMidwest Oil 104 1o5 toa" M
400 IN Y Oh Oil. 80 30 40 So
1000 'FNorthw OIL. SO So So 70
5000 sfdo pref. 5 5 Z 2
1000 Okla Pr q R. ", ~ 7a =,
l29o l2oo obm (o5o. r. = ( R. ss 45ss e i
80 rPenn-ky Oil. SIS 5H ~
5000 .IRice Oil; p 2i 10 q
a999 1899 ssa,t6ss.+ Sea- Q e. R oi A5ts III II ii
ll0o stanton Oil. III IA iv "a
1000 TEX & R.. 65 70 e5 n"
5000 'tTux Star Oil. z ,
400 +Vic o NV stk 3D7 3H az a.
1000 Way o & c. 80 SIss ss y
New-York tribune., 1918-07-13
Dividends
Extras

Extras
Capital Traction Company.-An extra
dividend of one-half of l per cent has
been declared, payable August l to
stockholders of record July "a.
New-York tribune., 1918-07-13
Increases

Paige-Detroit Motor Car COMPANY
A quarterly dividend of per cent has
peen declared. Formerly quarterly
dividends were at the rate of l per
cent.
New-York tribune., 1918-07-13

once of the United Gas improvement .''
y. W Corner Broad and Arch s'ree'
philadelphia. June u. "a "a A
The Directors haYe this day des'-si %
quarterly dividend Of two per CEN stock
per share). payable July Is. lsls 'US,.,nsss
holders Of record at the close Of 6ss pu,'D'''
June 90. 1918. checks will DO ..'r.,. mailsr
/. W. NORRIS. Treasures.
New-York tribune., 1918-07-13
To Reopen Assay Office Bids

Owing to the higher costs Of ma
terials and the increasing labor scar
city. bids for the construction Of the
proposed new Assay Office building on
the Wall Street site adjoining the Sub
Treasury will be reopened on July 81.
Contractors have made several unsuc-
cessful attempts to keep within the
S800,000 appropriation. AS result the
government has modified its original
plans by the elimination of some of the
vaults. Present facilities of the old
Assay Office are being taxed to their
utmost, due to the activities brought
about by the war.
New-York tribune., 1918-07-13
Money and Credit

Money rates continued firm yester-
day. At the Stock Exchange the ruling
rates for call loans were to 61a per
cent throughout the day Some banks
called loans. The money committee
foaned q substantial amount of money
on call to ease the situation.
Very little new money was offered
Tor fixed periods and business was re-
strlcted to renewals, number of which
were made on 6 per cent basis for
the sixty to ninety day periods. The
demand for time accommodations con-
tinues fairly active.
Ruling rates for money yesterday.
compared with year ago, were a.
follows:
Yesterday. Year ago.
Per cent. Per cent,
Call money:
On mixed collateral S 2H
On industrial col'tl 6I2 3
Time money (mixed collateraD:
Sixty days. 1906 4@44
Ninety days. s..... . 534@6 4@4A
-Four months. 534@6 40
Five to six months 5s4@6 40
Commercial Paper.-Quiet conditions
prevail in the commercial paper market
as the week closes. The demand is
light and in the competitive bidding
rates are maintained on per cent
basis for the best regular maturities.
Bank Acceptances.-Rate for bank
acceptances were unchanged yesterday
as follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent. Per cent. Per cent.
E gible
m m Der
banks. .4A@4 44@4A 4h@4la
E igible
non-mem-
ber banks.44@4Is 4h@414 4as@4h
n eligible
bank bills.5A@4s4 sl4@4s4 5A@4s4
For delivery within thirty days:
Per cent.
Eligible member banks ..... ala
Eligible non-member banks. 80. asa
Ineligible bank hills ills.........6
Bank Clearings.-Heavy exchanges
continue the rule at most of the prin-
~'fAi SAe"A ing mouse centres OF the
country, the total this week, according
to R. G. Dun & Co., amounting to So.
60S,S91,759, an increase of 5.2 per cent
oyer the corresponding week of 1917.
The average daily exchanges for the
year to date, compared with last wear
are given below:
1918 1917
July .$s7s, 100000 sse5, ,ss5, 900
Juno ...... 954,834,0O 9O3. .833 600
May ........ 942,078,Q00 892, 2,272,Ooo
April ....... 873,208,0oo 904,421 900
1st Quarter. 867,7S2,oo0 827 ,235, 900
Silver.-Bar silver in London wa,
4SNd, unchanged; New York, 999sc,
unchanged; Mexican dollars, tic, un-
changed.
Sub-Treasury.-The banks lost to the
ouo-Ireasury yesterday $463,000
Discount Rates.-The following table