davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12
Discount Bank Organizing
Committee Appointed to Con-
slider Plans

Definite progress in the plans Of
Wall Street financial institutions to or
game an American discount bank mod
elled after those now operating in
Great Britain and France was made
Yesterday in the appointment of COM
mittcc on organization. The personnel
of this committee, which was decided
upon at a meeting Wednesday in the
private Office Of Charles II. Sabin, pres
idens of the Guaranty Trust Company,
disclosed the names of two banks that
have not been previously mentioned as
being interested in the enterprise.
These were the Mechanics & Metals
National Bank and the National Bank
OF Commerce. 1t was also learned that
the Central Trust Company and the
Farmers Loan & Trust Company will
take an active part in the organization
Of the new bank. There are now nine
institutions behind it. In addition to
those mentioned the list includes
j. P. Morgan e. Co., the Guaranty
Trust Company, the Chase National
Bank, the First National Bank and the
Bankers Trust Company.
The members Of the committee on
organization are John Ntzhugh,, VICE
president of the Mechanics g. Metals
National Bank; E. w. Stctsor, vice
president CT the Guaranty Trust Com
pany; A. N. Anderson, of J. P. Morgan
e. Co., and John f. Rovensky. vice
president Of the National Bank Of Com
merce. This committee will submit
a report next week at meeting of
the nine financial institutions inter
ested in the establishment of the new
discount bank. Other banks and bank
crs. it was announced, will be invited
to become stockholders as the organi-
cation plans progress.
The main objection raised by some
bankers yesterday who have not vet
Joined in the movement to create a
great American discount bank was that
the structure of the New York money
market must undergo drastic changes
before an enterprise Of this charac
Ter can succeed. 1t was pointed out
that there is now too wide variance
between the Stock Exchange call money
rate and the rate for paper that would
be dealt in by discount bank. In
other words the rate for call loans is
said to be too attractive to induce
purchases of acceptances that carry
lower rate.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12
Relevant Comment
Impaired Technical Position

Market observers declared yesterday
that the weakness toward the close Of
the session, when prices yielded on
moderate offerings, was due to large
extent to the disappearance Of por-
ton of the short interest. 1t was as
serted that since the adverse ruling of
the Attorney General imposing a heavy
tax on the borrowing and lending of
stocks considerable part of the large
short interest has been eliminated.
This, it was pointed out, had removed
important support from the market
and made it much easier to depress
prices. No raidng was in evidence on
the late decline of yesterday, prices
merely giving way in the absence of
supporting orders. Brokers said Steel
common acted as drag on the market
most of the day. Steel declined from
so to S8$4, closing Ii points off, at
S87s. On the day after the Germans
had gained their initial successes in
the great offensive Steel sold down to
Sc Y. Up to yesterday it had since
been maintained around 80 to 81.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12
Elections

Charles p. Castle. formerly OF =. y
Barney 4 Co., has been appoln.s
manager of the Fifth Avenue p's'''
office of Norwin. Gross & Co.
At the meeting of directors OF .bs
American International Corporation ~, ~.
resignation of Guy +. Trpp was os.
ceptcd With regret The retiring w.
GERS of The company were reeiee'su
c. 3. Seger. chairman; W. A. hsiJl
man. Otto II. Kahn, William koes.sNa
Ter, Mortimer L. Schiff and fraas aru.
Vanderlip have been appointed p enf
tive committee of the Union =. end
Railway Company Il. :. L9ve' aa Ii.
Marvin Hughitt, jr, were eiee. ss and
rectors succeeding Henry ". olas ,sbsrs
Marvin Hughitt. The other m Ss,aeted.
of the retiring board were fe''.s ~,
At the organization meeting o. sss
Oregon Short Line ". 4. Harrlma" sue.
elected to The executive COMMUNICATES srsie
cecding Marvin Hughitt, ana M ~ &C.
Hughitt, jr.. was elected direc unsbitt.
cceding his father. Marvin nus .r,st
Benjamin A. Morton, assista,n. ., mu
officer of the Union Trust truss
since 1912. has been appoin.eas .sdias
officer of that institution
the late Carroll c. Rawlings. N.r.
At the annual meeting Of tn s...;r;us
ok 4 Western Railway the
officers were reelected.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12
Preferred Dividend

Directors of the International Mcr-
camille Marine Company at meeting
held yesterday declared an extra divi-
dend of S. share on account of the
accumulated dividends on the s51,7o5.-
400 preferred stock. bringing the ar
rcaragc down to CT per cent. The
dividend is payable May 3 to stock
Of record April 90
Following the meeting p. A. S. Frank
lin, president Of the company, stated
that the disbursement should not be
considered in the nature of a regular
scmi-annual extra distribution an view
os the uncertain times" he added. at
would be very indiscreet for the com
pany to take such action" He said the
annual report would be delayed this
year and probably would not be ready
for publication until the annual meet
ing in June.
Or the Stock Exchange yesterday the
Marine shares closed weak despite the
extra dividend announcement. The
preferred lost 2 points and tho com
mon 70 points.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12
Meet to REUSE Raw
Cotton Buying Terms

Committees representing Northern
s Sonth manufacturers and buyers and
southern planters and shippers viii
meet with leading bankers hero on
May 4 for the purpose of revising
terms tor the buying of raw cotton. &C >,
cording to an announcement made TO.
gay by OFFICIALS of the National Asso-
J dalI OF cotton Manufacturers. Ran
dali N. Durfee, of Fall River. Mass
Will be chairman of the manufacturers
committee, and Gordon McCabe. Of
Charleston.. S. c.. will head the dels
cation of planters.
1T was also announced that the an
nual gathering of the Northern and
Southern Cotton Manufacturers Asso-
Citations will open here on Nav for
three days session: The meeting viii
De IN the nature of war gathering"
an official of the organization said. and
among the speakers will be the Earl
OF Heading, Ambassador from Great
Britain and Secretary McAdoo.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12
Swift & Co.
Cut Huge Melon
Packers Declare $25,O00,OoO
Stock Dividend and Offer
Like Amount at Par

CHICAGO, April 1.-the board of
directors Of Swift e. Co., packers, to-
day decided to declare a stock dividend
of S25,00O,000, and announced the Of
fering at par of $25,000,000 more Of
stock to shareholders, thus increasing
the capital stock from S100,000,000 to
S150,000,000. The dividend, it was said,
was not from earnings but was to cover
increased property values and procure
money for carrying on business under
high costs. The plan will be submitted
for approval at the annual meeting on
May 13. Announcement of the plan was
made after the close of the Chicago
Stock Exchange.
statement issued to- day by Pres-
dent Louis +. Swift said the plan had
been approved by the capital issues
committee of the Federal Reserve
Board, and added:
Increased business requires in
creased capital. The extremely high
prices OF livestock, for which we raw
cash, and the continuous increase in
cost Of operation have made large de-
mands on Us. The $25,OOO,0O0 cash
proceeds CT this issue will greatly
strengthen the financial position of the
company and will enable it to DISCHARGE
its functions with Il full degree of
efficiency.
"ln order not to interfere with GOV
eminent financing, we have thought it
opportunc to issue free of cost a divi-
dend of $25,000,00O in stock, which will
facilitate the purchase of the new
stock at par by our shareholders.
This dividend is not being paid out
OF earnings, but is issued against sur
plus resulting from an adjustment of
values Of the fixed assets Of the COM
pany to valves current on January l,
1914, basel On an appraisal. Such stock
IS not taxable until solo,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12
Hoover Tells Grain
Exchanges to End
Minor Speculation
Food Director Orders Curb
on Operation of Private
Wire Houses

WASHINGTON, April Herbert
c. Hoover to-day in a telegram to
grain exchanges in all parts of the
country urged that they eliminate the
minor speculation made possible
through the operation OF private wire
houses. This does not mean, it is stat
Cd the abolition Of private wire houses,
but tho eradication CT all speculation
manipulation through them, which he
holds is inimical to the interests of the
general public.
Grain exchanges in all parts of the
country to-day entered upon new regu
lations promulgated by themselves in
restriction Ct speculation. These reg
ulations d;.placc the price restrictions
heretofore imposed by the exchanges in
certain commodities. largely corn and
oats.
In opening the markets, Food Admin
istrator Hoover commented on the plan
under which they are to operate, as
follows:
an opening the market in corn and
oats for trading in June and July fut-
urcs without the restrictions of price
but with the restrictions provided
against speculation by the new rules
adopted by the board, I trust that all
members of the exchange realize that
this is the greatest test that has yet
been applied as to whether it is posi-
Bile to conduct the legitimate and prop
or function of the grain exchanges in
the fixing of contracts for future de-
livery without this very valuable SER
vice of the exchanges becoming tool
for speculative manipulation against
the interest of the general public.
at seems to me, also, that in addi-
ton to the restrictions imposed on
large trading on speculation that the
exchanges should set their faces rigid
ly against the stimulation Of minor
speculation through the operation Of
private wire houses. The ma ority Of
the exchange members have long
recognized that this type Of business
in the public mind is akin to bucket
shop stock speculation. I am confident
that the plan made by the exchanges
is with the faith that these detectives
will be accomplished, and if they can
be accomplished on the voluntary basis
without the interference of Federal au-
thority there will have been cstab-
lished the foundation for wider con-
fidence through the whole country in
exchange trading.
"Thc success of the exchanges in
solving the problem OF the elimination
Of vicious manipulation of the nations
foodstutfs, while preserving the eco
nomic value Of exchanges, has not only
a positively necessary Importance dur
ing the disturbed conditions of war, but
of permanent value to the trade and
the country, and the success or failure
Of the voluntary plan toward these ends
rests absolutely upon the officials of
the exchanges themselves"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12
Cotton Breaks on
War News and
Price Control
Proposed Regulation o.
Goods Prices Big Factor
in Fall of 81 a Bale

Cotton prices broke sharply in the
local market yesterday on heavy
selling brought about by nervousness
in the trade over the war situation and
uncertainty as to what may develop as
& result of the cotton goods price
regulation proposed by the Admins
tration. The decline approXimated 81
a bale, July contracts, for example,
selling off to 1901 cents, or 70 points
below the closing prices Of Wednesday
and nearly 50 bale under the recent
high record. Prices at the close showed
net declines of 70 to SO points.
Heavy selling by houses with Liver
pool connections was powerful factor
IN forcing prices downward during the
hrst hour when the decline reached So
TO 55 points. After the close of the
Liverpool market there were rallies of
~ to IL points on covering, but other
wise there was little demand. and the
market weakened again in the late
trading. Prices showed net losses of
10 to SO points late in the afternoon
and closed only slightly above the low
Ior the active deliveries.
Washington advices as to the pros
PectS Tor regulation in the cotton
goods trade were confusing. On The
whole they created the impression that
therc was no intention of fixing prices
on raw cotton. The action that mipht
be taken in cotton goods was left in
doubt. and the situation in this respect
was one of the chief factors contribut
ing TO the weakness. Reports of re-
ductlon IN British marine war risks to
z Y per cent were held responsible for
the decline in the English market.
NO exports were reported. Southern
spot markets were unchanged to SO
points lower. except Baltimore, which
was normally rs points lower. The
:Meaiher map showed low temperatures
IN the South. which seemed to attra 81
very little attention.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12
Japan's Gold Stock


WASHINGTON, April 11.-Japan's
gold specie continues to increase, ac-
cording to a report to the Commerce
Department from Consul General
George H. Scidmore, at Yokohama. 1t
says:
"The latest returns published by the
Finance Department give the total as
l.064 100000 yen (S529, 1872 OOO) on
March IS. 456,00O,00O yen (s227 ,OSS.-
000) being held at home and Cos, 900 900
yen (S302 ,784 ,0O0) abroad.
Compared with the figures for the
end of February last, the portion held
at home shows a decrease of 100000
yen (S49S, 000) but an increase of g.
100000 yen (S4, 4S2 ,000) is shown in the
portion held abroad. or an increase Of
100000 yen ($3,984, 000) in the total"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12

Directors of the international
Mercantile Marine Company yester-
day declared 5 per cent dividend
on account of the 72 per cent ac-
emulation on the preferred stock,
but no definite plan for meeting the
balance of this accumulation was an
nounced, because "times are too I'M
certain" Those who are profting
from the pyrotechnics of this stock
are thus made happy. Uncertainty
is their principal asset.
Liberty second as declined again
yesterday. Just where the selling re-
sponsible for the recent weakness of
this issue originates is uncertain, but
the probabilities are that it is the
result Of what q banker described
yesterday as "camoufaged patriot
ISM; by which he meant that q
S1CAL many VI IiIOSC WIZ SuOSGIlUCC
to the last issue are selling their
bonds to obtain funds with which
to subscribe to the third loan. If
any one is doing this under the dclu-
sion that he is helping the govern
ment he should be enlightened. The
seller, of course, obtains funds to
buy part Of the new issue, but he
reduces the ability Of others to do so
by like amount, and incidentally
helps to depress the price Of the out
standing bonds. A statement from
Mr.. McAdoo or the Liberty Loan
Committee putting investors right
on this question might be very
helpful.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12
Corporate Returns

New Orleans Railway and Light
Company. The annual report for
the year ended December 81, 1911.
shows total operating revenue q
s7,746,259, compared with s7,2oO,Ae
Tor the preceding year. Net after eS-
pcnses and taxes amounted to s2,1ssr
12l, compared with s2.S2l,7 56 for tEe
year before. Gross income was S2,s.l.
334, compared with S2,8S3,43l for 1871
Balance after charges was S65o,i'..'
compared with s724,705 for the Prev
Gus year. Dividends on stocks OF sup
salaries held by others were s4,2'l,
compared with 1882 for the preceding
year Dividends for the company ltsei,
amounted to S371 .430. a decrease o.
S1T4,717 from 1916. Surplus for the
year was S279.796. compared WIZ
sl74,206 for the previous year.
North Lake Mining. The company
annual report for the year ended De,
cember 81. 1917, shows dencit ~ ..
S26.3lO. Current assets were s9'o's'
OF which S1,271 was in cash. Curre''
liabilities amounted TO SS.999.
Rutland Railroad
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12

The above rates express the cost of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say, s4.75as. The intrinsic
parity IS s4.S6as per pound. Thus you
say either that pounds arc at discount
or that dollars are at a premium, which
is owing to the fact that in England
the demand for dollars with which to
settle accounts in this country is greater
than the demand in this country for
pounds with which to settle accounts in
ENGLAND
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12
New York

Stock Exchange Seats Transferred
Inc memberships of the late Samuel
NJ. Schafer and Anthony J. Drexel, jr.,
were sold Yesterday to Julian A. Acosta
and John +. Liggctt, respectively. for
$4,000 each. Mr.. Drexel is now serv-
ing the government in France. Richard
q. Wagner, Clarence c. Friend and
r. Edgerton Webb have been elected
members of the exchange.
Circuit Court to Hear Aetna Ex-
plosives Appeal - The United States
Circuit Court of Appeals decided yes
terday to convene on May s to
hear an appeal from the deci-
sion of Judge Mayer in the Fed
eral court enjoining the annual meet
ing OF the Aetna Explosives Company
tor the election of directors. When
TINS meeting was called for the cleo
ton Of directors last month an iniunc-
ton was obtained providing for an ad
Journment until after the termination
OF the receivership. Interests favorinr
the proposed reorganization plan an
pealed from the injunction. Between
the date OF the hearing and June .
a decision by the Circuit Court on the
appeal is expected.
Protective Committee Formed 49, A
committee representing the stockhold-
ers of the Metropolitan Petroleum
Company. consisting of Howard viii
son. Forrest kaldenburg and David U
Page, has been formed. 1t REQUESTS dc.
posts of stock on or before April "a.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12

The stock market yesterday de-
ciincd under the influence Of unfa.
vorablc news from the West front.
but it was owing rather TO lack Of de.
mand for stocks than to heavy sell
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12

In an address delivered YESTERDAY
before the convention Of the United
States Chamber of Commerce at Chil
cago Francis II. Sisson, after recits|
ing the earlier history of railroad
extension, said:
From 1907 to 1914 the country
was recovering from the effects Of
the panic OF 1907. In 1913 and the
beginning of 1914 there was another
serious depression, which many
financial leaders thought was . sure
sign of an approaching panic. With
in q few months after the outbreak
of the European war, however, there
was an improvement in general bust
ness conditions and remarkable
expansion of the commerce of the
country.
But in the face of this rapidly
growing need we find the figures
OF railway extension dropping to L.
532 miles in 1914, 933 miles in 1915
(thc lowest for any year since the
Civil WARP. 1,09S miles in 1916 and
go miles in 1917.
His conclusion from these figures
is that
The railroads had not kept pace
with the growth of the country, and
could not bear the added burdens
of war.
If the figures of new mileage alone
arc considered, this conclusion would
be warranted, but there are ether
factors in the equation which tend
to show, first, that there was no real
shortage of transportation and, sec
ond, that it was not so much the
added burdens of war" as the con-
fusion created by outside interfer-
ence that threw the transportation
system into a seemingly hopeless tan
gle toward the end of last year.
Let us test the assertion that the
railroads had not kept pace with the
demands upon them, not by additions
to trackage, but by a much truer
gauge-namely, the actual freight
service rendered by the carriers
This service, in the fiscal year ended
June 80, 1914, was equivalent to car
rying 100000 tons of freight
one mile; in the succeeding year,
there was drop to 276,000, 900
ton miles, owing to the depression
attending the first months of the
war; the year following, however, a
new record was established, when the
ton-mileage figures were 343,O00,-
100000, and in the calendar year
1916 this was increased to 365,OOO,-
100000 ton miles. Last year the
100000 100000 mark was passed for
the first time. Thus there was an in
crease in 1917 compared with 1914
Of at least 10000, 100000 ton miles,
or about 90 per cent. And, after we
entered the war and until the trans
portation machinery was clogged
with flood of stupid priority orders,
the quantity Of freight transported
was increasing at an unprecedented
rate. Even thereafter the carriers
succeeded in transporting more
freight each month than in the pre-
ceding year up to December, when the
combined effects Of priority tags and
evil weather proved too much of
handicap. 1t is extremely doubtful if
there is or has been a shortage Of
transportation facilities. The Stats
tics of car supply quoted by Mr..
Sisson are no more convincing than
the mileage figures. There is no
shortage of cars there is only ineffi-
cient use of existing equipment. The
average freight car moves less than
half full.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12
News Digest
Foreign

London Market Weakens on War
Ncws.-LONDON. April 1.-THE stock
market was rather better during the
forenoon, though business did not in
crease materially. Tin shares and Ar
genuine rails developed tirmer tone
ana numerous transactions were re-
corded in British and Allied funds, but
the market finished easier on the lat
est war news.
Paris Bourse.-PARIS. April IL
trading was quiet on the Boursc to-
day. Three per cent rcntes. SO francs
so centimes for cash; exchange on
London, q francs 1919 centimes; 5 per
cent loan, 50 francs IS confines.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12
The Dollar in Foreign Exchange

Exchange on Italy displayed a some
what tirmer tone yesterday, lire checks
closing at $50, compared with 8.91 Y
on Wednesday. Sterling and francs
we're steady. Spanish pcsetas con-
tinued their advance, moving to $3.50
cents for checks and 26.75 for cables.
Closing rates yesterday, compared
with week ago, follow:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12
A 100000 Bond Rattle

Liberty Loan enthusiasts on the Cot
ton Exchange have conceived the idea
of rafting off 100000 worth of the
Az per cent bonds Four hundred
bond chances will be sold for $3.50
each and there will be four prizes. The
winner Of the first prize will be award
ed 100000 of the bonds, the second
$4,000, third $1,000 and fourth $4,000
After all the chances have been
the numbers will be placed in hat
and drawn out by process of elimi-
nation. The exact method has not yet
been determined. The winner of the
first prize will stand the cost of the
dinner, which. according to present
plans, will be held at prominent up
town hotel.
Weakness of Italian exchange in the
last fortnight indicates that the eff
forts of the Italian government to sta
Billie the lire rate through the opera
ton of newly organized board of con-
troll have failed. Before it as announced
that the Italian government had put
the plan in operation the rate for ex-
change on Rome broke to 8.S71a lire
to the dollar, the lowest on record.
Subsequently a sharp recovery took
place early in March on the assumption
that the action Of the Italian govern
ment would bring about more stable
market. At that time the lire rate
recovered to 8.65. Since the first of the
current month practically all this re-
covery has been wiped out. and lire
are now quoted around $50 to the dol
lar. Dealers in exchange expressed
the opinion yesterday that larger
italian government credits are need
cd here If the lire rate is to be pre-
vented from going lower.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12

ing pressure. Traders are becoming
more and more cautious about pur-
chasing stocks as the great battle
progresses.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-12

London Money Market.-LONDON,
April 1.-THE banks are buying
Treasury bills freely. Money was
plentiful to-day at 3 per cent, and dis
count rates were easier. with short
and three months bills bringing GIG