davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-12-06
I elephone
Hanover 65f1

completed we shall have period of
widespread unemployment might
do well to examine the migration
statistics, which show that Amer
ica's net gain in population from
the alien movement in the last four
years was only little more than
100000, whereas in the preceding
four years it approached 100000.
That is to say, we probably have at
least 100000, and possibly 1900
600, fewer workers in this country
than we would have had il the ebb
and flow Of the human tides had
not been arrested by the war.
Thomas N. Carver, the noted econo-
mist, once remarked that if immi-
grafton were stopped the United
States would never have an unen1-
ployment problem.
New-York tribune., 1918-12-06
c. Morgan Suspended
From Stock Exchange
Denies knowledge of Transac-
sions for Which He Was
Disciplined

Charles Morgan, floor member of the
Stock Exchange frn Of Morgan e.
Kane, was suspended yesterday from
the privileges Of membership for a
period Of five years on formal charges
OF conduct Inconsistent with just and
equitable principles OF trading" II
was understood that the more specific
charge against Morgan was that he
had acted ag both principal and broker
in certain transactions. When seen al
his Office, at 66 Broadway, he discussed
the action OF the exchange governors
in detail.
Until November. 1917" he said, q
was member Of the firm of Sheldon,
Morgan e. Co. I was the floor member
operating on the exchange and Paul
Sheldon was the Office member of the
firm. In November, 1917, the firm WIS
dissolved and the firm of Morgan e.
Kane was, formed by Harry j. Kane and
myself"
Mr. Morgan then explained that
about a year and half before the dis
solution Of Sheldon, Morgan & Co.
there was formed without his knowl
edge q pool in some stocks, which, also
without his knowledge, he declared,
were bought in the name of the firm:
These stocks, he said, were later sold
TO customers without his knowledge.
commission OF one-eighth being
charged on the sales.
''It is violation of one OF the rules
Of the Stock Exchange" Morgan added,
ITO charge commission on the sale
Of your own stock. The entire trans
action was unknown TO me- Recently
it was discovered by the governing
committee Of the Stock Exchange while
going through some other transactions.
AS the floor member of the firm the
charge was made against me, and
though I was entirely innocent I was
held responsible, the contention Of the
board OF governors being that the hoor
members Of partnerships should know
what The Office members are doing"
New-York tribune., 1918-12-06
Relevant Comment
Idle Ships

Of 2 total Of 23a vessels lying III
this port Wednesday 1O3 were idle,
according to the compilation made by
& shipping man who obtained his fig
ures from the record Of the Navy De-
partment He pointed to this as one
shortage Of shipping. OF the idle
vessels sixty-two we're laid up for
repairs, twenty-six were awaiting
orders, nine were idle for miscellan-
oous reasons and six were being
rgged up. The unusual number of
vessels laid up for repairs was due
he said to the high pressure under
which ships have been operated dpr-
ing recent months.
New-York tribune., 1918-12-06
Big Tobacco Merger
Reported Under Way
Negotiations for Combine Are
Said To Be Nearing
Completion

The report that merger of the
United Cigar Stores Corporation, will,
the Tobacco Products Corporation and
the American Sumstra Tobacco Com
pany was under consideration was re-
vived in Wall Street yesterday. In
this connection, Dow, Jones & Co.
said:
"lf the negotiations are consumated,
il is not improbable that the consolida-
tion will be under the name of the
American Sumatra Company. The new
corporation would probably be hold
ing company which would purchase the
securities Of the component corpora
tions. The aggregate balance of earn
ings applicable to the stock Of the
three corporations would range between
$12,O00,00O and s15o00,o00 a year at
the outset On the volume of stock
that is to be issued by the holding
company, this would probably mean
ability to pay cash dividends Mt the
rate of $40 % share on common stock,
and still leave surplus Of $4,000, 600
to $5,000,000 annually"
After outlining in detail the pros
poets and condition Of the constituent
companies this is added: $50 far no
dec2slon5 nave Deeh arrived hN' "l-
though negotiations are at more
advanced stage than many persons
realize"
The stocks of all three OF the com
panies mentioned we're strong in yes
terday's stock market. Tobacco Prod
ucts touched 8O7a, new high record
price, while United Cigar Stores closed
at 1861, net gain of ia points.
American Sunatra ended the day at
96, up Al.
New-York tribune., 1918-12-06
| n d u s tria l
Cotton

The cotton market showed a gener-
ally firm tone to-day on further indi-
cations OF improving exports and in
creasing confidence il tho goods trade
situation. January contracts sold CD
20 2s.ro in She late trading. making an
advance of IS points from the cioss
OF W etnesday snd Of 225 points from
the low level OF last Monday That de
livery closed st 1913, With the general
list closing strong st 8 net advance oI
30 TO 50 points. After the close the
builish view OF the export outlook was
strengthened by reports that the Brit
ish freight allotment for January
amounted to 100000 bales, or $4,000
more than Tor December and by thc
War Trade Board announcements re-
garding exports to Holland. The text
Of this did not mention the quantity
OF cotton involved, but n statement
received from the lccel Office OF the
Department of Agriculture said that
Holland was to be furnished with raw
cotton and goods equivalent to $4,000
DAIe9, OF Wnlcn approximately 4OU ,Jup
bales would probably be raw cotton.
Dutch Ships are nov en- route to take
cotton and other commodities covere i
III the agreement.
The market opened steady at un-
changed prices TO an advance OF Il
points. Scattering liquidation brought
III by the sharp reaction Of Wednesday,
afternoon caused some irregulaTity
right after the call, bat offerings were
soon absorbed. A good part o. tie
buying wss attributed to covering by
Wall Street and v esUern operators VINO
had sold heavily before the signing q
Ihe arnlstlce. AFTER tris more urgen,
demand had been supplied the narxet
sa2ged few points under realizing
but tirmed Up again in the late trading
and reached the best just before the
close, with active months showing net
gains Of b2 70 IS points
Reports that the War Industrie.
Board would be dissolved on January
attracted good deal OF attention. L
seemed to be the feeling that the com
mlttee on cotton distribution might q
at the same time and the market be re
iieved from the restriction on shor
sales. Exports fcr the day were 42,07-
bales, making 1.332.19 so Tar this sea
son, against l,756.024 last year Southern
spot markets as officially reported were
unchanged 70 50 points higher
fhe local market FOR spot cotton wa.
steady and 10 points higher at 20 2,
Ior mldding upland. compared witt
$40 The day before and 299o the yeal
DeTore. There We're no sales OF spot.
the range OF prices follows:
New-York tribune., 1918-12-06
Seger Heads q. S. Rubber
s. +. Coit Is Made Chairman of
the Board

Directors of the United States Rub
Der Company elected Charles 2. Seger
president yesterday to succeed Samuel
?. Colt who has been made chairman
Of the board Lester Leland, for many
years vice-president, Wa elected vice
chairman.
Mr. SeEer is weli-Anown in Che rail
road and financial world, having Cor q
number Of years held important pos
tious with the Southern Pacific ard
Union Pacific railroad systems. 1t was
stated yesterday tnat he will retire
ns chairman OF The board Of directors
and president of the several com
panies comprising the Union Pacific
system. in which position he succeeded
Robert S. Lovett. For the past two
years MIR. Seger has been associated
with the rubber company, being 8
member Of the board and Of its execu-
tive c0mmitLae
New-York tribune., 1918-12-06
Hack dividends for Cal. Pete

Directors OF 5ho California petro-
Ieum Company. VINO axe scheduled TO
meet in Los &ngelea to-day, may de
clare payment on account Of the
arrearage on the preferred stock. in
addition to the regular quarterly divi-
dend Of 1as per cent, according to
report received here yesterday. The
accumulation on this issue now aggre-
gates per cent. II is understood that
tne company is in position TO make
an extra distribution by the sale os
much OF its stored oil to The Union
Oil Compary
New-York tribune., 1918-12-06
Conditions Have Changed

When Harold \. Sanderson, chair
man OF the board Of directors Of the
international Mercantile Marine Com
pany. arrived in this country few
weeks ago thht event was followed by
sharp advance in the company's
shares or the Stock Exchange. Upon
the announcement yesterday that he
had sailed for his home in London
or the Mauretania those same secur;-
ties took the news with stolditv.
Conditions with respect to the Marine
deal have changed. Mr.. Sanderson
came TO New York Co effect q sale OF
the company's British ships to an
English syndicate. Now the Shipping.
Board has lnterposed itself a. tire
prospective buyer.
New-York tribune., 1918-12-06

The above rates express tho cost OF
foreign money in terms Of The Amer
Jean dollar, You ouy an English pound
sterling, say, az S4.752z. The intrinsic
parity is sa.S69s per pound. Thus you
say either that pounds are at a discount
or that dollars 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 coun-
Try for pounds with which to settle ac-
counts in England.
New-York tribune., 1918-12-06
I. B. A. Convention

The decision Of the officers OF the
Investment Bankers Association to
transfer the annual convention from
St. Louis to Atlantic City on account
of the continuance OF the influenza
epidemic in the former city. il was an
nounced yesterday, has met with the
approval of Eastern bankers.
Advices were received yesterday
form the secretary's office Of the as
sociation tha William G. Baker, ir..
Of Baltimore, has been nominated for
president by the nominating commit
TO
New-York tribune., 1918-12-06
Dividends
Extras

American Steel Foundries Company.
An extra dividend Of IA per cent
has been declared, payable IN Liberty
bonds Of the third issue, in addition
10 the regular quarterly dividend o. u.
per cent. both payable December 81 TO
stockholders Of record December y
Ohio Fuel Supply Company Extra
dividend Of per cent has been declared
in addition 10 the regular quarterly div
idend OF 2 \ per cent payable TO stock
holders Of record December 81 The
extra dividend is payable n Liberty
bonds on January =
Stromberg Carburetor Company An
extra dividend Of 25 cents per hare
in addition 70 the -egu,ar quarterly
dividend of Is cents per share has been
declared. both payable January to
stockholders Of -eco-d December IS.
United Drug Company-Extra divi-
dend of l per cent h2s been declared
in addition to the reguiar quarterly
dividend Of l per cent on the common
stock. both payable January 2 to stock
holders of record December 16.
New-York tribune., 1918-12-06
The Dollar in Foreign Exchange

Sight drafts on London developed
slightly easier tone in this market yes
tcrday IS a result of large offerings,
The rate declining = to s4.75%,. Other
wise the local exchange market pre-
sented no change of Importance. Neu-
trail exchanges were steady as s rule.
Closing rates yesterday, compared
with week ago, Follow:
Quoted dollars to the pound)
New-York tribune., 1918-12-06
ON Foreign Trade

A joint meeting of the Committee Of
Fifteen on Educational Preparation, Of
which DR.. Glen Swiggett, Of the Bureau
OF Education at Washington, is chair
man, with the advisory council Of the
same organization, Will be held 20
morrow at India House, when the pres
ent and prospective need for trained
service in the conduct OF foreign trade
will be discussed The members VIII
be the guest, Of Frank A. Vanderiip.
President Of the National City Bank
at luncheon.
New-York tribune., 1918-12-06

York Stock Exchange lirln of Colgate.
Parker & Co
II was announced yesterday by the
Bureau of Foreign and Domestic Com
nierce that W. H. Rastall has been ap-
pointed Trade Commissioner to study
the markets for industrial machinery
in the Orient. lie will leave shortly for
Japan, China and other Far Eastern
countries. and it is expected that his
investigation will occupy the better
part OF two years.
The firm OF Sutton d co. has been
Incorporated under the narue OF Sut-
ton, Ford & Co.. with W. W Sutton
r.. IS president. L. W Ford and f. NJ.
lambert, vice presidents, ard Walter
3. Schmidt, treasurer.
kissel, Kinnicut {. Go. announced
Yesterday that the s5,000,0Oo Braden
Copper Company Nfteen-year per cent
SINKING fund bonds, due 1881. offered
by them, have been sod.
Theodore 8erjell nas resigned mis-
commission as major and mas resumed
duties with Berdell Brothers
Henry G. Brengle, president OF the
ihliduelphld trust company, mas been
elected 4 director OF the United New
jersey Railroad and Canal Company.
Henry Il. Pierce and Clarke N. Rose
crantz have been elected directors OF
the American Cotton OIL Company
Ion L. Moore, manager OF the bond
department. Of the National Bank OF
Commerce. nas been appointed an as
sistant cashier Of that institution TO-
gether with f. w. Mcdonald who was
assistant TO the president Of the Trus-
con Steel Company.
Election Of John Horace Block "a
membership in the New York Stocl
Exchange Was announced yesterday.
The membership OF Henry ?. Hatch
mas been posted for transfer to Ferdi-
nand l.. Salcmcn, al = prce of s57, ,000
compared With S5s,oo0 for the last pre-
vious sale.
TIE Guaranty Trqst Company ar
nonnced Yesterday tha1 it would dis
tribute 10 PEI cent salary bonus
among ITS more than 1000 empioyes.
lhls bonus, which is based on salaries
paid, is in addition to the regular sal
ary increases and the extra war COM
pensatlon given the employees.
New-York tribune., 1918-12-06
Large Deal in Coppsr

In the copper trade yesterday it was
reported that the Italian government
had closed negotiations during the
past weak for the purchase from
American producers Of 10000 .OOf
pounds OF the metal ct price Of rs
cents pound.
New-York tribune., 1918-12-06
New York

Metal Dealers Assi2n.-The North
American refining Company, Inc. deal
ING. IN metals, at Is Park Row. has
assigned Tor the benefit OF ,red;tnrs
70 Henry ". Fried, Aaron Shsnbron
IS president OF the company. Il was
Incorporated iii 1917 with cen;tsl
stock of $4,000. p''@'
New-York tribune., 1918-12-06
News Digest
Foreign

Paris Bourse.-pARlS, Dec. 5.-Trsd-
ing was ouiet or the Bourse TODAY
Three per cent rentes. 50 francs ca oan-
times for cash: exchange on T.onSon o5
francs 90 centimes: ) per ,art law ~
francs e5 centirnea.
New-York tribune., 1918-12-06
Pennsylvania Railroad After Funds

The report persists in investment
circles that the Pennsylvania Railroad
Is about to 90 some new financing. The
amounts mentioned range from $40
100000 all the way up to $40, 100000
In some quarters it is stated that the
Issue will take the form Of deb.ot,,re
New-York tribune., 1918-12-06

Between November / and Decem-
Der the decrease in The number
Of coke and anthracite furnaces in
blast WIS only l.6 per cent and the
decrease in capacity was only is
per cent.
New-York tribune., 1918-12-06
stromberg Carburetor Company a
SneciaIs

AlIis- Chalmers Manufacturing Com
pany.-A special dividend of q OF
per cen. has been declared OF account
OF accumulated dividends in addition 70
the regular quarterly dividend az ~
per cent. Doth payable January %
stockh olders OF record Decembe- 81.
New-York tribune., 1918-12-06
Regular Declarations
Comm @ galtleS

29.75; sales ZOO bales. New Orleans
steady, unchanged 1t 2s-25: sales
2-542 bales. Mobile quiet. % pointa
higher ct 26c; gales - bales. Savan-
nah nominal, unchanged at a9c: aales
nil. Norfolk steady. Is points higher
at 1858; sales i412 bales Augusta
quiet, SO points cher at 27.25: rales
467 bales. N-nrhis s-aaGv. rn-
changed 81 29c: sales 1,100 oaies.
Houston stc24v 90 points higher ct
1910: sales 3.osG bales La Iock
quiet. unchanged .-o 2Sc, .slss ass
nelcs.
Liverpool Cables. Spot cots..n qaies
at . points decline; micdiing, 20-o7d.
good middling, ls7ld. Sales. 600 bale.
al American Imports. nj kutures
opened quiet but steady, az u 10 Is
points decline. Closed quier but
steady, at q net decline OF 20 *
points. December, 1888; January,
1898; February. t7.55; March. 1881,
April, 1915.
New-York tribune., 1918-12-06
Wealth Markets and Commerce n

schedule of redisconnt rates which mp
ply to bankers acceptenccs: Maturities
UP 80 is days, 4 per cent; l6 to so
days, inclusive, 4M per cent; 81 to 80
days, inclusive, Al per cent.
New-York tribune., 1918-12-06

Those persons who are predicting
that when the rehabilitation of our
military I'D naval forces has been
New-York tribune., 1918-12-06
Money and Credit

Conditions in the local money harket
were uMaltered yesterday. Rates were
unchanged, and call money at the stock
exchange ruled at 6 to G1s per cent
throughout the day. Government with
drawals at this centre are held mainly
responsible for the maintenance OF
rates at present levels.
The market for fixed date funds wax
quiet, with but small offerings, the bus
mess being largely confined TO renewals.
The demand for time money is fairly
heavy. with borrowers bidding per
cent TO. loans secured by 8 mixture Of
railroad and industrial securities.
Ruling rates for money yesterday.
compared with year ago, were az
follows:
Yesterday. Year ago.
Per cent. Per cent.
Call money:
On mixed collateral 6
On industrial cl'tl. 6La
Time money (Inixed collateraN:
Sixty days ........C G 5M@5N
Ninety days ..... 6 5I4@5I9
Four months ..... G 5I2DSM
Five to six months. G oI2@5ad
Commercial Paper.-A fair amount
OF business was reported yesterday,
most OF the bills being discounted on
a per cent basis.
Bank Acceptances.-The demand for
bank acceptances YVES moderately
active. Rates were unchanged, as fol
lows:
Thirty Sixty Ninety
Spot de days. days. days.
livery: Per centper centPes cent.
Z g ible
banks. ...4&Q4 44sa4is 4sa4A.
4 & b le
non-mem-
Der banks.4I4 @4ls 42s@4l4 42s@4s.
Ineligible
bank bills.sM@5 slz@s sM@s
For delivery within thirty days:
Per cent.
Eligible member banks ....... ATs
Eligible non-nlember banks az
Ineligible bank bills.
Silver-LondcH, 43%sd, unchanged;
New York, 1o1 1sc. unchanged; Mexican
dollars, 771sc. unchanged.
Sub-Treasury. The Sub-Treasury
lost $4,000 to the banks on Wcdnes-
day
Discount Rates.--The flowing table
gives the current rates Of the twelve
Federal Reserve banks on commercial
paper fov al periods up to ninety 0ays:
New-York tribune., 1918-12-06
W all Street Items

Louis d. irving has been admitted
to general partnership in the New
York Stock Exchange firm of Colgate,
Parker & 60.
New-York tribune., 1918-12-06
, u 8 L e II a II c 6
Cereals

"heas.--A map recently Published BY
the food administration shows that il
practically all of north, central and
western Russia, including Poland. and
IN Czecho-slavonia and Jugo-Slavonis,
famine conditions prevail. wills in
southeastern Russia. aside from The
Ukraine. there is fooa shortage bor-
dering on famine. There IS also q
shortage OF food in Jurkey. Bulgaria,
Greece and ltaly, and. while the coun-
tries in western Europe have sufficient
food fer the present the future Is
serious. This map gives Il very ciesr
idea of the tremendous needs o. bread
statFs throughout Europe. ard. while
supple ~ the moment in exporting
countries appear very large. many be
lieve that BY the time new crop Is
available the visible VIII have been
reduced to normal figures.
New-York tribune., 1918-12-06

The Federal Reserve Bank of New
York has put III force the following
New-York tribune., 1918-12-06

Corn.--A nervous tone prevailed in
the corn market and while prices early
in the day sold 1t the highest point Of
the recent advance ionps solo quite
heavily On the bulge and final figures
were &c higher FOR December and Is
10 ! &c lower for the other months.
AT the advance the market showed
gains of / to Ii cents in only slightly
more than & weeks tims and it was
believed that the technical position had
been materially weakened by heavy
covering. Moreover, ,cadJustme-t
has taken place in the cash markets
and il IS said that Chicago is now more
nearly in line with the <~.lido points
and that corn may be expected TO move
to that market. Receipts, however,
continue moderate and the cash stu
alton as a whole was finn, with values
apparently little affected By the action
of contracts. Many still take very
bullish view Of the feeding situation
as at the minimum price Of 17l2 cents
for hogs farmers find il very profitable
to feed heavily and are consequently
less disposed to sell corn IN the opea
market
Ns.,s.., pro.,oa,. Yeer
New-York tribune., 1918-12-06

New York -. .$64o,47o, 1852 S62, 1870, ,784
Baltimore -. t2915,333 5,e67, 500
Philadelphia 74,os, ,o67 f2,5o2, ,e5s
Pittsburgh -. N,769, ,97o a,016, ,26B
Gold to Mexico.-Gold coin to the
amount Of 100000 was withdrawn
from the Sub Treasury yesterday for
shipment to Mexico.
London Money Market.-LONDON,
Dec. 6.--Closing: Money, 8 per cent;
months bille, 1882 per cent; gold
premium ut Lisbon, 5000.
Bank Of Ergland.-LONDON, Dec. 5.
The Bank of England reports an in
crease for the week in gold holdings
OF S165,oS5. The proportion OF reserves
to liabilities now stands at 1917 per
cent, compared with 1920 per cent last
week. The statement, with the changes
from week ago, follows:
Gold &76,011.24f Inc. st65,585
Reserve 49,. 27,313,0U0 Dec. 1872, 1000
Notes res'v'd 26,829,000 Dec. 888, 8,0cO
Circulation o7.o48,000 Inc 1867, 600
Public dep. 26,531 600 Dec. 3,9s7, 600
Other dep. 151, 1870 Inc 10, ,449. 900
Gov scc'r't's. 73,543,O 600 Inc 10,o15, 900
Other SCI. =. 97,5s6,00O Dec. 1896 COO
Bank of France.-PAR1S, Dec. g.
The statement of the Bank Of Trance,
with the changes from week ago, fol-
lows, in francs:
Gold e.. 5,4e7, $4,000 Inc. s,534.ooo
Silver a20,e63,OO0 Inc $4,000
Circul'n 2S,7a2, SOS, ,o0o Dec.a3s, ,70e, 600
General
deposit 2,557 ,o89,ooo c.25s,s4e, 900
Bills disc.
4 adv. 3,21s.751,o COO Inc. 1s2,a14,o 900
Treas. dep. 8o,23A,00O Inc. S9,a16o0o
New-York tribune., 1918-12-06

Nominal
Below is given the current exchange
value OF foreign money III dollars and
cents, together with the intrinsic gold
parity. as calculated By the United
SAafas MiN+.
New-York tribune., 1918-12-06

Oats. The oats market was only
loderately active and prices were IN
New-York tribune., 1918-12-06

Bank of France.-PAR1S, Dec. g.
The statement Of the Bank Of france,
with the changes from week ago, fol-
New-York tribune., 1918-12-06

Bank Clearings.-Bsnk clcarines yes
New-York tribune., 1918-12-06

Gold to Mexico.-Gold coin to the
amount of 100000 was withdrawn
from the Sub-Treasury yesterday for
shipment to Mexico
New-York tribune., 1918-12-06
Finance Economics
WALL STREET OFFICE:
ILLS Building, IS Broad ST.

AS Judge Gary recently re-
marked, much depends upon the
attitude and the speech of men, 1t
is easy to precipitate a feeling of
decentralization, ana no more diff
cult to develop a sentiment of con-
fidence and serenity" And he ad-
ded: Upon a careful survey of the
situation it will be found that
there are many reasons for believ-
ing prosperity in this country
should be continued"
New-York tribune., 1918-12-06

Henry Il. Pierce and Clarke n. Rose
crantz have been elected directors Of
the American Cotton OIL Company.
New-York tribune., 1918-12-06

Henry G. Brengle, president OF the
Philadelphia Trust Company, has been
elected director OF the United New
Jersey Railroad and Canal Company.
New-York tribune., 1918-12-06

The firm OF Sutton d co. has been
Incorporated under the narne OF Sut-
ton, Ford & Co.. with W. ". Sutton
r.. IS president. L. W Ford and E. NJ.
lambert, vice presidents, ard Walter
B. s,chlnidt. treasurer
New-York tribune., 1918-12-06

Theodore 8erjell mas resigned mis-
commission a. major and has resumed
duties with Derdell Brothers.