davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-12-20
Million Dollar
Trust Company
Now Organizing
N. Y. Title & Mortgage Co.
Preparing to Broaden
Scope of Its Operations by
Launching Big Enterprise

The directors of the New York Title
and Mortgage Company are organizing
a trust company under the name Of the
American Trust Company. with cash
capital of $1,00O,O0O and paid-in
surplus of 5000, ,OO0,s it was announced
yesterday. The stockholders will be
asked to give formal approval to the
programme of the board of directors
and the executive committee at a sbe-
cial meeting called for December 26
"Thc directors and officers of the
company" according 70 statement
given out, "havc been considering
broadening the scope of it's opera
tions to embrace q general banking
and trust business in order to meet
the requirements of its ever increas
ing clientele. They have decided that
additional service, and only the con-
dtions brought on by the war deferred
them from sooner taking action. They
now feel that times warrant their pro-
StcQlHS VIII CliC pan, dItu Glc
organizing a trust company which will
also offer banking facilities. BY 30
doing they are providing for their GUS
toners ani connections in the title
and mortgage business the additional
service. to which they are entitled and
for which the demand has long seemed
to exist"
Among the incorporators of the
new company are Harry A. Kahler.
president of New York Title and
Mortgage Company; George T. Nor
timer, president Of Equitable Office
Building Corporations; George Ia
brlskle. of the firm of Zabrskie. Sage,
Kerr q Gray; William f. Harmon,
Mood, Harmon & Co., real estate;
waiter Fl. Beanett, vice president OF
american Exchange National Bank:
Edward NJ. Burghard, attorney;
Orion II. Cheney, president of Pacific
Bank, and formerly New York State
Superintendent of Banks; Charles I.
Obermayer, president of. Greater New
YORK Savings Bank; Morgan T.
O'Brlen, O'Brien, Boardman, Parker.
Harper & Fox; ex-senator James A
0'Gorham, O'Gorn4an, Battle G. Van
diver. OH
New-York tribune., 1918-12-20
Officers for Steel Combine

Announcement Of the names of the
officers OF the Independent Steel Prod
ucts Company, a combination of the in
dependent companies for export trade.
will probably be made this afternoon
after a meeting of the organizers. The
bellet has become prevalent that Z. A
;. Clarke, president of the Lackawanna
Steel Company, will be the chief Officer
OF the new company. At Mr.. Clarke's
office It was said that no attempt
would be made to anticipate to-day's
announcement. but neither confirma-
tlon or denial of Mr.. Clarke's election
as president was forthcoming. How
ever, the rumor that Mr.. Clarke had
already severed his relations with the
aetariysa maeSawanna ma Steel Steel Company was char
New-York tribune., 1918-12-20
Pig Tin Allocated
10000 Tons To Be Distributed
at From II IA to 72l.2 Gents

Announcement was made yesterday
by the sum- committee on pig tin of the
American Iron and Steel Institute that
the War Industries Board has allocated
to the tin trade approximately 10000
gross tons for distribution in this
country through the United States
Steel Products Company. The price
at New York and Chicago will be 72H
cents pound while at Pacific Coast
ports it will be IL cents pound
1t was also announced that these
rrlces, which had been fixed for De-
cemher and January. will be continued
until all the tin allocated has been dis
tributed. The price Of the tin as fixed
includes the estimated overhead cost
from the port of shipment to delivery
FONTS IN the United States; also ocean
freight, marine and war risk insurance.
interest, railroad freight, storage,
weighing and all other charges.
New-York tribune., 1918-12-20
Old Jobs for Soldiers

1t was announced last night by tae @
National Surety Company and 'ns
Guaranty Trust Company. that aii . o.
their employees who had gone into .ns s
service of the government during shs
war, would be given their former posa,
tions, in recognition of their patrlo''
spirit.
At the National Surety Company SD.
ty-seven of the home Office staff became
soldiers or sailors. Of the Guarsn.'
Trust Company staff sos OF the en- en-,
ployes enlisted, and of these fourier"
were killed or died while on auss'
eleven were wounded and one IS "'''
ing.
Both of the corporations decla,e
that the great boom expected in Anss'a
ican business viii enable them TO M ~
places for the returning men ana w w
war substitutes taken on to MI Wv
vacancies.
New-York tribune., 1918-12-20
Quashing Il Rubber Runner

Samuel P. Colt, chairman of the
board of directors of the United States
RUBBER Company, authorized the fol-
loving statement yesterday: There
is absolutely no truth in the report
which am told is in circulation in tho
financial district that the American
international Corporation has bouoht
privately large blocks of the stock Of
the United States Rubber Company
and IS adding to its holdings through
purchases IN the open market, with a
slew y 10 IS securing control of the com
pany. Rubber common has been one
OF the strongest of the industrial gromn
IN recent weeks. S"p
New-York tribune., 1918-12-20
b. & q. Declares
Dividend Delayed
Since September
Disbursement Of 2 Per Cent
on Common Stock Con-
ditioned Payment of Com
pensation by Government

The Baltimore and Ohio Railroad
Company announced yesterday that
the directors had declared semi
annual dividend of per cent on the
common stock, payment to be made
On February 1, 1919, provided the nee
essary funds are received from the
government on account Of com.;ensa-
tlon on or before that date" This is
the dividend that would ordinarily
have been declared payable on Septcm-
Der l last, but was postponed owing
to uncertainty over the roads COM
pensation under the government guar
antee.
Declaration of the per cent divi-
dend, compared with 2h per cent the
last previous distribution, lmakes a
total of 4 per cent declared on the
common stock for 1918, contrasted
with per cent paid in 1917, 1916 and
1915. In 1914 the common dividend
was 6 per cent.
An official of the company stated
that the negotiations with respect to
the contract with the government have
not been concluded but have pro-
gressed sufficiently so that the income
tor the current year may be approxi-
mated. The estimated compensation,
together with the incorporating in
come, gives a total to December 81 of
$33,300,000. From this is to be de-
Quoted corporate expenses, rental, in
terest and other items oppreximating
S22, 100000, in addition to $2,354,OO0
for preferred dividends, leaving bal
ance of $S,846,O00.
From this sum-" the company off
cial said, "there must be deducted the
SDecial income or war tay undor pord
ing legislation, which, while not = at
present determinable, may require the
payment of something over $1,000, 900.
In order to meet such tax and to main
tain reasonable surplus the board
determined it was advisable to contine
the dividend declaration on the com
mon stock at this time to per cent"
New-York tribune., 1918-12-20
Raise in Surplus
Of Federal Banks
Urged by Harding
Increase to 100 Per Cent Of
Paid-ln Capital Stock Of
Reserve Institutions Is
Suggested by Governor

WASHINGTON, Dec 19.-Appearing
before the House Banking COMMITTEE
60 day in support of Chairman Phs
ian's bill to amend the Federal resere
act. Governor Harding, of the Federti
reserve Board, urged immediate legs
lation authorizing an increase of FED
erai banks, Governor Harding said, the
thelr pald-ln capital stock.
Although profit is not and should
not be the primary object Of The Fed.
eral banks surplus to 100 per cent 0,
banks activities have been so remuner-
atlve that several banks, if the pro
posed legislation is authorized would
nave 100 per cent surplus on January
l and that all would have that surplus
by next July i.
Goevrnor Harding explained that
additional security for the S25O0,0Oe-
Gee of outstanding Federal resere
notes, as well as an increase in tn.
Federal system TO compete with for
elgn financial concerns in future insa''
ing, would be made possible the legs
lation.
THE board views with some conceil
the large amount of outstanding Fsd'
eral Reserve notes. the witness sad
but the banks have been obliged .
support the government n its f1sns
ing, and We now hone we can redua
the outstanding notes"
Federal Reserve banks earnings
Governor Harding said. cannot Dc
deemed as any considerable asset TOW.
ard paying off the national debt, noS
about 100000, Such earnings
he declared, would be mere bags'
telle."
IN urging legislation for the surplus
increase, Governor Harding said ,ns .s
Federal banks capital and surplauHs
row aggregates about $500 oOVpwa'
while that of the Bank of Englsna
alone is $97 600 600.
New-York tribune., 1918-12-20

Railroad stocks We're subjected to
special pressure in an otherwise
dull market session, and losses of a
point or so were common in the
closing hour. While the selling was
mainly professional, it was indica-
tive OF Wall Streets present state
of mind as regards the future Of the
railroads. The increased offerings
Of the rails conceded with the re-
ceipt of Washington reports, quot
ing Director General McAdoo as
predicting lower freight rates in the
event that the five-year control
legislation which he advocates is
enacted, and at the same time insist
ing that railroad wages must not
be reduced, even though the roads
are returned to private control
New-York tribune., 1918-12-20
Why Distillers Dropped

Action of the Distillers' Securities
directors on dividends yesterday was
in line with expectations, an extra Of
l y per cent being declared. in
addition to the regular ouartori,,
disbursement of " of / per cent. The
directors issued statement after
their meeting, which said: "A general
discussion was had regarding the fur-
ure business of the companies, but
nothing definite can be given out for
puolicatlon.' Dlstlllers' stock lost / "a
New-York tribune., 1918-12-20
A Christmas Sale in Liberties

One reason advanced yesterday by a
banker to explain the recent liquida-
ton IN the fourth Liberty loan Az per
cent bonds was that holders of moder-
ate amounts were selling to obtain
ready cash with which to do their
Ghrlstmas shopping The issue yester-
oay declined to the new low record
Price OF 94.74 on the Stock Exchange.
me total turnover for the session ex-
tseoed .9I'ooo,o0o. In other quarters
the selling was attributed to the desire
OF holders to establish losses in an
tlclpatlon of payment of income taxes
New-York tribune., 1918-12-20
Swedish Finance

The national debt of Sweden has in.
creased from l,054,110000 crowns ir
1912 to 1,240, ,490, 900 crowns at the enc
OF 1917 (s2S2 ,501,4 to 1892, 2,451,S20)
During 1917 the state revenue wa.
ar ,0S2,000 crowns and expensA 534..
100000 crowns (Sll1,777.976 anT $i43'.
2SS,S80). During the year the ,ovcyn.
,nent borrowed 100000 0o0 crowns IRON
xhe banks for financing the various wal
snd relief Committees.
New-York tribune., 1918-12-20
Expect Cessation of Central

Representatives of copper producers
who have been requested to attend to-
days conference with the War Indus
tries Board in Washington do not look
Tor any development except officiai
notification that all price restrictions
VIII be removed after January |. II IS
also expected that the committee of
producers which has been allocat;ne
the metal to consumers will he d;e7
banded on December 81. o''
New-York tribune., 1918-12-20

The above rates express the ccst of
foreign money in terms of the Amer
lean dollar. You buy an English pound
sterling, say, at $475S5. The intrinsic
parity is s4.S6 IS per pound Thus you
say either that pounds are at dis
count or that dollars are at 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 country
for pounds with which to settle ac-
counts in England
New-York tribune., 1918-12-20
Liquidation in fractions

Liquidation in the New York trac-
t'on issues continued yesterday amid
further reports of an unfavorable
character regarding the future pros
poets of the principal companies.
Brooklyn Rapid Transit was again
MADE the target of the bears and it
opoke e to 2SA, the lowest price since
lsoI, when the selling was provoked
;argely by the difficulties of a Stock
the securities. ~
New-York tribune., 1918-12-20
Austrian Crown at Low Point
Ncac York T rib II n G
FOrCtUn Press Buronu

Nclr York T r / b an .
Foreign Press Bureau
The enormous depreciation of the
Austrian currency is evident from a
table printed by the "Frankfurter
Zeitung" of November 27. After saw
ing that German currency itself ranges
from 32 20 49 per cent below par. as
compared with the currencies of hos
tile and neutral countries, the paper
shows that the mark stands at a pre-
MUM of ID per cent above the normal
exchange rate of the Austrian crown.
New-York tribune., 1918-12-20
Relevant Comment
Suspended

The withdrawal of gold coin from the
Sub-Treasury and the banks to be used
Tor Christmas gifts is being discour-
aged. Those requesting coin for this
purpose are being asked TO make their
iLohuses or gifts in the form of new
banknotes, of which there is great
supply. = ~''
New-York tribune., 1918-12-20
Money and Credit

Continued ease reflected in the call
money market yesterday, where the
ruling rates were AZ to per cent.
Some loans were placed on per cent
basis.
Offerings Of fixed date funds were
! beral, with much of the money coming
rom interior institutions which have
been active in this market for fort
night past. Some short loans have
been placed this week at 5la per cent,
although the average of the market is
around per cent.
Ruling rates for money yesterday,
compared with year ago. were as
follows:
New-York tribune., 1918-12-20
\ &rday. Year ago.
Peg cent. Per cent.
money

Commercial Paper.-Easier money
conditions is reflected in commercial
paper, where the better paper is quoted
at 5s4 to 6 per cent for sixty day ma
turtles. Country banks are the prin-
ciple buyers.
New-York tribune., 1918-12-20
The Dollar i'm Foreign EXCHANGE

A comparatively small volume OF
business was done in the foreign ex-
change market yesterday. Rates on
London were strong.
Closing rates yesterday, compared
with a week ago. follow:
(Quoted dollars to the pound.)
New-York tribune., 1918-12-20

Federal Reserve banks on commercial
paper for all periods up to ninety days:
New-York tribune., 1918-12-20

The Federal Reserve Bank of Nav
YORK has put in force the following
schedule of rediscount rates which ap-
ply to bankers acceptanccs: Maturities
up to Is days, per cent; 16 to SO
days, inclusive, dA per cent; 61 to SO
days, inclusive. AZ per cent
New-York tribune., 1918-12-20
Nom iral.

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 Mirt
New-York tribune., 1918-12-20
Banking Facilities in Belgium and AIsace Lorrsin.

THE FARMERS LOAN AND TRUST COMPANY
has maintained throughout the war. Offices in France !,
the War Zone occupied by the American Forces in aJG
ton to those in London and Paris maintained for the past
twelve years
The Paris Office following up the advancing armies
through the recently reoccuped Countries Of Belgium and
AsaceLorraine. has completed banking arrangement,
with its correspondents that payments may be mad.
through recently reopened Banks in Brussels Antwerp
and about forty other places in Belgium, also in Luxem
burg and in Metz Strassburg and twenty other points
throughout AlsaceLonaine.
The Farmers Loan and Trust COMPANY
Nos. 16, 49, 20 & 22 William Street
Branch Office: Fifth Avenue at list Street
New York. N. Y.
LONDON rARS BORDEAUX
ST. NAZARE NEUFCiAIEAL
New-York tribune., 1918-12-20


days, inclusive. AZ per cent.
Bank CIearings.-Bankc clearings ses-
tcrday were: -
Exchanges Balances.
New York .$618,64t,596 71.445, 176
Baltimore -. 15,124,291 5,169,631
Boston 1000. 6O,e78,s41 12,45o,616
| Philadelphia. 7O,215,O95 11,32o,O41
Pittsburgh -. 22,854,531 7,879,261
Silver.-London, 4Si5, unchanged;
New York, 101lA, unchanged; Mexican
dollars, 771ac, unchanged.
Sub-Treasary. The Sub-Treasury
lost $4,116,000 to the banks on Wcdnes-
day.
Gold to South America.-Gold coin to
the amount Of 100000 was withdrawn
from the Sub Treasury for shipment
to South America.
Bank of England.-LONDON, Dec. 10,
The weekly statement Of the Bank Of
England shows an increase in gold hold
ings of fS74,245. The proportion of
reserves to liabilities stands at 1926
per cent, compared with 1888 a week
ago. The statement with the changes
from last week, follows:
Gold ..... s78,604,711 Inc. s874,245
Reserve .... 2S,191,OOO Dec. $4,000
Notes res'ved 27,465.O0O Dec. $4,000
Circulation. 68963,OOO Inc. Ass 600
Public depos. 28,S69,OO0 Inc 1,450,oOO
Other depos. 143 $4,000 Dec o,115,OOO
Gov. sccurt's 69,257 GOO Dec. 4,429, 900
Other secur.. 93,2180Q0 Dec. 1858, 900
Bank of France.--PARIS, Dec. 19s-
The Bank of France statement, with
the changes from last week, follows, in
francs:
Gold -. 5,471,57e,ooo Inc, 1000
Silver -. 319,503,0OO Dec $4,000
Griffin. ...2s, ,2S1 100000 Inc. 242, 1897 900
Gen. dep. 2,451,671 900 Inc. e3,584,ooo
Bills disc
& adv. 3,22e, ,7sa,o ,ooo Inc. SO, ,12e,ooo
Treas dep. 41,132,ooo Dec. 1856 AIS, 900
London Money Market.-LONDON
Dec. 19.-Closing: Money, 3 per cent;
discount rates for short and three
months bills, 3 1882 per cent; gold
premium at Lisbon, 1890.
The Dollar in Foreign Exchange
A comparatively small volume OF
business was done in the foreign ex-
change market yesterday. Rates on
London were strong
Closing rates yesterday, compared
with week ago, follow:
(Quoted dollars to the pound.)
WnsL
New-York tribune., 1918-12-20

Bank Acceptances. There is a
broader demand as result Of the
easier call money situation. Rates yes
terday were unchanged as follows:
Thirty Sixty Ninety
Spot de- days days. days.
livery: Per cent.Per centPe. cent,
z g ole
n, m b er
:, banks. .4h@4 4h@4h 4f@4.4
6 b le
non-mem-
Ineligible
bank bills.5A@5 sIz@s sH@s
For delivery within thirty days:
Per cent
Eligible member banks ak
Eligible non member banks. 49,. 4Is
bank bills ls.e
DISCOUNT Ra'cs. Tie following table
gives The current rates os the twelve
New-York tribune., 1918-12-20

London Money Market.-LONDON
Dec. 19.-Closing: Money, per cent;
discount rates for short and three
months bills, 1882 per cent; gold
premium at Lisbon, 1890.
New-York tribune., 1918-12-20

Bank CIearings.-Bank clearings ses-
New-York tribune., 1918-12-20
Wealth Markets and Commerce
Finance Economics

NEE OrflCE Telephone
DuH"ns, ID brOao St Hanover 65t4
New-York tribune., 1918-12-20
Bank of OBSERVATION-DISCLOSURES. Dec /!

The weekly statement of the Bank of
England shows an increase in gold hold
ings of 9S74,245. The proportion of
reserves to liabilities stands at 1926
per cent, compared with 1883 a week
ago. The statement, with the changes
from last week, follows:
The Barre daily times. (Barre, Vt.) 1897-1959, 1918-08-12
DISEASE SPREAD BY ANIMALS
Scientists and Physicians Have Pre-.
pared Strong Indictment
Against the Beasts.

Although animals are not affected
by the sickness and communicable dis.
eases Of man, yet, for some unexplain-
able reason, the scientists and physi.
clans declare that a whole host OF
ofttimes fatal ailments Of mankind are
traceable to the beasts, says Popular
Science Monthly.
The horse is blamed for spreading
CHAMBERS, rabies, lockjaw and other dis.
eases of FIVE or more syllables. Dogs
and cats are branded as the circula-
tors of rabies, parasitic worms of diff
ferent kinds, fleas and ticks.
The COW is the worst offender. The
list Of diseases laid at her barn door
is headed with tuberculosis and grows
constantly more bloo6.curdling. until
we wonder why physicians and sclen-
lists consent to the use of milk. butter
and cheese which still lead the dieti-
tians' list of nutritives.
Rats, squirrels and feas spread the
bubonic plague. We are prepared to
believe that lice and bedbugs, flies and
mosquitoes are the rapid transit lines
for yellow fever and malaria. We are
willing to forego the luscious oyster
all the year around, If need be, to
avoid typhoid fever.
The Barre daily times. (Barre, Vt.) 1897-1959, 1918-08-12
FARMER PROBABLY DROWNED.
John Kehoe Goes Fishing-Hours Later
Empty Boat Discovered at Anchor.

Shelburne, Aug. l2.--Mystery sur
rounds the disappearance Of John Kehoe,
aged 40, farmer Of Richmond, who was
last seen fishing from boat anchored in
the center Of the southern end Of Shell,
burne pond late Saturday night. 1t is
feared that he has been drowned and
all yesterday afternoon parties were
dragging the bottom but located nothing.
The man, who formerly resided in
Shelburne, came from Richmond Satur-
day evening with his fishing tackle. He
stopped at store and purchased some
tobacco and lunch and said he was going
fishing for horned pout.
He got a boat and rowed out from the
shore and that was the last time he was
seen. Sunday morning his boat was dis.
covered anchored half way across the
south end, but without any occupant.
The boat was all right and the oars were
placed on the seat as if Kehoe was
through rowing
Whether he lost his balance when he
threw over the anchor or If he was fish
ing and became dizzy and in that way
fell into the deep water is not known.
The pond is being dragged again to-day.
John Kehoe was single man and re-
sided in Richmond with q brother and
two sisters, Michael Kehoe, Margaret
and Elizabeth Kehoe. He also has an.
other brother, Edward Kehoe, at st.
George, and sister, Mrs. Mary Ring Of
Montpelier.
The Barre daily times. (Barre, Vt.) 1897-1959, 1918-08-12
CHINA LOSING TRADE IN TEA
General Opinion That Scientific Guilt.
walton of the Plant Has Been
Begun Too Late.

China's tea trade is not keeping pace
with the worlds consumption Of tea.
Scientific cultivation instead of old
time methods and the use Of machin-
cry are being used in the effort to
regain the lost commercial ground.
The ministry Of agriculture has estab-
lished model farm, and the first tea
grown on it was sent to market this
year. II is said to have been of good
quality, but no details are yet avail
able of the equipment and methods
employed. Foreign tea men seem to
have little faith In the results Of this
attempted reform and consider 1t I'M
likely that Chinese teas will ever re-
gain the leading place in the markets
of the world. It is said that Chinese
teas have less tannin than other teas,
and that the finer grades are unsur-
passed in delicacy of flavor; but the
average tea drinker seems to find the
teas Of India and Ceylon satisfactory