davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-07-24
Wall Street Entertains
Australian Journalists

A party of eleven distinguished Aus
tralian journalists and newspaper pub
fishers, VINO are to sail shortly for Eng
land on pilgrimage to the shrine of
loyalty of their motherland," visited
the financial district yesterday At
noon the board of governors of the
Bankers Club entertained them at
luncheon. J. O. Fairfax, one of the
guests, explained that the prime pur-
pose of the trip was to get contiden-
tial information regarding war con-
dltions from business men ard govern
ment officials which would enable them
better to do their work of informing
the people of the Australian Common
wealth Of the part they must play in
the world struggle. Besides Mr. Fair
fax, the party, which has already
visited most of the largest American
cities, consists of the following: Sir
William j. Snowden, Major W. A.
Whitehead II. Campbell Jones, Alfred
Carson, T. w. Heney, J. ]. knight, j.
c. Macintosh, S. H. Prior, Goeffrey
Symes, W. H. Simmonds and Crawford
Vaughan. George T. Wilson, vice-presi-
dent of the Bankers Club, acted as
POSTMASTER and chief host.
New-York tribune., 1918-07-24
Corporate Returns

Pacific Gas and Electric Company
This corporation reports twelve months
gross of S20,416 1915, compared with
S1S.940,109 for the corresponding pre-
vious period, an increase of s1,476, ,166,
and net after taxes of $7572,1S6, com
pared with s8,016,525, a decrease Of
s644,399. Surplus after charges and
preferred dividends was $1,562,3 ,319,
against s2,506,051, decrease of So43,-
~. May, 1918, gross increased S127,-
416, the total being S1,696,26O
Gulf and Ship Island Railroad.-For
the year ended June so, 1917, this road
reports surplus after charges of s4O8,-
200, against S504,533 in the preceding
year. For the six months ended De-
cember 81, -9l7, surplus after charges
amounted 20 S274,S22.
St. Louis Southwestern Railway
For the period January to July IA,
this railroad reports gross of S1O,-
OO3.614, an increase of 81, ,424, 1892, COM
pared with the corresponding time in
1917
New-York tribune., 1918-07-24

for construction and permanent i'm
provement of roads, however, S191,
was made by Utah. Only nineteen
states expended money directly on the
construction and improvement of roads
during the fiscal year, but number
Of the other states apportioned sums
to counties, municipalities, ETC., which
were spent in the construction and in.-
provement of roads. Fourteen states,
however, reported neither outlays nor
apportionments for this purpose
The net indebtedness funded and
floating debt, less assets of general
states aggreated $5O1,943, 1886. or s4.93
per capita. The net Indebtedness
of New York alone, s1S8,322, ,514, repre-
sented SO per cent of the total and
wa was far greater than that of any other
state: Eleven states had per capita
net debt of less than 81, that for New
Jersey being only four cents and that
for Pennsylvania only six cents.
The net increase in indebtedness
during the fiscal year for all the states
combined was S22 ,799,O05. Fifteen states
increased their net debt during the
year, twenty-one decreased it, and
IN the remaining twelve there was no
change. The greatest increase. S19.-
l09,436. was reported for New York.
Only two other states increased their
net debt by more than $1,OoO,O0O each.
New-York tribune., 1918-07-24
Leather Earnings in
1918 June Quarter
Central and American Hide
Companies Report for
That Period

The Central Leather Company in the
June quarter earned $3.87 a share cn
the 500, ,70l, ,031 common stock, compared
with $9.9l share earned in the CORE
spending period of 1917. The company s
statement issued yesterday showed
total earnings of s3,672 ,021, afte" ce-
ducting expenses incident to operations
trasted with $6,179,41O rep ,rted for the
June quarter of 1917, and 31,649, ,45l TO.
the three months ended june 80, 1916.
Earnings of the last Gu lr5ar, r. wv
ever, were substantially above tho sc Of
the March quarter, when Is surplI3 of
only S558,716 was reported for the COM
mon stock, against $1,539,750 for tie
following quarter. The shrinkage in
earnings shown in the March luarter
was due largely to writing down cf
inventories.
The American Hide and Leather
Company, also reporting for the June
quarter yesterday, showed surplus
after charges and Federal taxes Of
SS30,538, compared with S262,S82 for
the corresponding quarter year ago.
For the twelve emorth ended June 80,
the company had a surplus IF $685.
382, equal to $1804 share ON $13,-
100000 preferred stock, in contrast
with $13.65 a share earned in the pre-
ceding year. Earnings for tie juno
quarter were equal to s6.33 share on
the preferred
In addition to the regular semi
annual dividend of 21s per cent on the
preferred stock the directors of the
company yesterday declared special
dividend of 2 pei cent in per cent
Liberty bonds, bearing coupons matur-
ing November Is, and subsequent
thereto. Both dividends ara payable
October to stock of record August 81.
New-York tribune., 1918-07-24
To Vote ON Half a
Billion Mortgage
Bethlehem Steel Shareholders
Will Meet on August 8

Shareholders of the Bethlehem Steel
Corporation, at q special meeting to
be held in Newark, N. j., on August 8,
will be asked to authorize the creation
of a new $500,000,000 blanket mortgage
covering all the property and assets Of
both the Bethlehem Steel Company and
the corporation. Their consent to the
issuance of $7O,oOo,OoO under the pro
posed mortgage to secure the re cent
issue of $50,000,00 of per cent notes
will also be asked.
The notice to the shareholders states
that all construction work except sdsn
as was considered vital to TIE pro luc-
ton of materials for government use
has been suspended. This work in
cluded construction of byproduct coke
ovens, blast furnaces and steel plant,
blooming and billet mills and auxiliary
construction at the Sparrows Point,
Md, plant, which called for an expendi-
ture of about $20,000,000.
New-York tribune., 1918-07-24

The stock market suffered more
yesterday from lack of speculative
interest than anything else. Prices
drifted toward lower levels on light
offerings. The incentive to buy
was not there, and professional
traders found it a comparatively
easy matter to force moderate re-
action once United States Steel
common was found to be vulner-
able. At that steel only declined
slightly more than a point on the
days trading, and the movement III
this issue, as elsewhere, was not
particularly significant. Traders
talked of tight money and the i'm
pending increase in taxes as exert
ing restraining influence upon the
general market. A more plausible
explanation of the tendency OF
prices was perhaps to be found in
the failure of the market to ad
vance further on the splendid war
news. In some quarters the opin-
ion was expressed that disappoint-
ment over the general action of the
market has caused some scattered
selling of stocks. Commission
houses operating leased wires de-
MED yesterday that they had been
oa1liuU stocks on anV imDOrtant
scale.
New-York tribune., 1918-07-24
u. S. Drawing Heavily
On Chicago Banks
Will Have Obtained $197,OW'
900 at the End Of
Ten Days
Especial Dispatch to The Tribune

Especial Dispatch 70 Inc l'l0H".'
CHICAGO, July 23.-Heavy cash s. as
mands are being made upon Chlcssv
banks by the United States lreasu,. ";.
Department, apparently to pay lnur,
tion makers and to meet other wal ~ ~
penses. Banks of the 7th District hss
been called upon for SS0,o0O,OoV up ~, ~
to-day, when the government asked d, 9s
an additional S2l 100000 for Juiy oae NJ
and it wants an additional s3l 'OOO'OOSff 'Oo Otf
in ten days, or a total of Sl22.OVV'V"
up to the end OF that period: c,;.
The Federal Reserve Bank IN ~ ~.
cago has received S75,000,00o IN r.;
ments on Liberty Loan bonds WIFE
ten days, and this, with what IS a'n.s n..
for in addition by the Treasury
partment, Will make a grand to'ai n
Si97 100000 that it has obtained or W., W.,
get from this district within the .i,s,
specified. But the money VIII Sa,. Vvr.
back from packers, munition niaA.i ;.i.
and others, for whom it is beng "'Is
drawn, although the return may
slow. i,
Besides the government denlansss dess'
farmers need money now for mar,
ing, and this causes an unusuai sss. s:s,.
city of funds. Local financial ins',Is. 5,
tions are borrowing heavily from -. =.
Federal Reserve Bank, and It's iasr. s.ss
have increased S14 900 ,000 IN two u'''
New-York tribune., 1918-07-24
$39,416,000 for
New Subway and
Elevated Lines
Interborough Gets Public
Service Sanction for
Note Issue

The Public Service Commission for
this district yesterday granted the ap-
plicaton of the lnterborough Rapid
Transit Company for authority to issue
$39,416,000 thrceyear 7 per cent notes
to finance the construction of new sub
way and elevated lines. and also to
provide for equipment obligations. The
notes will be dated July and will be
convertible into S per cent bonds Of the
company to be issued under its first
and rcfunding mortgage.
Just what proportion Of the new
note issue will be financed by the War
Finance Corporation has not yet been
officially announced.
Several plans have been suggested
by the New York bankers, among
which has been a proposal that the
government body take 80 per cent Of
the issue and the rest be offered to
the public. The high yield which the
notes will carry, bankers state. should
create for them ready market. The
notes are to be issued at not less than
95 Y, and it is understood that the
offering price to the public will be
either 9S Il or 985s.
The success which attended the re-
cent public Offering of S50,00O,O00
Bethlehem Steel Corporation notes.
with the provision that $20,oo0,o00
would be purchased by the War
Finance Corporation in the event that
this amount was left unsold, has set
precedent in war financing which
other corporations may initiate. This
method Of raising the funds needed by
the Interborough, it was reported yes
terday, may be the one that will
finally be suggested by the company
and its bankers.
Behind the new issue of notes will
be $61 ,596,5O0 of bonds, which were
also authorized by the Public Service
Commission yesterday.
New-York tribune., 1918-07-24
Wealth Markets and Commer
Foreign Trade Decreases
Fiscal Year Balance Favors u. S.
by So, 100000.

WASHINGTON. July 23.-American
foreign trade decreased slightly in the
fiscal year ended June 30, official fig
ures announced to-day by the Bureau
of Foreign and Domestic Commerce
showing total of $8,874, 100000, com
pared with $s,949, 100000 tho year be-
fore.
Imports for 1918 show an increase
Of $287,000,OO0 with a total of $2,946,-
100000. Exports decreased by $685.
100000, the total being $5,928,OO 600.
The trade balance for the year was
$2,982 100000, compared with $685.
100000 in 1917.
New-York tribune., 1918-07-24
Gold Imports Decrease

During the last fiscal year, it is re-
ported from Washington, imports of
gold into the United States showed a
great decrease. compared with the nre-
vlous year. For the last fiscal vesr
gold imports amounted to sl24,OOO 600.
aor . the previous year they totalled
s9' 100000. Gold exports for the last
hscai year amounted to S19l 900 OOO,
against S292,000,O00 in 1917. In 1918
SILVER imports amounted to $4,000 900
against $35,oo0ooO in 1917, and silver
1oports ,oIo increased from $4,000, 900 in
is1f to $4,000, 900 in 1918.
New-York tribune., 1918-07-24
Pressed Steel Car

Action of the Pressed Steel Car
directors in declaring q quarterly divi-
dend of 2 per cent, thereby placing the
common stock on an apnual basis of
per cent, an increase Of / per cent
year, while more or less expected,
nevertheless was followed by sub
stantial rise in the stock. After
selling as low as 66% it advanced to
68as and closed IL points up at 671a
on dealings of 2,4O0 shares. The COM
pany has been paying at the rate of
per cent year since January, 1917.
In 1916 2h per cent was paid to the
common stockholders. Nothing at all
was paid in 1915, while in 1914 the
common stock dividend was per cent
The new rate of 8 per cent year is
the largest in the history of the COM
DATlV.
New-York tribune., 1918-07-24
News Digest
Foreign

London Market Firm. - LONDON,
July 23.-The stock market maintained
firm undertone to-day, but business
was somewhat Stacker. Yesterdays
advance was not held in all cases, but
shipping and oil stocks continued
strong features, and rubber shares
were more active. Brazilian issues
improved with exchange and war loans
and colonial bonds were the best in
the g;lt-edged section. French and
Russian bonds were slightly easier.
Paris Market Quiet.-PARIS, July 23.
Trading was quiet on the Bourse to-
day Three per cent rentes sold for 81
francs S5 centimes for cash Exchange
on London was q francs 16 centimes.
Five per cent loan brought So francs so
confines.
New-York tribune., 1918-07-24
Relevant Comment
Uncertain About Leased Wires

Members Of the Stock Exchange
houses operating leased wires to
branch Offices throughout the coun
try were uncertain yesterday what
effect government control Of the
telegraph and telephone wires would
have on their business. 1t was
believed generally that present wire
leases would probably be permitted to
on this point was lacking. Some Wall
Street houses operate from thirty to
forty leased wires. over which out-of-
town commission business is handled
in securities and commodities.
New-York tribune., 1918-07-24
Wire Stocks Under Pressure

Both American Telephone and Tele-
graph and Western Union were sub
jected to pressure on the Stock Ex-
change yesterday, following the an
nouncement that President Wilson had
signed the order taking over all tele-
phone and telegraph lines on July 81.
The weakness in Western Union was
more noticeable, as. unlike Telephone
and Telegraph, it has enjoyed a sub
stantial advance since last January
When government control became q
foregone conclusion, however, the stock
began to sag, and at yesterdays low
of 8lh the lowest price for 1918 was
touched. At the closing quotation of
1914 the stock showed a net decline
for the day of rs American Tele-
phone and Telegraph closed half a
point off, at 95ha, within a fraction of
the low price of recent wears.
New-York tribune., 1918-07-24

The above rates express the cost Of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say, s4.75Is. The intrinsic
parity is s4.S69s per pound. Thus you
say either that pounds are at a dis
count or that dollars are at a. premium,
which is owing to the fact that in Eng
land the demand for dollars with which
to settle accounts in this country is
greater than the demand in this coun-
try for pounds with which to settle ac-
counts in Enpland
New-York tribune., 1918-07-24
ANDREW J. MCCORMACK. Auctioneer
REGULAR AUCTION SALE
STOCKS AND BONDS.

ANDREW ]. MCCORMACK, Auctioneer
REGULAR AUCTION SALE
STOCKS AND BONDS.
BY ADRIAN ii. MULLER & son,
OFFICE 80 WILLIAM ST.
WEDNESDAY, JULY "a. 1918.
at 1250 O'Clock. at the
EXCHANGE SALESROOM,
NOS. IA and Ii NESEY STREET.
For Account Of Executors
10 shs. Greenwich Bank
10 shs. Mt. Morris Cooperative Build
ing & Loan Assn.
S24 shs. Woolson Spice Co.
For Account Of Whom II May Concern
$50 shs Woolson spice CO.
10 shs. Putnam Trust Co. Greenwich.
Conn.
80 shs. New Jersey Fire Insurance Co.
20 shs. American Natl. Bank, Newark
SEQ shs. Safety First Appliances Co.
30 shs. Inter State Electric corp D.
preferred.
$4,000 Manhattan Beach Estates I'd MIG
go Bonds.
80 shs. Manhattan Beach Estates pre-
ferred
b34 shs. Corbin Liquidation Co., Inc
Trust Gifts and $40 scrip. -
S11 900 Cahaba Coal Mining lst mtg Q"
Guar. Bonds, 1922. 80
$4,000 Long Island R. r. Guar. Retos' ss
Bonds, 1919
13 shs. Public National Bank
shs. Pennsylvania r. R. co
200 shs. Grand Union Mining co. ,,,s
$4,000 Brinson R'way Co. lst Mtg. o. i''Y'
New-York tribune., 1918-07-24
Japanese Shipping Profits

The Japan Mail Ship Company, known
in Nipponcse as Nippon Yusen Kaisha,
reported to stockholders on March 81,
1918, that at the end of the six months
covered by the statement net profits
totalled $17,105.942. The company
owned ninety nine ships and had twen-
ty under charter.
New-York tribune., 1918-07-24
Arizona s Mine Output
Increased l5,589,632
Less Metal Was Produced, But
1t Brought Higher
Prices

Production of Arizona mines during
1917 amounted to S2O9 1893, ,8O2, accord
ing to compilations by the United
States Geological Survey. Production
for 1916 totalled $193,8O6,17O. The
metal refined increased in valuation de-
spite the sfact that the number of pro-
ducers in the state fell from 527 to 4S4
during the year, and ore production
fell from l7033,810 tons to 15,77O.l9
tons. Increased value was due to the
higher prices for metals throughout
1917. Copper, silver and lead decreased
in production, but gold and zinc both
show Increases, the former 2716 per
cent over 1916.
Comparison of production fer 1915
and 1917 follows:
1917 1916
Sold. ounces. 245,173.S3 1s2.s0I41
SILVER, ounces. 6,9S3,9l3 1912 039
Copper, pounds 712,166,S91 721,S33'16s
Lead Lead pounds. 23,465,445 27,OS2 ,Os7
ZINC, pounds. 20,S94,S6O l9,677'94s
The average value of metals for wear
was; Gold, $20.67l8 an ounce: silver
GA cents an ounce; copper, 27.3 cents
a pound; lead, SO cents pound and
zlhc' lo.2 cents pound.
New-York tribune., 1918-07-24
Few Tel. and Tel. Bonds Sold

The Offering of s45,ooO,Ooo per cent
convertible bonds of the American
Telephone e. Telegraph Company on
the eve Of government control has not
thus far been successful. 1t is re-
ported that there remains unsold ap-
proximately $3o,oo0,0Oo of the issue,
after allowing for stockholders sub
sscriptions and sales to syndicate mem
bers
New-York tribune., 1918-07-24
Discover Manganese Ore

According to consular reports. ~ =,
dents of Puerto Corses, Honduras, h., -.
discovered deposit Of mansssh,s. i.
within two miles of the line OF ~,
National Railroad. 1t is stated -, -.
the ore is mixed with graphite, espF-
and gold,
New-York tribune., 1918-07-24
Leather Scarce at Leeds

Shoe manufacturers in Leeds, Eng
land, hope for fairly large distri-
button of sole leather soon. Leather
is very scarce and deliveries Of war
time and ordinary civilian goods are
considerably delayed.
New-York tribune., 1918-07-24
Action of Steel Puzzling

Yesterdays selling in Steel common,
in view of general belief that at next
Tuesdays meeting of the board the
current dividends will be declared
was puzzling to followers of the stock
market. No evidence could be found
that there was important liquidation,
so the opinion was reached that the
net decline of IL points must have
been caused largely by short selling.
Word came from the floor that most
of the selling had come from traders
and from firms with numerous wire
connections.
New-York tribune., 1918-07-24
The Dollar in Foreign Exchange

The foreign exchange market was
again dull yesterday, and conditions
varied only slightly. Rates on Spain
and India weakened trihe Paris and
London quotations continued steady.
Closing rates yesterday, compared
with week ago, follow:
Quoted dollars to the pound.)
New-York tribune., 1918-07-24

London Money Market. LONDON,
July 23.-Money. was firm at 2s4 per
cent. Discount rates were: Short bills
and three-month bills, 1882 per cent
Gold premiums at Lisbon remained
10000.
New-York tribune., 1918-07-24
Money and Credit

Money rates were firmly maintained
yesterday. At the Stock Exchange the
ruling rates were unchanged at to
612 per cent
Quiet conditions prevailed in the
market for fixed date funds. Banks
continued to restrict their offerings
The demand is fairly active for loans
for the shorter period
Ruling rates for money yesterday,
compared with a year ago, were as
follows:
Yesterday. Year ago.
Per cent. Per cent.
Call money:
On mixed collateral 6 43h
On industrial col't'l61 6N
Time money (mixed collateraD:
Sixty days ....... 5s4@6 4La@4M
Ninety days. ... 5s4@6 q @4M
-Four months -. 5a4@6 4L2
Five to six months 534@6 4Ia
Commercial Paper.-Brokers report
ed a light demand for commercial pa
per, with per cent the quoted rate
for the best regular maturities.
Bank Acceptauces.-Rates were un-
changed yesterday as follows:
Spot de- days. days. days.
livery: Per cent. Per cent. Per cent,
4 gible
m M yer
banks :. .4h@4 4a@4A 4A@4A
Z igibla
Der banks .4r4@ @41s 47a@4A 1904.
In eligible
bank bills.5I4@4a4 514@4s4 514@4a4
For delivery within thirty days:
Per cent.
Eligible member banks ........ AL2
Eligible non-member banks. s..... 4sk
Ineligible bank hills
Bank Ctearings.-Bank clearings in
New York and the other principal cities
yesterday were as follows:
Exchanges. Balances.
New York -. .$62s, 1e6.655 $63,477,581
Chicago ....... 86,445,e1e 727e,8ee
Boston ........ 53,z93,498 10,3oS,s52
Silver.-Bar silver in London was
4S7sd. unchanged; New York, 99ssc.
unchanged; Mexican dollars, TIC, un-
changed.
SubTreasury.-The banks gained s5,-
9s2,786 from the ub-Treasury yester-
day.
DISCOUNT Rates.--The following table
s!vss the current rates Of the twelve
New-York tribune., 1918-07-24
Hide and Leather Unresponsiye

American Hide and Leather pre-
ferred was unresponsive to the action
taken by the directors yesterday in
declaring special dividend of 2 per
cent in the Liberty per cent bonds
On turnover of 600 shares the stock
opened at so and sold down to 1914
where it closed with a net loss of ~
New-York tribune., 1918-07-24

1NcoC1Vc 1d1IN I dUc - '00'7 y 0o'7 .
Below is given the current exchange
value of foreign money IN dollars and
cents, together with the intrinsic gold
parity. as calculated by the United
States Mint:
New-York tribune., 1918-07-24
DIVIDEND NOTICES


BORDEN'S CONDENSED MILK C0MPANi
COMMON STOCK DIVIDEND NJ -, ,~
The regular semi-aunual divldene oi
has been declared ON the Comr-on s,o1A s"s :, !.
Stockholders Of Record august !. s.s ls.s
Books do not close. Checks VIII be inai.eO
T. d. SHOVE. Treasursf'
New-York tribune., 1918-07-24

Federal Reserve banks on commercial
paper on all periods up to ninety days:
New-York tribune., 1918-07-24

There has been more or less
stringency in the local money mar
ket now for a fortnight. The sup
ply of funds for speculative pur-
poses has been much reduced as
result of the heavy demands made
upon the banks for funds by the
government. At the Stock Ex-
change call money has been holding
firmly at 6 to 6 Il per cent, and even
then the offerings have not been
sufficiently large to meet the cur
rent demands of the market. TO
keep rates from going above the
Ga per cent dead line" fixed for
call money the so-called bankers
money committee has been operat
ing almost daily for more than two
weeks. This is said to be the long
est consecutive demand ever made
upon this body, which was organ
lied last year with $200,000,000
pool at its command to prevent un-
due strain in the money market
during the period of war financing
by the government.
During the fiscal year of 1918
American foreign trade aggregated
value of s8,874,0OO,00O. In other
words, the first year of our partici-
patton in the war saw falling off
, of only about SIS, 100000 in the to-
tai value of American exports and
imports. But an analysis of the fig
ures shows that the current of our
foreign trade is changing, and i'm
ports are increasing, while exports
are on the decline. For instance
imports into the United States in
the fiscal year just ended increased
$287, 100000, reaching a total of
$2,946, 100000. At the same time
exports showed a decrease of $685.
100000, the total for 1918 being
S5,928, 100000, compared with $6,-
29O,0O0,00O in 1917.
New-York tribune., 1918-07-24

Commercial Paper.-Brokers report
ed light demand for commercial pa
per, with per cent the quoted rate
for the best regular maturities.
New-York tribune., 1918-07-24

Discount Rates.-The following table
s!ves the current rates Of the twelve
New-York tribune., 1918-07-24

Sub-Treasury.-The banks gained s5,-
ss2,7S6 from the Sub-Treasury yester-
day.
New-York tribune., 1918-07-24

Tcleph
Hanover 6514
New-York tribune., 1918-07-24

Silver.-Bar silver in London was
4S%d. unchanged; New York, s9ssc,
unchanged; Mexican dollars, TIC, un-
changed.