davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-04-26
Cotton Again
Slurnps Violently;
May Drops $3.50
Exchange Frowns ON Un-
necessary Speculation as
Market Weakens

Cotton prices broke violently in the
local market yesterday when con-
tinuaton of the liquidating sales that
have kept the trade in q turmoil of un-
settlement for a fortnight hammered
quotations to the lowest level reached
OH the current movement. May con-
tracts showed the greatest weakness,
selling off to 1904 cents, or approxi-
mately $3.50 bale below the Wednes-
day closing price. and S42.3O a bale
below the high record established early
in the month. Contracts closed at about
the lowest prices of the day, or 100
to 1870 points Off. The general market
level is now the lowest since last fall.
When the excitement produced by the
break in prices was at it's height, Presi-
dent Shut, of the Cotton Exchange,
notified members that the board of
managers would regard with extreme
disfavor" any action tending to cause
unnecessary and extreme variation in
the price of cotton. AT the opening
prices tumbled approximately 81 bale
and while Wall Street was a buyer,
cotton came out in large quantities
through wire houses with Southern con-
nections. After temporary slackening
in offerings selling was renewed late
in the day on fears of possible price
fixing. Japanese interests were reported
to have bought heavily on the slump.
The talk around the ring suggested
that the break was more largely due
to apprehensions of spot weakness.
Numerous reports from Southern points
denying the rumors Of increased offer
ings or of exporters rescll,ng, evidently
failed to carry conviction. Or the con-
trary, rather active selling OF July here
for Southern account was believed to
be against actual cotton, and the opin
ion was expressed on the late break
that Southern holders had lost conf
dence and were trying to sell hedges.
There was enough covering. to cause
slight rallies once or twice during the
day, and at one time the tone was
steadied by trade buying of July and
October. 1t semed that every bulge met
cotton from one source or another, and
at no time during the day did the mar
ket show greater weakness than in the
late trading. Exports for the day were
$3.50 bales, making 3,1S6,S95 so far this
season. Southern spot markets were
irregular with prices unchanged to Is
points lower.
New-York tribune., 1918-04-26

Before the war about 40 per cent
Of the dealings on the New York
Stock Exchange were in railroad is
sues. Yesterday approximately 90
per cent of the turnover was in in
dustrial and miscellaneous stocks
and only 10 per cent in railroad
shares. That is about the average
contribution of the transportation
group to the total of stock transac-
tions, and is, therefore, a fair meas
ure of their present speculative i'm
portance. One reason for this mac
tivity is that the industrials furnish
greater speculative possibilities be-
cause of sensational changes in earn
ings and interest has therefore CEN
tired in them; another is that, for the
duration of the war at least, and
perhaps longer, railroad stocks are
in a position comparable to that of
bonds. Earnings are guaranteed, but
they are also limited, and no matter
what changes take place in business
conditions the carriers will not be af-
fected, except to the extent that the
purchasing power of earnings may
decrease as prices rise. There is,
therefore, little attraction for the
speculator, since he CANDLES on un-
certainties Of the future, and the
future earnings Of the carriers are
certain guaranty for an indefinite
period. And beyond that period
lies one in which it is practi-
cally sure that the carriers will be
subjected to closer control than they
ever were in the past; and the closer
the control the smaller the opportu-
mites for speculation will be. 1t is
probably true, as railroad au-
thority remarked yesterday, that the
market for railroad shares will be-
come constantly narrower as time
passes, and that eventually specula-
ton in them will become negligible
in volume.
New-York tribune., 1918-04-26
Is % Stock Dividend
For Gulf States Steel

Directors of the Gulf States Steel
Company declared yesterday Is per
cent stock dividend on the common
shares of the corporation. The action
IS subject to the approval Of the capi-
tai issues committee. The dividend
will be distributed on June out of
the common stock trust certificates
now held in the treasury. of the COM
pany. Substantially all of the common
stock Of the company is deposited
under the voting trust agreement under
which Alexander j. Hemphill, John w.
Platten and Alfred A. Cook are the
voting trustees.
New-York tribune., 1918-04-26
May Increase
Cotton Commissions

A meeting of members OF the oo'
ton Exchange has been called for may
to consider an amendment to the Dy'
laws providing for an increase IN NV
commission charged for future coz.
tracts whenever cotton sells above :"
cents a pound. The present comm''
sion for buying and selling loo-Ds.'
contract is $40 to all non-mempels !"
the United States and Canada, ana ''s
to members. 1t is proposed to cns,ss
Ito of l per cent to nonmembers ~
all contracts entered into after 1u"'
and half that amount for members.
1t is claimed by Cotton Exca'aS tSs
proposed rate would still be uncsts asst
what is charged for dealing in 0'uSt, snt.
commodities, such as corn, sugar. W.
fee and cottonseed oil.
New-York tribune., 1918-04-26
Dividends

Pennsylvania Coal & Coke Corpora.
tIon.-An extra dividend of 1la pei
cent has been declared in addition tc
the quarterly dividend of ~ per cent
both payable May 10 to stockholders OF
record May 6.
American Brass Company. Extrs
dividend of 3h per cent in addition to
the regular quarterly dividend of Y
per cent has been declared, both pay.
able May Is to stockholders of recorc
April 80.
Gulf States Steel Company.-Stock divi.
dend of 25 per cent in common stock, pay
able June 3 to common stockholders OF
record May Is.
New-York tribune., 1918-04-26
Corn Products Earnings

The Corn Products Refining Com
pany in the three months ended March
81 earned surplus for dividends Of
S3,342,0 ,029, according to the quarterly
report issued yesterday. After pay
ment Of dividends on the preferred
stock amounting to s52l ,97l there was
balance Of s2,82O,O5s, equal to $500
share on S49,777,3 common stock,
compared with $4.92 share earned
in the first quarter of 1917 The net
earnings Of the first quarter of the
current year before interest and de-
probation charges were $3,9l2,843, an
increase of S23o CPS
New-York tribune., 1918-04-26
Mexican Sisal Grass
Exports Show Decreas

Mexico's exports of sisal during 80
were the smallest in five years ~ ~
SS per cent less than in 1915. t aso
years shipments aggregated t.s
BALES {bale averages s75 pounds,, ..a :,
10s,1ls bales less than in 1913s SSip.s ~
less than in 1914. 215,so7 less thasr rss y
1915 and 457. COL less than IN n 1vses e,o All
value in 1917 was about. $ls.oss'y,,,
American currency. Sisal a;ns
used in the manufacture o. c'no'''
twine.
New-York tribune., 1918-04-26
Money and Credit

There was a plentiful supply of call
money at the Stock Exchange yesterday
at per cent, which was the ruling rate
for the day. At the close when most of
the demand had been satisfied the rate
declined to. per cent.
is being loaned, and the rate is held
firmly at per cent. A few loans were
reported yesterday for forty to fifty
day periods at per cent.
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
Yesterday. Year ago.
c, Percen Per cent.
Sall money. 2Ld
Time money (.nixed collateraD:
Sixty days. 6 q
Ninety days....... 6 4H
Four months. 4lI
s to months. 80. 6 4A
Commercial Paper.-The market con-
tinues dull with what little demand
there is coming from out Of town in
stitutions. The best paper Is moving
on per cent discount basis.
London Money Market. LONDON.
,,PA'A ~ "'oHey was -Qulet To-Day and
discount rates we're steady. Money
ruled at 2% per cent Short bills were
discounted at 81 per cent; three
months bills Mt Ole per cent. Gold
premium at Lisbon, 1870.
Bank Acceptanccs--A substantial
volume Of business is being done in
bank acceptances and eligible member
bills Of all dates are changing hands
freely. Rates were unchanged ycstcr
day, as follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent. Per cent. Per cent,
f ible
me m Der
banks ...41s@4 4n@4n 4a@4a
T. ixiblc
non mem
Der banksA7a@4h 4a@4A 4h@41
Ineligible
bank bills.6M@4s4 sA@4M sM@4,z
For delivery within thirty days:
Per cent.
Eligible member banks. s........ ~,
Eligible non-member banks. ... Az
Ineligible bank bills.
Discount Ratcs.-Thc following table
New-York tribune., 1918-04-26
New York
anpe Members Disciplined

Stock Exchange Members Disciplined.
Harold S. Frankenheimer and F. L..
Seligsbere have been suspended from
the privileges Of membership on the
Stock Exchange for period of one
year. The former joined the exchange
on January 12, 1911, and Mr.. Seligsberg
on October 7, 1897. The charge against
the two was conduct detrimental to
the best interests of the exchange
Insurance Companies Assets. - A
compilation by the New York State Su-
perntendent of Insurance giving the
assets of companies other than life and
fire underwriters shows that on De-
cember 81 last they owned stocks and
bonds valued at $1S3, 1897 1915, mortgage
loans amounting to s12,500,211 and
cash totalling $26,776,68S. The Travel
ers' Insurance Company of Hartford
(accident Department. stood first. with
$2S,8O0, ,739, of which $19,843,347 was in
stocks and bonds and $3,4S2,726 in cash.
Moore & Schley Expand.-Announce
ment was made by this firm yesterday
that arrangements had been made to
take over the business of Richmond &
Myles on May /. The latter, in addi-
tion to being members 'of the Stock
EXcnanSe, cOnOucL an extensive CuID
business. 1t is the intention of the
consolidated firm to continue that busi-
ness as a special department. Evander
B. Schley, who is a special partner of
Richmond e. Myles, will retain the
same interest in the reorganized firm.
the active members of which will be
Kenneth B. Schley, H. P. Chiffon, L.
Martin Richmond and Arthur Myles.
The business of the new firm after
May will be conducted at 96 Broad
way
OF Interest to Soldiers.-The Irving
National Bank announced yesterday
that it had entered into reciprocal
agreement with Cox e. Co.. Ltd, Paris
bankers, whereby each institution will
act as the correspondent of the other
in it's respective country. Members Of
the American expeditionary forces will
be provided with facilities for cashing
their personal checks in any town in
France. Cox & Co., Ltd, are the Off
cial army bankers for the British gov
ernment
New-York tribune., 1918-04-26

The above rates express the cost of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say, s4.753s. The intrinsic
parity is $4.S65a per pound. Thus you
say either that pounds are ut discount
or that dolls are at 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., 1918-04-26
Relevant Comment
More Shell Contracts

Unofficial advices received in the
iron and steel trade from Washington
yesterday were to the effect that new
she'll orders, agrregating about $780,
100000 are ready for distribution by
the Ordnance Department. 1t is un-
derstood that the contracts will 60
largely to companies which are now
making shells and will practically mean
duplication of their present orders.
Britain Gets Copper in Australia
The Copper Producers Association
OF Australia has accepted an offer from
the '.n,, British government., according to
"The Iron Age" for the Australian
Of what is required for local consump-
tion UP to June 80 next The contract
was made several weeks ago. The
amount involved is $10,462 900 and the
British government is paying s525 per
ton for electrolytic copper, and $515
per ton for other kinds The maxi
mum quantity that may be delivered
by the Australian producers is 90
600 tons and the minimum $4,000 tons
If the maximum is exceeded the sur
plus will be taken by the government
at price to be negotiated later
A Reflex of War
Reports of strained relations be-
tween Holland and Germany found
reflection in the stock market yester-
day in the selling of shares of the
Royal Dutch Petroleum Company. On
a turnover Of 1900 shares they de-
clincd 3fs points to 1885. which COM
pared with high of 77A in Febru-
airy. TIE 222,C0O shares of Royal
Dutch stock listed here were issued in
1915 against $4,000 shares deposited in
Amsterdam. The Royal Dutch owns
property in the Dutch Indies, Ru-
mania, Russia, Egypt, Panama, Ven
ezula, Mexico and the United States.
Distillers' Stock Recedes
After selling at 521s, new high
price for the year, Distllers' Securi-
ties dropped back at the close to 49
for net loss of Is points The break
followed shortly after publication OF
reports that the government may fix
the price of alcohol, of which the com
pany is now making a considerable
amount for use in the manufacture OF
munitions. The turnover in the stock
amounted to 10000 shares, compared
with $1,000 for Steel common.
New-York tribune., 1918-04-26
Extra Dividends

Aurora Automatic Machine Com
pany.-An extra dividend of S per
cent, payable May 4.
New-York tribune., 1918-04-26
The Dollar in Foreign Exchange

After early strength Italian ex-
change eased off yesterday. lire clos
ing at 8.94 for checks. Swiss exchange
displayed tirmer tone on small
turnover. Sterling and francs were
quiet and firm. Spanish pesetas, after
an early decline, closed unchanged
Closing rates yesterday, compared
with week ago, follow:
lQuOted dollars 10 the nound.l
New-York tribune., 1918-04-26
Significant Relations

Money and Prices:
country $3oo8e 8o8
Of alln national $S3SVoaoOOO $8340626OC0
S1O2622OCO
,o14eaICOU 4143570O0
Total dreserve 1,83349OCO
Average price OF a4'oo $3.50 8IOS
Average price Of oA"9S 1918 929S
Foodco Of
cns!al na eom%"' n%Ss, D'ee 's'' u 2ca1a ss 7socs
rroduot.on; soss4o4 e2ss4ss Ma" assss
1ose4a n4 {Sg asssyg }oxss So
whe.. erop. bushels. 5s'ss 5sss9sSoSSo SS
o,.os'|ssooo 2b66o27000
Oats bushel 1,ool,2ooOOO ,251,8370OO
Cot 11,44992O
from
Distribution: rin, ,ss. ssek Month of ~ roads i7,
Gross railroad earning. .. ssss 7E. 49, E1I4%
from last
banS e'ea."sS'' ''''''''''''''....' 1922 -14% 45s%
General:
Active sp'ndes s5s15o ss55a7sa s5GssSso
Com failures {Dun's): -
$17087331 $2829,182
Building permits (BradseetA: March 1918 ,, 49,.
Gas cies) .....:.::.... sssss5a7e ssissse sHs s 5ss
Gold held by general
una beginning juno 2 1917 For
in tho gures
New-York tribune., 1918-04-26

Bank Clearings.-Tke day. bank
clearings at New York and other cities:
Exchanges. Balances.
New York. 49,. $3.50, 129, ,482 $4S, 1e5, ,45e
Boston. .... 4a,200, ,063 14,725, ,391
Philadelphia. -. 63,024,917 12,379,621
New-York tribune., 1918-04-26
Keep
Your
lN0ne!y!

= O09s
Here is the whole story
in a nutshell: IF, in
order to win the war,
the Government asked
you to contribute your
share of the cost, as a
gift, you would have no
just ground for COM
plant. This is your
country, and your in
terest in the preserva-
ton of it's liberties is as
great as that of any other
citizen.
If the Government asked
you to lend your money
for war purposes, prom
ising to return it with
out interest, you could
hardly refuse, inasmuch
as the money would be
used to protect your
property, your home and
your family.
Il does neither of
these things. 1t
merely asks you to
i11uest ii, interest,"
bearing securities,
and offers you the
best security in the
world for the pay
ment of your invest
ment. When you
buy Liberty Bonds
you have not spent
your money. You
have kept tin the
form of interest
bearing United
States Government
securities.
In view of this fact
and the further
fact that the money
you thus invest is to
be used to promote
the comfort and
protect the lives of
American boys who
are fighting your
battles
Buy All the
Bonds You
Can :!
4 I Il i ]
11BEXTY
BCfD9
LIBERTY LOAN COMMITTEE
Second Federal Reserre DbtYict
12o BROADWAY, NEW YORK
his space contributed by
The National City COMPANY
A. H. Bickmore & Company
Spencer Trask & Co.
Morgan & Kane
Harris, Forbes 4 Co.
Frederic H. Hatch & Co.
Lisgett & Drexel
Metropolitan Trust Companv
~
New-York tribune., 1918-04-26

gives the current rates of the twelve
Federal Reserve banks on commercial
paper on all periods up to ninety days:
New-York tribune., 1918-04-26

DUD" HE DdllKS IOSC 10
the Sub-Treasury yesterday $7S9,000.
Silver.-Bar silver in London was
49h d. unchanged; New York, 99Ac,
unchanged; Mexican dollars, TIC, un-
changed.
Gold Exports. coin to the
amount of 100000 was withdrawn
from the Sub Treasury yesterday for
shipment to Mexico.
Bank of England-LONDON April
25.-The weekly statement of the Bank
of England showed practically no
change in gold holdings. The proper
ton of reserves to liabilities now
stands at 1874 per cent, compared
with 17.71 per cent week ago. The
statement, with the changes from last
weak follourc
New-York tribune., 1918-04-26

Sub-Treasury.-The banks lost to
he Sub-Treasury yesterday $7S9,000.
New-York tribune., 1918-04-26

Below is given the current exchange
value of foreign money in dollars and
cents, together with the intrinsic gold
parity. rs calculated by the United
States Mint:
New-York tribune., 1918-04-26
Finance Economics

STREET OFFICE: Telephone
Mills Building, IS Broad ST Hanover 6514
New-York tribune., 1918-04-26

Bank of France-PARIS. April 25.-
The weekly statement of the Bank of
France shows the following changes,
in francs:
Gold in hand,
South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-03-29

That great oaks from little acorns
grow" is perfectly obvious. But
when "a tiny circumstance causes a
tremendous upheayel in the regular
order Of thinss. We usually see only
the result and f5H % trace the
cause.
The merger or two big railroads,
some weeks ago. failed in It's con-
summation because an old lady drop
ped her specs. Because she stopped
20 gather the fragments in an eleva-
tor i'm Wall street. "a Tuning capital
ist on the ninth floor OF the build
ing was Eve minutes late for mis- APP
pOiutment
Minutes often mean millions on
that seething thorou shfare and the
railroads still compete.
Two flakes OF snow changed
George Garnetts plans and his uI-
South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-03-29
Two Flakes ofSnow-By Henry c. Ne1o

herself 10 his firm twelve years ago.
His father. whose interests he had
succeeded, had yielded reluctantly
10 the advance OF women in business
at that time. and had employed her
after some debate with Miller. the
sen or partner. II had fallen 20
Georges lot to DISCHARGE her, but
not until after heated argument
with Miller.
But, Mr. Miller" George had
protested. finally. she's entirely
out Of touch with public demand"
George had finally won his point,
and had granted, as a concession,
that he would ind a worthy sue
cessor. There was the rub! Whom
could ne get? Maybe some OF the
statesmen could help him. They met
buyers all the time.
lie read the advertisement again.
"Moffett & Co."-George got a
sudden inspiration. old Henry Mof-
fet might help him. Moffett was
one of his firms Oldest customers.
and a personal friend OF his late
father.
Decatur Street." sang out the
conductor. George came back 10
earth. and his feet. with a jump.
He had ridden fourteen blocks be-
yond his destination.
Half an hour later ne met ths as
tonished gaze Of his sister, who was
also his house-keeper.
why. George" she exclaimed,
you're very late"
"I know. / know" he snapped,
absently. and stalked into the din
ing-room silently. She stared at his
back amazedly He had always re-
turned home on time and greeted
her with a smile and "How's every
thing, Sis?"
He went through the evening
meal with a detached air. and after
finishing hurriedly, instead OF pull
ing ont mis- evening paper. as usual,
drew out a pencil and paper and fell
TO figuring.
The next few days were hard ones
for the junior partner. Statesmen,
returning 10 town. offered him no
help in his dilemma. Finally he
sought Monett
"Of course, don't like TO ask il"
he apOlogized. as Moffett listened
politely to his recital. but tenn
pOrarily I'm i'm hole. If you could
only let me have one Of your ladies
for two hours a day. say. for
month, I might get straightened out.
on window trimmings, anyhow
A young woman interrupted them
for a moment, comforting hastily
with Moffett, then withdrew. For
all her competent air. she was most
attractive, and as she passed George
he noted delicate perfume Moffett
glanced 90 her retreating figure,
than slapped Georges arm.
There's the very girl for YOU.
George" he announced suddenly.
shes on our sales force. and she
knows the business from \ 10 4. E
most competent girl. Miss Bates"
But" protested George. in alarm.
haven't you an-older woman?
Er-Can you spare her."
Not more than two hours a day,
South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-03-29

innate destiny. The old firm Of
Miller and Garnett. milliners' sup
plies. still mctaphorically raises 2
trusiou on its time-hOnOred policy
Of conservation and staidness-but
the junior partner is not the same.
Up 20 a certain night in early
December. George had been a "sot'
person. Though "A young man. he
had dug himself a deep trench in
his manner Of living, and never
went over the top"-that is. until
he left his place OF business that
evening.
Buttoning his overcoat tightly about
his massive frame. he started 10
walk home, as was his wont. Be
fore he had progressed a dozen
steps two fakes Of snow settled
themselves on his coat sleeve.
"Pshaw,' ne grOwled. TO himself
Vow I'll have 10 ride"
He found the last vacant seat
in the car. and reserving his evening
PAPER for after dinner. he fell TO
scrutinizing absently his fellow
passengers. when one. a duffy
.young miss. fell % staring At his
feet. causing MIN thereby untold
mental agony. he took refuge in a
furious perusal of the car adver-
tisements.
one Of these caught his errant
gaze and held IT, IL was that of a
well-known downtown, hat shop
familiar enough to the travelling
pubic. one line sharply challenged
Georges attention. II was their
SLOGAN eve employ women who
know women's tastes"
George na5itually boosted that he
left business cares at he office. but
the boast avs empty, like all II
It's kind. He could not stop think
ms Of the big event OF the day-the
discharge of Miss Bates the ongu-
lar elderly buyer who had attached