davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-03-19
Melting of Govt
Silver Hoard May
Be Delayed
Authorities Said To Be Salts
fed With Present Market
Conditions

Though reports from Washington are
to the effect that an agreement has
been reached between the Treasury and
Congressional leaders on the legisla-
ton about to be introduced in Congress
covering government dealings in silver
during the war trade, local silver au-
thorites yesterday said that consid-
cradle delay is probable before the gov
crnment can go ahead with its plan of
melting down more than S2O0,OOOOOO of
silver dollars now boarded in the Treas
ury.
One dealer in silver said information
obtained in responsible quarters indi-
Gated that the United States and Brit
ish governments were apparently salts
fled with the prevailing quotation for
silver and that only a wild rise in the
price would bring in government inter
ference. Silver is currently quoted at
81 cents an ounce. Recent reports
have had it that the United States had
agreed tc huy practically the entire
output of the country during the next
twelve months at 81 an ounce.
According to advices from London
the reserve stock of silver rupees in
India is running low and further
heavy demand for silver from that
quarter is expected. In London there
is also short supply of silver, and a
stock Of fvc-shilling currency notes has
been printed and is held ready for is
sue in case the supply of silver is
found insufficient to meet future de-
mands.
New-York tribune., 1918-03-19
VanderIip Likely
To Be Successor
OF James Still1nan
Directors May Combine the
Offices of Chairman
and President

IS a result Of the death of James
Stillman, it is likely, in the opinion of
several directors Of the National City
Bank, that the Offices of chairman of
the board of directors and president
may be combined. If the change is
made one Of the titles may be dropped.
Since the latter part of 1916 the af
fairs of the bank have been admins
tered through board of five executive
managers, and this system of govern
sity of perpetuating both the Offices of
chairman and president.
Frank A. Vanderlp. president, will
probably soon resign as head of the
war savings campaign and return to
active management Of the National City
Bank, it was indicated. Rumors that
he purposed to withdraw from the
bank were again denied yesterday. Mr..
Vanderlip is now on his way back from
vacation in California, and is expect
ed in New York by the end of the week.
Although the directors will hold their
regular weekly meeting to day, it is be-
will be taken up until Mr.. Vanderlip
returns. Resolutions on Mr.. Stillman's S
death VIII be drawn up at the meeting.
The form Of bank government which
makes it possible to abolish one of the
executive Offices was established by Mr..
Nanderlip. In 1916 he decided that
management by group had been made
necessary by the rapid growth of the
organization. At the end Of every year,
according to this arrangement, a gen
eral manager is chosen from the five
managers. The position is at present
held by James A. Stillman, son of the
late James Stillman. In the absence of
the president the general manager acts
as the head of the bank.
The other executive managers are
Charles V. Rich, Samuel McRoberts,
William A. Simonson and John H..Ful-
ton. Mr. Rich has been mentioned as a
possible candidate for the presidency sof
the bank
New-York tribune., 1918-03-19
N. II. Matter Still Open

WASHINGTON, March 1s.-rurther
conferences on financial difficulties of
the New Haven Railroad were held to-
day by railroad administration officials
with officers of the road, but it was
said an agreement probably would not
be reached for n week.
Director Of Finance Williams OF the
railroad administration denied rcport :
that the government had agreed to pro
vide half of the SAB 900 900 needed bv
the New Haven to meet notes matur
ing April Is, or that approval had been
given for other bond issues by com
panies holding big blocks of New Ha-
ven stock. These suggestions, he said.
are among the many discussed, but the
government is not satisfied with anv
plan put forward heretofore by the
company.
New-York tribune., 1918-03-19
May Compromise
On Aetna Explosives
Reorganization Plan
Strauss Says Common Stock.
holders Are Favored by
Proposed Change

Developments yesterday in the con-
troversy over the Aetna Explosives
reorganization plan drawn up by J. &
W. Selgman e. Co., suggested that the
annual meeting scheduled to take place
to-day may be postponed in the hope
that some compromise may be reached
between the bondholders and the pre-
terred stockholders on one side and a
group representing common stockhold-
ers on the other.
Frederick Strauss, of Seligman &
90, issued reply to an advertisement
IN yesterdays newspapers signed by
the present MANAGEMENT" which
stated that the contemplated readiust-
ment IS not necessary as it will not
furnish dollar of new capital
Proxies for the annual meeting were
solicited in the name of f. E. Fenton
secretary of the company.
Mr.. Strauss, in his statement, as
serted that the present reorganization
plan is more favorable to the interests
of the common shareholders than the
agreement by which the present com
pany is bound not to pay any dividends
on the common stock while any of the
bonds are outstanding AS the re-
organization plan abrogates this agree
ment Mr.. Strauss said it is to the in
torests Of the common stockholders tc
support the plan, under which the bond
holders contine themselves to SO per
cent OF the future earnings of the com.
pany for the retirement of the bonds
AS matters now stand," he added
mot only can no dividends be paid
on the common stock until all the
bonds are retired, but the company is
also in arrears Of $575,0OO on it's pre-,
ferred stock dividends as of~January /
1918. On the same date it also was in
arrears to the extent of $4,000 on
the sinking fund for the preferred
stock: All of these sums would pre-
sumably be payable as we'll as the
bonds completely retired, before any
distribution could be made on the com.
mon stock. The readjustment plan
clears up all Of these difficulties and
leaves so per cent Of the surplus net
earnings OF the new company entirely
free for proper corp rate purposes, in.
Guiding the paymentof dividends on the
common ctocL
New-York tribune., 1918-03-19
Dollar in Foreign Exchange

Exchange in Amsterdam rose higher
again yesterday, following a sharp ad-
vance in London. Guilder cables here
were quoted at 46 Il cents at the close,
Up 4 from the high price of last week.
Brokers reported only light inquiry
for Dutch exchange, explaining that the
quotations here were made from the
London lead. The strength Of exchange
on Amsterdam is due to the uncertainty
over what Holland is going to do about
the action of the United States and
Great Britain in requisitioning the
Dutch merchant vessels. SO far as can
be determined there has been no trans
fer of Dutch balances held in New
York. Scandinavian rates were higher.
Italian exchange rates were slightly
lower, at S.601a lire to the dollar for
checks. Spanish pesetas were firm.
The rest of the market showed no i'm
portsIt change.
Closing rates yesterday, compared
with week ago. follow:
Quoted dollars 20 i:e pound.)
New-York tribune., 1918-03-19

year before. Dividends amounted TO
S275, 900, compared with S250,oN i0'
the previous year.
Buffalo General Electric COMPANY
Annual report Tor the year ended De'
cember 81 last shows total revenues oes
of $4,209, ,719, compared with sS,5'6'se
for the previous Year. Net after eS'
renses and taxes was Sl,365O49, com.
pared with $1,10201S for 1916. eIos. '.s
income was S1,479,,57, compared wiz
S1,226,007 for the year before. balansii
after charges was S798,5lS, compares
with $685. for the previous yes''
Dividends am 3unted TO SS74,oSo, cola.
pared with S2o9,151 for 1916. a.. Supple .ss
was SA24,133, compared with sSo''''
for the preceding year.
Western Power Company Of Canao. q.
Report for the year ended Deeehps'
81. 1917, Shows net income ai'eI "a
pcnses and taxes OF S33L1s9, ceEpaas.
with $259,25l for the previous w., ~
Total operating levcnue anoaaHo ars,
$450,16l, an increase OF sIl.sio j0'''
the preceding year.
Federal Motor Truck Compani; IL,
Net profits for year ended pess.S ps..;se
81 last were $456.S24, after deoue..ss,s .s,s
$225,O0O as Il reserve for excess pio.s
tax. The company has S1,oOo,9M ..ss ~
ital stock outstanding. Total safes
S6,000.246.
New-York tribune., 1918-03-19
Mid-Co11tir1ent
Oil Goes to New
Record Price
Pipe Line Runs Increased
Heavily During Febru-
ary, Report States

An advance Of 25 cents barrel for
Oklahoma and Kansas crude oil was
announced yesterday by the Sinclair
Oil and Gas Company, making the new
price $2.25, the highest ever posted
for the product of the mid-continental
field. According to advices from Okla
homa the advance in price was a result
OF heavy drains upon the surplus stocks
of oil in that district.
In local Gil trade circles the latest
advance in the price of mld-continental
crude oil is looked upon as one of the
most important developments since
Mark L. Rcqua was appointed Federal
fuel oil administrator. 1t is understood
that the competitors of the Sinclair
company in that field will be forced
to follow the lead of the latter.
Oil Administrator Consulted
According to producing interests. the
price of So barrel, that hi.; prevailed
for Oklahoma and Kansas crude in the
past few months, has failed to increase
production in those fields. Although
1t was not necessary to seek Federal
approval of an increase in prices, the
producers brought the matter to the
attention of the fuel oil administrator
1t is believed that the advance in price
just announced was made with his
approval.
Oil men have been insisting for
months that owing to the steadily ris-
ing costs OF labor and materials
higher prices for the crude product
to be maintained.
Receipts Up 2S5,137 Barrels
Reports of pipe line operations in the
fields east of the Mississippi, as COM
piled by 9Th. Oil City Derrick" show
that during the month of February re-
ccipts from the wells by the pipe lines
amounted to 1,S25.496 barrels, making
daily average of 5,196 barrels. This
was a substantial increase over the
January figures, the total gain, even in
the short month, being 2S5,137 barrels,
while the daily average increased 49,
5O7 barrels. This average has not been
exceeded in any February since 1915.
AS was noted last month, the weather
during january was so severe that the
pipe lines were prevented from empty
ing the tanks, and consequently the
February rerCrt includes some oil that
was backed up at the wells during the
previous mouth. The increase is com
mon to each line, all of which report
some gain, and not few added 1000
barrels day or more to their former
figures. The runs from Kertucky were
increased over $4,000 barrels.
Stocks held by the Eastern lines at
the close of the month aggregated T.
990,43S barrels, decrease of 221,1S4
barrels during the month The stock
of Pennsylvania crude increased 594,-
IA barrels. Lima stocks decreased rs
372 barrels; Kentucky stockl were re-
duced 34l SIG barrels, and mid-con-
creased 15,467 barrels. There was n
slight increase in the stocks Of Illinois
oil held by the Eastern lines. Illinois
stocks held in the Illinois Pipe Line
were reduced 53,l22 barrels during
February.
New-York tribune., 1918-03-19
Lake Labor Conditions

AT the request of the Internationa,
Scamen's Union of America, the Buro,r
OF Labor Statistics at Washington In
vvestigated the welfare plan Of tho 1aLo
Nnrriers' Association. Its conclusions
which nave just been made public. have
neen thus summarized: "While there
~ no question that the association Is
tempt to enforce policy of neutra,;,v a.,
toward the unions, the internrotnt;" r. "l.s ;, y
and practical application of its o,, onom
shop principle and the actual ona%n ~r%e''
ton of the welfare plan have unfen;-
lake unions" "po. '"e
New-York tribune., 1918-03-19
Corporate Returns

Chicago City Railway. - The COM
pany's annual report for the year end
ed January 81, 1918, shows net earn
ings of S1,143,369. compared with ST.
602422 for the preceding year. Operat-
ing income amounted to $3,l3S, ,o26, com
pared with $3,2T0.257 for tho previous
year. Other income was $5s,35s, com
pared with SSS,245 for the year before.
with $3,36T, ,5O2 for 1916. Not income
was $l,b0l $50, compared with $1.TA9.-
710 for the year before. Dividends
amounted am to 81 $4,000, decrease Of
soo'ooo from the preceding year. Def
ic't was S73,6l5, compared with sur
Plus or $sA,7l0 for the previous year.
Calumet & South Chicago Railway
Iompany.--Net income for the fiscal
year ended january 81, 1918, was S2S2,-
'a2. compared with s27s,4sS FOR the
New-York tribune., 1918-03-19
Bonds
Relevant Comment
Argentine Wheat for Europe

The recent convention concluded be-
tween Great Britain, the Argentine Re-
public and France, whereby the Allied
governments are to buy the surplus
of wheat and other cereals in the South
American country to the amount Of
100000 tons, undertaking to export
the same before November 1 next,
against which Argentina is to extend
them credits of $2oo,Ooo,ooO, is already
in operation. The United States gov
ernment is cooperating with the Allied
governments in the matter, the United
States Ambassador at Buenos Ayres
having recently announced that "the
government of the United States will
lend its cooperation, permitting. so far
as is sible-that is to say, immedi-
ately after providing for the necessi
ties of the United States and of the
war--the export in vessels coming from
the United States TO load the said
wheat of coal for the actual necessities
of the Argentine people"
New-York tribune., 1918-03-19
Current

The above rates express the cost of
foreign money in terms of the Ameri-
can dollar Yo.. buy an English pound
sterling at, say, s4.7514. The intrinsic
parity is s4.S65a per pound. Thus you
say either that pounds are at discount
or that dollars are at premium, which
is owing to the fact that in England
the demand for dollars with y'lic'. 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., 1918-03-19
Columbia Gas & Electric compah, !,
E.. w. Bliss Earnings D'V'

A heavy falling off in .ssy ssrplbssss by ~
1sl7 was reported yesterday a,s,fas;sunu s;snu
T.. w. Bliss Company nsn~t nr.ant. NJ
Of ordnance for the e'r,nno,yision q
earnings last year after sdsoosn,rssists,,
ano,ntcd arus.nt to only sa.ssa.ssS' e0"'
with Sio565 ,s2l fog 1916; reduift
"'aa After sr'Insfd preferred dividend q .sssl:g
ments. last years sur.sus ,.,on stock
for the Si,25o,Coo commgsna da y III W
par) was equal to s os,o' amt *
compared with 4lS.6l pe' sBs5.E
In 1915.
New-York tribune., 1918-03-19
Report on Sugar Loan

E. A. Potter, president of the Financ-
ing and Trading Corporation, who went
to Havana recently to aid in arranging
details of the $1OO, 100000 Cuban sugar
loan, made his report to the bankers
committee at meeting here yester-
day. Mr.. Potter, it was understood
stated that there had been no big de-
mand yet by sugar planters for funds
but that much satisfaction had been
expressed over the establishment OF
the credit. The loan is being made
by the American syndicate to Cuban
banks, who in turn lend to the planters
New-York tribune., 1918-03-19

AN AiAe@A4e1 AOA PIlCS llAlllS Is SA-
tending in new and unexpected
direction. 1t is now proposed to
fix the price FOR money. A bill has
been presented in Congress which
would limit interest on deposits to
the rates prevailing on January 1,
1918. 1t is stupid legislation. The
government itself has recognized
that money is worth more by in
creasing the rate on certificates of
Indebtedness to Az per cent, and
if other evidence were needed it
would only be necessary to point
out that borrowers Of the highest
standing recently have been COM
PEELED to pay more than s per cent
for funds. Under the bill just in
troduced the money merchants
would not be permitted to share The
profits accruing from the high prices
they demand and receive for money
with the depositors, whose funds
they loan. The proposal is so abb
surd that it is not likely to become
law, even if, as is not improbable,
it has the backing of the Treasury
or the Reserve Board. But, as far
as interior bank balances on deposit
with local institutions are con-
cerned, it is possible that much the
same thing may be accomplished by
unofficial" pressure. The Federal
Reserve Board evidently wants the
rate on such balances rigidly limited
and within its own control in order
to "restrict competition" Bankers
say that the board is dissatisfied
with the revised amendment to the
constitution of the New York Clear
ing House Association, to be voted
on to-day, providing a sliding scale
of rates on out-of-town bank de-
posits. 1t is understood that the
board wants maximum rate of 2
per cent. This surely would have
the effect of restricting competi
tion," but the cure would be worse
than the disease. Certainly the New
York banks would suffer severely
were maximum of 2 per cent es-
tablished. 1t is estimated that local
institutions would lose at least
$200,000,000 in deposits as a re-
suit. And loss of that size might
impair their ability to handle financ-
ing of such magnitude as they are
constantly called upon to handle in
the interests of the government. In
all government financing New York
has taken a leading part 1t has
purchased more than it's share of
Liberty bonds, and very much more
than their share of the Treasury
certificates of Indebtedness has been
taken by New York banks When
ever the government has brought
out an issue of certificates and
banks in other cities have failed to
purchase fair proportion, it has
only been necessary to notify the
local institutions and they have
quickly made up the deficit. 1t
would be unwise to adopt artificial
measures to interfere with the nat
ural order of things in the money
market at this time. New York is
the natural money centre of the
country. Let it continue to func-
ton in that capacity.
New-York tribune., 1918-03-19

IlcIc ID tHC OOiCocAS VI ~ ' q ~
railroad control, as written by A. A
Housman & Co., a Stock Exchange
firm:
DIED.-On February 20, 1918, Pri.
vate Railroad Control. Cause of
death, regulations chronic ILL
ness which was brought to
climax of congestion and paralysis
bv the strain of war. Obsequies
performed in the United States
Senate, Washington, d. c., on this
date. No flowers. All Public Ser
vice Commissions please notice.
1t is a brief and touching story;
but, like all things inevitable. it was
so long in mind that when at last it
happened the emotion was one of
relief.
With the passage Of the Admins
tratlon's railroad bill in the House
on February % period was set to
an era which, in our opinion, is closed
for good.
The law contemplatcs returning
the railroads to the owners within
stated time after the close of the
war; but il the government con-
tinues to control, operate and finance
the roads, even for very short time,
it's interests and those Of the owners
will become so commingled that they
can never be "unmingled," and the
easies, thing viii be the most cx-
pedient. The government will 20 on
running and financing tho railroads
until in the due course of time actual
ownership, perhaps, will arrive.
There is still another and stronger
reason. Government control of the
railroads will soon appear to have
enormously increased the capacity of
the existing railroad machine. Such
results are beginning already to
show. Facilities arc being utilized,
New-York tribune., 1918-03-19
Money and Credit

Offerings of call money were some
what more liberal at the Stock Ex-
change yesterday, where the ruling rate
was 5h per cent, compared with at
the close of last week. The banks are,
however, continuing their conservative
policy with regard to increasing their
commitments either on call or on time.
During the afternoon yesterday a
small amount of money was placed at
6 per cent for the shorter periods on a
mixture of railway and industrial Sc
curities as collateral. Otherwise this
market continued quiet, without any
change in fundamental conditions. The
banks are forced to restrict their offer
ings owing to the demands of the gov
ernment.
Ruling rates for money yesterday,
compared with a year ago, were as fol-
lows:
New-York tribune., 1918-03-19
Vote on Interest Rate To-day

Members of the New York Clearing
House Association will meet to-day
to vote on the revised amendment 10
the constitution providing for a sliding
scale of the interest rates to be charged
on out-of-town deposits. Trust com
pany officials, who opposed the orig
inal amendment limiting the rate on
all demand deposits to per cent
under the reserve bank rediscount rate
predicted yesterday that the revised
resolution would be unanimously adopt-
ed. There were some rumors in bank
ing circles that the Clearing House
committee has not yet altogether NOR
the views of the Federal Reserve Roord
IN the adjustment of interest charges.
A Soft Market
Professional traders used reports Of
German origin, printed on the news
tickers, that Holland had refused TIE
shipping demands of the Allies as the
preteXt for selling stocks in vest.r-
days market. The result was a geneva,
decline in prices, some of the more
speculative issues showing losses at
the close of J. to points. WASHING.
ton dispatches to the effect that the
State Department had received noth;no
that would substantiate the Germao %
reports concerning the stand taken h,,
the Dutch were reassuring. althongI
the market showed little Tendency ,n
recover at the close. AS a mattnr ~
fact, the amount of stock pressed for
sale was comparatively small. and tbe
bulk of the offerings came from ~,
professionals. who saw an excel]er+
opportunity for bearing" the list IN
COMMISSION houses where the Anplo.
Dutch shipping CONTROVERSY was tho
matter of much discussion. it was pen-
orally believed that Holland, while n M
wiling to acquiesce to the dcmanas
OF the Allies, would continue TO ne
tam an attitude of strict neutralitv
towards Germany. "'' AMY
New-York tribune., 1918-03-19

Below is given the current exchange
value Of foreign money in dollars AMI
cents, together with the intrinsic gold
parity as calculated by the United
States Mint:
New-York tribune., 1918-03-19

Predictions of an early return
to ease in the money market are not
likely to be fulfilled. On the con-
trary, it seems probable that rates
will tend to work higher. The mar
ket for time loans has practically
dried up, and if the stock market
were active it is probable that bor-
rowers would have some difficulty
in getting all the call money re-
quired at the "pegged" rate. Gov
ernment withdrawals have been
very heavy in the last few days. On
Saturday many millions were taken
from local institutions.
New-York tribune., 1918-03-19
BUY-SELL


MIDWEST REFINING CO.
MERRITT OIL CORPORATION
ELK BASIN PETROLEUM CO.
INTERNATIONAL PETROLEUM
IMPERIAL OIL CO., LTD.
LCBsTOS OlLFlELDS, LTD.
SAPULPA REFINING CO.
HOUSTON OsL CO.
Port ECEoS PETROLEUM
NATIONAL FUEL. GAS co.
NORTEWEST OIL CO.
COSDEN AND co.
BONDS STOCK
Carl LH.pFORZHElMER&CO.
Dealers in Standard on Securities
Phnncs 1860 o-t-2-3-4 Broad 25 Broad St., N.
New-York tribune., 1918-03-19

Boston Bank ement.--BOSTON,
March 1S.-The weekly statement of
the Boston banks showed an increase
of $5,598,O00 in loans and discounts.
New-York tribune., 1918-03-19

43Ad, up I'D; New York. SIC, an in
crease of &c; Mexican dollars, zoe, an
advance of 1sc
New-York tribune., 1918-03-19
Canada Munition Factory

Since the war began the war plants
of Canada have machined over 53,0OO,-
900 shells, 40,000,0O0 brass cartridge
cases of 3l5 pounds each, and 5S,OOO,-
900 copper bands. At the present time
five thousand women are employed in
the Dominion on war munition work
Canada has had great success in the
arplane industry, and is now produc
ing more than 300 completed machines
a month.