davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-10-16
Commodities
In d u s trial
Cotton

While there seemed to be less ner-
vousness> over the international situa-
tion than on Monday, the cotton mar
ket showed further irregularity during
yesterdays trading. There is conflict
of opinion as to Gcrmany's next move,
and the comparatively quiet business
probably reflected a disposition to
await developments In that connection.
On the whole, however, the trade
showed more interest in other factors
than recently and found bearish feat
ures In the census report on domestic
mill consumption, and crop advices,
Particularly from the Southwest An
early break of about half a cent was
followed by recoveries, but they were
rot fully maintained, with the close
barely steady at a net decline of Is
to 81 points,
The market opened irregular at an
advance of 80 points on November. but
generally 8 points higher to 8 points
lower, and was weak right after the
CALL There was scattered Southern
selling, and further selling for Liver
pool supposedly on straddle account,
but the bulk of the demand came from
houses with Wall Street connections
who were probably liquidating long ac-
1920, with active months generally
showing net losses of about As to 50
points before the end of the first hour
Offerings then subsded, and there were
rallies on covering and trade buyinp
which included moderate demand
| from brokers who sometimes operate
for foreign commissions. This demand
was by no means active or aggresaive
and, recovering to about shade over
New-York tribune., 1918-10-16
Advances of War
Finance Corporat'n
Total $43,202,592
Bulk of Loans Made With.
out Medium of
Banks

WASHINGTON, Oct. 15.-The War
Finance Corporation up to October 1
had authorized $43,202,592 in loans, of
which s40,540,500 went to war busi-
nesses without the medium of banks,
although the act under which the cor
poration operates specifies that this
method shall be applied only iii ex-
ceptional cases."
This situation, disclosed to-day in a
report of the corporation to Congress,
explains why Secretary McAdoo and
directors Of the corporation have been
considering asking amendment of the
act to provide that the usual method of
making advances shall be direct to in
dustries and the exceptional method
through banks.
The corporations up to October
had advanced through banks $2,112.000
All loans were secured by collateral
which aggregated $64,033, 900, of which
only 100000 was in Liberty bonds.
Actual payments under the advances
authorized amounted to $24,1S3,000
with the balance subject to draft.
The corporation has declined to make
public the names of interests to whom
advances were made; acting on the as
sumption that it's relations with bor-
rowers we're confidential. Interest
rates charged were not disclosed, al
though it is known number of loans
were made at per cent. The law pro-
vides that the rate on loans direct to
war enterprises shall be at least pei
cent higher than prevailing rates for
discount of ninety-day commercial pa
per. These discount rates are Az per
cent in all Federal Reserve districts
except Richmond, San Francisco and
Kansas City, where they are per cent
New-York tribune., 1918-10-16
Fulton Steel in
Receivers Hands
Action Taken to Prevent Em-
barrassment of Solvent
Corporation

William Nottingham, Harry C. Beav-
ers and Edward Quirk were yesterday
appointed by Judge Augustus N. Hand,
of the Federal District Court, as tenn
porary receivers of the Fulton Steel
Corporation. with joint bond of $685.
600. The receivers are authorized To
continue the business of the corpora
tlon, which in its answer to a creditors
suit brought by the Primos Chemical
Company, of Pennsylvania, admitted its
inability at the present time to paw its
oniigatlons, although it possesses as
sets "nlch at falr valuation are in ex-
cess of its liabilities.
The company was organized in 1917
TO make special steels, such as high
speed alloy and carbon tool steels.
IT was found recently that through
lack of capital and ready cash the com
pany could not continue the completion
OF Its plant at Fulton, N. Y. and that
unless receivers were appointed judg-
ments might be entered against the
company which would embarrass its op-
eratlons. These facts appeared in the
Dill of complaint, and it was also
SHOWN that the assets of the company
at fair valuation were in excess of it's
liabilities, so that the company was not
insolvent, and it was necessary for the
oeneht OF all concerned to continue the
business. The company filed an answer
admitting the allegations of the com
plant and placed its interests under
the protection Of the court.
Plans for a reorganization are al
ready being considered. and it is ex-
pectcd that way will be devised to
pay all the creditors in full and turn
the property back to its owners. Even
in the event of sale by the receivers
the business would be sold as a going
concern. which would result in larger
price than could possibly be obtained
II sold in bankruptcy proceedings.
New-York tribune., 1918-10-16
DR.. w. M. Burton Heads
Standard Oil of Indiana

CHICAGO, Oct 15.-Dr. William M.
Burton was elected president of the
Standard Oil Company Of Indiana, at
meeting of the board of directors to-
day. Mr.. Burton, who was recently
awarded the Walter Gibbs medal of the
American Chemical Society, succeeds
the late Lauren J. Drake. He has
grown up in the service of the com.
pany, the last position he held being
that Of general manager and vice-presi-
dent. A new Office of chairman of the
board of directors was created also,
Robert w. Stewart, formerly general
counsel Of the company, being selected
for that position.
New-York tribune., 1918-10-16
Colombian Gold Deposits

Coal has been found in the Cauca
Valley of Colombia in commercial
quantities, according to report made
to his government by the British con-
sular agent at Buenaventura. The miles
are located on the western range tow
ard Popayan, south of Cali, at an alti-
tude of $500 feet. Five or six mines
are in operation, with a total monthly
output of about 5000 tons. The dis
tance from the mines to the seaport is
q little over 100 miles. Some coal has
been shipped lately to Ecuador and
Peru, but the lack Of facilities for ship
ping at Buenaventura is a bar to the
development of this trade.
New-York tribune., 1918-10-16

A Million Dollar Club

W1P1NG out the great deficit in New Yoks aggregate of loan
" subscriptions is the main city
The members Of the New York Produce Exchange yesterday
introduced novel method Of achieving this purpose One
hundred floor members organized Million Dollar Additional
Club and each took $4,000 of the securities
Other large subscriptions announced loan rally the
grain market the New York Produce Exchange
$10OOOOO Edward F. Luckenback $1000000 the Battery
Park Bank $25oooo; the Armour Grain Company $2OooOo
the American Cotton Oil Company $10oooo
Oil Company, 100000, and G. T. Hay, $50,0O0
During the afternoon $50 raised making total
during the campaign of s1735o for the exchange of
quota of $150OO,00O
New-York tribune., 1918-10-16
News Digest
Foreign

London Market Quiet but Confident.
LONDON, Oct. is. - President Will
sons reply to Germany's peace note
had little effect on the markets and
the stock exchange to-day, which con-
tinued quiet but confident. There was
profit taking on consols, but steady
support was given other gilt edged
securities. There was increased busl-
ness in shipping shares, Marconi's
and industrials. Munition shares were
easy as result of fears of decreased
profits. Money was in good demand
and discounts were steady.
The sales of war bonds last week
amounted to $4,000, 900.
New-York tribune., 1918-10-16
New York

State Bankers Committee Elected
AT the annual meeting of Group
Eight, of the New York State Bankers
Association, held at the New York
Clearing House to-da. the following
officers and members of the executive
committee were elected:
Chairman. Gates w. McGarrah; Sec
Howell, and other members-Willard
V. King, james N. Wallace, Henry J
Cochran, Samuel H. Miller, Herbert X
Twitchell, and William A. Simonson.
New-York tribune., 1918-10-16
Marine Meeting Tomorrow
Mexican Petroleum Goes Higher

Mexican Petroleum Goes Higher
Mexican Petroleum made new stock
market history yesterday when it sold
to high record price of 144%, on
dealings of approximately $4,000
shares. After an early reaction to
1874 this issue developed pronounced
strength and forged steadily ahead,
closing the day with burst of bull
ish enthusiasm In the course Of a
fortnight Mexican Petroleum has risen
approximately 35 points. The higher
it goes the greater becomes the diff
Guilty in finding satisfactory explana-
tion. Granting that the property has
great possibilities, many traders are
asking the question why the stock
should so suddenly burst into specula-
tive activity after months of stagna-
tion. In some quarters there is dis
position to attribute the current move
to the small floating supply of the
stock. That. however, does not satisfy,
for it does not explain where the buy
ing is coming from and why there is
such an unusual demand for the stock.
T. pool is operating in Mexican
Petroleum many folks would like to
know where the managers are getting
the money to finance the move.
New-York tribune., 1918-10-16
, u s t e n a n ce
Cereals

Wheat:-Comparatively little change
occurs IN the wheat position from day
tinue liberal and the already huge
stocks are being steadily enlarged. Ex-
ports are being maintained on fair
oasls, although it is the general opinion
mat shipments are not keeping up with
the export programme on account Of
the tremendous demand abroad for
military supplies of ell kinds. which
require a1arge percentage Of the ton
mage aveaable. News on the foreign
crops indicates. good yields in both
New-York tribune., 1918-10-16
Money and Credit

Offerings of call money were fairly
liberal at the Stock Exchange yester-
day, although the ruling rates were
unchanged at to e1s per cent. The
bankers money pool has put out sub
stantial volume of call loans this week.
The market for fixed date funds con-
tinues dull. The banks are reluctant
to place any new money and in most
cases are requesting the payment of
maturing obligations. The demand for
time money is light, as borrowers have
begun to realize that it is useless to
seek funds of this character until after
the Liberty Loan campaign is over. :
Ruling rates for money yesterday,
compared with year ago, were as
follows:
Yesterday. Year ago.
Per cent. Per cent.
CHN
New-York tribune., 1918-10-16
Yesterday's Mon

The local market for spot cotton was
quiet and 80 points lower, at 32.3Oc for
middling upland, compared with 31.5Oc
the day before and 28.45c the year be-
fore. There were no sales of spot.
Southern spot markets follow: GAL
weston steady. unchanged at 32.50c;
sales, 1,10O bales; New Orleans steady,
unchanged at 30.75c; sales, 1855 bales.
Mobile nominal at soc; sales nil. Sa-
vannah steady, rs points lower, at
30.25c; sales, 1859 bales. Norfolk
steady, 25 points lower, at 30.25c;
sales, 454 bales; Augusta teady, IL
Memphis steady, unchanged at 31.50c;
sales, $50 bales. Houston steady, rs
points lower, at 32c; sales. 1,619 bales.
Little Rock quiet, unchanged at 31.50c;
sales, 344 bales.
YaStnrdan,,a nn44or .4a4:.4:. I'll.
New-York tribune., 1918-10-16

ANDREW J. MCCORMACK. Aucuonee,
REGULAR AUCTION SALE
STOCKS AND BONDS.
BY ADRIAN II. MULLER r. SON
OFFICE. 55 WILLIAM ST
"EDN ESDAY. = 3a OCT. 16. 1918.
EXCHANGE SALESROOM
NOS. IA AND l6 vESEY STREET
For Account Of Executors
shs. Hudson Trust Co.. n Y
For Account Of Whom 1t May Concern.
shs. United Gas Electric Corpn. Conn }.
$50 shs. Illinois Zinc Co ~ >o"A''
$50 shs Liberty Farms Corpn prefd.. v rC
250 shs. Liberty Farms Corpn common v. T. G.
5000 shs. Seaboard Oil Co - C
S1Ao fromissory note made by VIM r Cooper &c
A b. Chamberlain. dated July 3, 1917.
due on demand
New-York tribune., 1918-10-16
FINANCIAL MEETINGS
NOTICE TO STOCKHOLDERS OF THE
CANAL STREET BUILDING
CORPOR ALTON

Special Meeting of the Stockho1dsr.
of the Canal Street Building Cornopat;on
viii be held on the 14th day OF Noyem-
Der, 1918, at eleven o'clock in the fore
noon, at the office of Pratt & McAlpin. No
6S William Street. Borough of Manhattan'
City OF New York, for the purpose OF vot
ing upon proposition to increase the
capital stock Of the corporation FROM
100000. consisting OF four thousa nd
shares of the par value Of 500 each. to
SalV.o00, to consist OF four thousand
shares of common stock OF the par value
OF 800 each and one hundred shares of
preferred stock OF the par value OF 500
each %SS
!. Dated, New York City, October 18Th.
1918.
PHILIP A. RORTY.
DANIEL r. BACON
BENZ. b. M'ALPIN
Majority OF the Board OF
Directors
New-York tribune., 1918-10-16
Mondays final figures, the market
eased off again, with late fluctuations

Irregular.
The census report showed domestic
mill consumption of only 49O,779 bales
for September, against 522,389 for that
month last year. Curtailment of pro-
duction has been increased since the
first of this month by the epidemic of
influenza, and the October figures are
expected to make a still less satisfac-
tory showing. A Southwestern au-
thority estimates the condition of the
crop at 54.8, OF shade better than
at the end of September, and places
the indicated yield at 11,698,000 bales,
were 13,843 bales, making 740,642 so
far this season, against 1,058,963 last
year. Southern spot markets. as Off
cially reported, we're 25 points higher
to Is points lower, generally unchanged
tn rs points lower.
The range of prices follows:
New-York tribune., 1918-10-16

The above rates express the cost of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say, $4.7545. The intrinsic
parity is $486% per pound. Thus you
say either that pounds are at 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 &C
counts in England
New-York tribune., 1918-10-16
DIVIDEND NOTICES
FEDERAL SUGAR REFINING @

October Is, 1918.
The regular quarterly dividend Of one
and One Half Per Cent (1hTe) on the Pre-
Yerred Shares of this Company will. be paid
November l. 1918. to stockholders Of record
al the close of business October 10, 1918,
transfer books viii not close.
PIERRE ]. SMITH, Treasurer.
New-York tribune., 1918-10-16
Dividends
Extras

Extras
Charleston Cotton Mills Corporation.
Ext dividend of 3 per cent in ad-
dition co the regular quarterly dividend
of per cent, both payable November
l to stockholders of record October ID.
Everett Mills.-An extra dividend of
dtion to dvdend s eI of So ner IN shara
both payable November to stockhold-
ers of record October 18.
New-York tribune., 1918-10-16
Elections

Joseph Walker, jr., of Joseph Walker
& Co., has been elected weep president
of the Empire City Savings Bank, sue
ceeding j. c. Watson.
New-York tribune., 1918-10-16
Corporate Returns
Central Vermont Railway Company

Central Vermont Railway Company.
Annual report for the year ended
December 81 discloses gross earnings
of $4,816,577, compared with $4,725.S40
for the fiscal year ended June 80, 1917.
After expenses, taxes, etc, of $4,23o,-
$40, net amounted to $685., ,724, against
$82S,652. Other income of $153, ,7zA was
added to this amount, bringing the
total income to $739,472. Charges Of
S894,201 were made, leaving a deficit
for the year of $154,729
Portland Railway, Light and Power Cemr.,~
August gross. S67i .o67 Inc. Stes s,s
Surplus after ch'ees. 2a,1e7 Inc n7S
Eight months gross. 7.13t.35s Inc .a4s 30
Surplus .........,.. 4ea. .7os Inc. s's4s
Cuba Rsilzo.d Company
1913 1917
August gross ..a1 ,o17o27 ssSa afs
Surplus after eh'Ees. f6t,567 Sx scs
Two months gross. 2,o93,12e fses $50
Surplus ........ 462,41a s2n' aos
Tennessee Railway. Light and Power e.
August gross $64o,8o2 Inc. est -s,a
Surplus after eh'ges. 47.o2s me 90
Twelve months gross $500, 11e Inc AfSsSs
surplus '........... 2o1, ,%2B Dec 9iS 80
Conhsonws.lsh Power. Railway and rs-s.
Company Systesn 1"'
Au9uss gross 81 .ee2 .o21 Inc. sx7z oos
WE'VE months grosa21 ,16a ,e4e Inc =. .es1's IA
surplus '''''....... f,as7,ey1 pee.f.i3xS SiA
New-York tribune., 1918-10-16
Relevant Comment
A Backfire in Studebaker

Market observers said the action Of
Studebaker common stock yesterday
indicated further drive against the
shorts in that issue. 1t was one of the
five most active shares traded IL and
advanced 5B points to G6 on turn
over of approximately $4,000 shares.
For long time Studebaker was looked
upon by the speculative element as
a plum tree on the short side. A huge
short interest was built up as a
result Of the decline that carried
the stock below 40. 1t is intimated
that some of the operators who sold
Studebaker for the decline failed to
cover at the proper time and have
since been paying the penalty.
Wilson Comes to Life
Wilson & Co. stock rose s points
yesterday to Sc on dealings of 900
shares. The move was associated with
Washington advices to the effect that
pany charging the sale of tainted meat
to the army and navy camps had been
dismissed. Another factor was the an
nouncement from Chicago that Food
Administrator Hoover has called on
the country's meat packers to supply
2 10000 tons of meats and fats to our
army. the Allies and neutrals before
july /. 1t is expected that this COM
pany will bring out an issue of new
securities shortly after the Liberty
Loan campaign is ended.
Money Rumors
In market circles reports were in
circulation yesterday that the bankers
money committee, which imposed
rather severe restrictions upon the
credit supplies last month in order to
curb overenthusiastlc spectators, was
considering letting down the bars in
the course of the next few days
Bankers in a position to know claimed
to be without information, although IN
many quarters the opinion was eX-
pressed that somewhat easier money
might be expected after the Liberty
Loan campaign is over. 1t was not
felt, however, that the bankers would
do anything to encourage an expansion
in speculative operations.
Marine Meeting Tomorrow
The finance committee of the Inter
national Mercantile Marine company
held regular meeting yesterday after
noon, at the close of which director
said that with the exception of few
minor details the plan for the sale OF
the corporations British tonnage haG
been completed The regular monthly
meeting of the board OF directors will
be held tomorrow. 1t is possible that
an official statement of the plan will
be made at that time Marine issues
were active in yesterdays market. The
preferred issue after selling up to
12Oas, a new high for the current move
ment, reacted to 1858 and closed PA
points off at 117h. The common stock
sold up to 31h, but subsequently de-
clined in sympathy with the preferred
closing at 30A.
New-York tribune., 1918-10-16

The Federal Reserve Bank of New
York has put in force the following
schedule of rediscount rates which ap-
ply to bankers ccceptances: Maturities
up to Is days, 4 per cent; 16 to 60
days, inclusive, AZ per cent; 81 to 80
days, inclusive, AZ per cent.
Bank Acceptances.-Rates yesterday
were unchanged as follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent.Per cent.Per cent.
E ! igible
m m bel
ba KS. .4M@4 4ss@414 47a@414
e ] igible
non-mem-
Der banks.4I4@41s 49s@4A 4ss@4s
Ineligible
bank billssA@4 5M@474 5M@4a4
For delivery within thirty days:
! Per cent.
Eligible member banks. ......... 4I2
Eligible non-member banks. ... 45h
Ineligible bank bills. 6
Bank Clearlngs.-Bank clearings yes
terday in New York and other cities
we're:
Exchanges. Balances.
New York %. $685. ,37Y,821 $63,366, ,749
Boston ....... 64,056,702 13,693,594
Philadelphia. 72,4os,5es s,13e,e45
Silver.-London, 491d, unchanged;
New York. 1o1 hc, unchanged: Mexican
dollars, 7Sc, unchanged.
Sub-Treasury. The banks lost
$4S7,000 to the Sub-Treasury yesterday.
Oct. 15.-Money 3 per cent Dis.
count rates: Short three-month bills,
3 1882 per cent. Gold premiums at
Lisbon 1870.
New-York tribune., 1918-10-16
Consumer Power Company

Consumer Power Company
August gross ....... $s3e.7oa Inc $es,s77
Surplus ............ 1870 Inc. 20o
Twelve months gross 6.235. .442 Inc. $4,000
Surplus after ch'ges. 1.426.525 Dec 126,91s
Columbus Railway, Power and Light Co.
August eross.. ...... SS43.77o Ino Ss,e21
Surplus after ch'ges. 2o,2o2 Dec. 2o25e
Twelve months gross A,24o. t46 Inc. 41B,161
Surplus ............ 622,t12 Dec. 100 ,S73
New-York tribune., 1918-10-16
Dollar in Foreign Exchange

Swiss exchange displayed pro-
nounced weakness again yesterday in
this market, falling to level Of 8
francs to the dollar, compared with
4.94 on Monday. Other neutral ex-
guilders dropping to 42% cents for
checks.
Closing rates yesterday, compared
with week ago, follow:
Quoted dollars to the pound.)
New-York tribune., 1918-10-16

quiet. is Points higher at 22.a5 for for
middllng Gn, ar and 21.ss for good middlipg.
nj. Futures opened steady, at 23 to
36 points advance. Closed steady AZ -
net advance of 81 to 48 points o..
tober, 22.26; November, 21.52: Decem.
Der, 2o.85; January, 2o.45; February.
2o.ol. Manchester: Yarns, quiet and
firm; cloths, dull. """
New-York tribune., 1918-10-16
Telephone
Hanover 65f4

Federal Reserve banks on commercial
paper for all periods up to ninety days:
New-York tribune., 1918-10-16

Commercial Paper.-A moderate vol
ume Of business Is moving on 8 per
cent basis for the better class of paper.
Brokers say that the present demand
about absorbs the supply.
Discount Rates.-Ths following table
gives the current rates Of the twelve
New-York tribune., 1918-10-16

A well known economist was asked
yesterday for his opinion Of the
probable effects of peace on the stock
market. He answered without hesi-
tation that there would probably be
a very general advance, with only q
few issues declining. He based this
prediction on the assumptions that
the depressing weight of new gov
ernment security issues would be re-
moved or become less onerous; that
money restrictions, if not removed,
would at least be modified, and that
no general debacle in industry was
to be expected. The repressed de-
mand for goods in this country, COM
bined with the reconstruction de-
mands from Europe, would, he be-
lieved, be sufficient to keep our in
dustrial plants going at, or close to,
top speed. The chief problem, as he
viewed it, will be to find a method of
financing American exports to the
devastated countries. But that is a
problem which probably will be
solved with ease when it arises.
New-York tribune., 1918-10-16

There are many reasons why cor
porations and other business con-
Germs find it advantageous to buy
Liberty bonds, but one reason upon
which little emphasis has been laid
is that upon the success of the loan
depends their ability to obtain the
financial assistance they will require
when the campaign is over. If the
banks should be compelled to take
an unduly large share of the bonds,
their facilities for extending credit
would be seriously impaired, and
the Federal Reserve Boards cam
paign for the curtailment of credits
for non-essential purposes might be
so extended as to make it practi-
calry impossible for such businesses
to obtain the funds that are vital
to their very existence. Moreover
much new corporate financing
awaits on the flotation of the loan
/ 1t has been~-postponed voluntarll,
in some cases and in others by &C.
tion of the Capital Issues Commit
tee. If the loan should be anything
but an overwhelming success, all thi.
financing might have to be indefi
nitely deferred, if not abandoned
Capital could not be obtained ex
cept at price no solvent borrowe,
could afford to pay.