davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-06-30
Plenty of Money
For Legitimate
Business Needs
Western Banks Could Get
More, but Con6ne Interest
Demand to s Per Cent

Especial Correspondence Of The Tribune)
CHICAGO, June 29.-"I believe there
is enough money to go around, and al
though banks could get any rate they
wanted we are stopping at per cent"
said John j. Mitchell, president Of the
Illinois Trust and Savings Bank, to the
Tribune's representative to-day. IL
know no reason for any legitimate busi-
ness not being accommodated at 6 per
cent. Bond issues are being taken care
Of. Of the $20,000,O00 notes of the
Union Pacific our bank will take prob
ably $500,000 There are number of
plated.
II do not see much point to the
proposition that banks indorse notes of
corporations borrowing through the
War Finance Corporation. In such
transactions that corporation would not
fulfil entirely it's purpose. Should
banks stand back of such loans they
would assume all liability, while the
government would merely furnish the
money. Borrowing usually is more or
less psychological. When the govern
ment guaranteed funds to Southern
cotton growers a few years ago only
vantage Of the offer. When you know
you can get a thing you may not
want it.
"The situation in the Chicago dis
trict is more hopeful to-day than for
months. War news favorable to the
Allies has created a buoyant feeling
and there is confidence in every mans
face. 1t is confidence, hope and op-
timism more than loans and rates Of
interest that makes business healthy
and the country prosperous. A little
more such news and business will
jump again toward pre-war normality.
ITO me war news Is most favorable.
Had the Central Powers followed up
| their gains against the British on the
West front with gains against the 1tal-
ians it would have had most depress-
ing effect. But victory by the Italians
has checkmated German gains, and the
fact that the Germans were stopped in
the West throws victory really with the
Allies. The balance of man power is
now entirely with the Allies, and the
Central Powers are disappointed in the
quantity Of foodstuffs they have been
able to get from Rumanian and other
Eastern countries.
GAIL this is cxhilarating not only to
business men, but to right-thinking hu-
manity."
Mr.. Mitchell has three sons in war
service. One is first lieutenant in light
artillery now in France. another is an
aviator doing scout duty on the coast
of that country and the third is an
aviator, who is recovering from injuries
sustained in fall at Jacksonville, Fla.
New-York tribune., 1918-06-30
Il ak Payments Swell
Banking Reserves
New York Clearing House Re-
ports Weeks Increase To
Be $171,971,68O

The New York Clearing House, in
its weekly statement, issued yesterday,
reported reserves in excess of legal re-
quirements of s171,971 $3.50, an increase
of 4,826,550 over the preceding week,
making the surplus the largest in
months. The largest surplus in the
history of the Clearing House was
$278, ,452,990 reported about year ago,
when the reserve requirements of the
banks were lowered through the put
ting into effect of amendments to the
Federal Reserve act.
The huge increase in excess reserves
last week, as disclosed in the Clearing
House statement, was the result mainly
of shifting of funds in connection with
government financial operations and
the large tax payments. United States
government deposits at this centre in
creased from $371 100000 to $506 $780,
600 last week. The banks are not re-
quired to carry reserves against the
government deposits.
Loans and discounts of the Clearing
House banks decreased last week s66.-
$4,000 to $4,393, ,554 900. Net demand
deposits increased $27,185,0O0
New-York tribune., 1918-06-30
The Dollar in Foreign Exchange

Interest in the foreign exchange mar
ket during the past week centred more
in the efforts that are being made by
the Federal financial authorities to
stabilize exchanges between the United
States and various neutral countries
than in any movement in rates. AS q
matter of fact, foreign exchange rates
fluctuated narrowly as rule, and apart
from further recovery in Italian ex-
change, the market was without spe-
cial feature.
international bankers were much in
terested in the plan to stabilize ex-
changes set forth by Leopold Fred
rick, director of the American Smelt-
ing Refining Company and a foreign
exchange expert Of prominence, who
appeared before the Senate Committee
on Banking and Currency last week.
Mr. Friedrich urged the immediate
formation Of an inter-Allied commit
tee, which would coordinate the license
bureaus in control of imports and ex-
ports Of the United States, Great Brit
ain, france and Italy and arrange for
the necessary credits in neutral coun-
tries. Mr.. Fredrick said that as the
United States is the largest lender to
the Allies, this country should natu-
rally take the lead.
That every effort is being put forth
to maintain the value of the dollar in
neutral countries is indicated by the
fact that the Treasury has now under
consideration the issuance of Liberty
Loan bonds, payable in foreign money
and to be sold in foreign countries.
Provision granting authority to the
Secretary Of the Treasury to make such
bonds in the hands Of foreign owners
exempt from all taxation in this coun-
try is contained in the $4,000 900 900
bond bill passed by the House Of Rep
resentatives toward the close Of the
week.
If you calculate the cost Of the dol
lar In terms Of foreign money at par
value--that is, if you were buying dol
lars with pounds, marks ox francs-its
value at the close Of layt week. "a
compared with year ago, would be
about as follows:
New-York tribune., 1918-06-30
Regular Declarations

Air Reduction Company.-Quarterly diyl.
dends of 81 per share on the common and l%
per cent on the preferred stock both payable
July 15 to stockholders of record June 80.
Detroit Iron & Steel Company.-Quarterly
dividends of 25 cents per share on the com.
mon and 171a cents per share on the pre-
ferred stock, both payable July Is to stock
holders Of record July s.
Erie Finance Corporation.-Dividend a.
per cent, payable June 20.
Great Lakes Transit Company.-Quartsfi5
dividend of 1& per cent, payable July 70
stockholders Of record June 25.
Midwest Oil Company.--QuarterIy diudsa
OF per cent. payable July 20 to stockholdsn
Of record July 2.
United Railway & Electric Company 81
Baltimore.-Quarterly dividend of so cents
per share on the common stock. payable july
15 to stockholders of record June 30.
United Alloy Steel.-Quartery dividend Of
81 per share, payable July 90 to stockholders
Of record July 10.
York Railways Company.-Quarterly dtvi.
dend of 4 per cent, payable July 80 70
stockholders of record July 20.
Westinghouse Air Brake Company.--Quar.
terly dividend of s1.75 per share, payable
July 81 to stockholders of record July Is.
New-York tribune., 1918-06-30
capital is required to handle the usual

capital is required to handle the usual
volume Of business, as the purchase
Of raw material now involves an ont
lay double that of the pre-war period
For example, an industry which has
been accustomed to purchase raw cot
ton to the value of one million dollars
now finds itself under the necessity
OF paying over two million dollars for
the same quantity of material. All
textile mills are crowded with orders
and their chief. concern is the pro-
cur curing OF raw materials. They there
the action Of the United States govern
ment in communicating the wool sun
ply on the basis of the prices existing
In July, 1917.-Canadian Bank Of Com.
merce.
New-York tribune., 1918-06-30
r. l.. O'Donnel Made General
Manager of Penn. Road

PHILADELPHIA, June 2e.-R. L..
O'Donnel has been appointed general
manager of the Pennsylvania Railroad
on the lines east of Pittsburgh. Mr..
O'Donnel, who has been assistant gen
eral manager, succeeds Elisha Lee, who
was recently made Federal director Of
the road. The following other appoint
ments were announced: G.. S. Krick.
now general superintendent of the.
New Jersey division, to BE assistant
general manager; Il. v. Massey, gen.
Pennsylvania division, to be general
superintendent of the New JERSEY d.
vision, and H. W. Smith. superin-
tendent of the Midvale division. be-
division. ~ ''"
New-York tribune., 1918-06-30
Few Banks In
Dominican Republic

There are several prosperous towns
in the Puerto Plata consular district
that comprises the northern half of the
Dominican Republic that are not pro-
are La Vega, with $500 in
habitants; San Francisco de Marcoris,
5000; Moca, 1900; Monte Cristi, 5000,
and Salcedo and Samana, with about
$500 each. Samana and Monte Cristi
are seaports, while Moca, La Vega,
Salcedo and San Francisco de Macoris
New-York tribune., 1918-06-30
Pennsylvania Road Gains
Decrease in Net Railway OPP
Grating Reduced in May

The Pennsylvania Railroad system
showed a marked increase in its gross
operating revenue for May. compared
with April. The gain was more than
$7,O0O,OOO. In railway operating in
come it reports for last month a gain
of nearly S5oo,0o0 compared with de-
crease Of $1,710,253 for April. IT'S May
decrease in net railway operating in
come was but 31,927, compared with
q decrease of $2,071 $40 for April. A
summary of May earnings lines east
and west of Pittsburgh is as follows:
May. Increase.
Operating expenses and taxes $3.50 726 6.566. .565
Railway operating income. -: s,737.05l 4s0. ttU
Net hire of equipment and
joint facility rents. ...... 1882 522.043
Net railway operating income 8.350.6I9 'Sf.921
New-York tribune., 1918-06-30
Soldiers Wool Needs Large

CHICAGO, June 29.-A bulletin of
the national sheep and woo! bureau
to-day says that large part Of the
present raw wool stock in this coun-
try, and all of it to be produced or
imported to about June 20, 1920, will
be required for military use. The bull
letin adds that there are large stocks
of manufactured clothing and cloth on
hand adequate for essential civilian
New-York tribune., 1918-06-30
Canadian Business Outlook

In normal times such excellent
crop prospects would stimulate general
business, but the fact remains that the
requirements Of the war are not dimin-
ishing and have pre-empted the ia. ~
a large part Of our industr;ai nIant:
The remainder is inadequate to handle
ordinary business with reasonahie
promptness. A difficulty incidental tn
q period at hi9A pricas II thst mors
New-York tribune., 1918-06-30

are all interior towns located in the
richest agricultural section of the ISL
and. In addition to their local trade,
all of these towns do a large import
and export trade, in view of which It
seems that they should offer good OPEN
ings for American branch banks
Commerce Reports.
New-York tribune., 1918-06-30
Russian Bonds Go Higher

The 5k per cent ruble bends of the
Imperial Russian Government. which
were sold extensively in this country
Czar was still in power, reflected fur
ther yesterday the latest developments
in Russia. They were quoted in the
financial district at $96 to 500 per
1000 rubles, compared with s93 to s96
the preceding day. The external 6hs
and the 51as were also higher, the for
mer closing at 48, compared with
Wednesdays last sale at 47. The 51As
closed at AZ, net gain Of point.
New-York tribune., 1918-06-30
Dividends
Extras

Maple Leaf Milling Compsny.-An
extra dividend of 1 per cent on the
common stock has been declared, in sd-
dition to the regular quarterly divi-
dends of 2R per cent on the common
and 1A per cent on the preferred
stock, all PAYABLE July 18 to stockhold-
ers of record July 8.
New-York tribune., 1918-06-30
Mating Liquidation Plan

W. Forbes Morgan, jr., who has re-
signed as director of the American Malt
ing Company "to have a free hand in
arranging q plan of liquidation of the
company's assets" was quoted yester-
day as saying: GAS far as / know the
directors are not opposed to liquida-
ton. Officially, however, they cannot
dissolution Of the company unless it
cannot meet its obligations or unless
it is asked by the stockholders to dis
solve" The assent of s7,000 shares
out of the company's outstanding
10000 shares is necessary to put
through any liauidation plsn.
New-York tribune., 1918-06-30

London Money Market.-LONDON,
June 29.-Money was firm at per
cent. Discount rates we're: Short bills,
31a per cent; three month bills. 3Hs per
cent. Gold premiums at Lisbon were
at 10000
New-York tribune., 1918-06-30
Sinclair Continues Advance
Denver & Salt Lake Committee

A protective committee has been
formed in the interests of the holders
Of the Denver & Salt Lake Railroad 5
Fer cent equipment notes GATED March
l. 1913, and 6 per cent equipment
issue dated July 1, 1915. The mem
bers are John II. Mason, president Of
the Commercial Trust Company of
Philadelphia, chairman; Pierrepont v.
Davis, of the National City Company;
Sewall S. Watts, Of Watts, Baker, Watts
& Co., Of Baltimore; Arthur Dorrance
and Reynolds D. Brown, Philadelphia.
The Commercial Trust Company of
Philadelphia has been designated as
depositary and the Empire Trust Com
pany of this city agent for the deposi-
tary. Notehclders are requested to de-
post their holdings by July Is.
New-York tribune., 1918-06-30
Joins Federal Reserve

WASHINGTON, June 2s.-The City
Savings Bank and Trust Company, Al
Lance, Ohio, with resources Of $2,427,-
uoo, has been admitted to the Federal
New-York tribune., 1918-06-30


RESOURCES
June2e Juneot.
in $41aeo7oo0 $43873ooo
Gold settlement fund
Gold with foreign agencies 16275o00 100000
gold by banks. $s27eo7ooo 1886 900
Gold with Federal Reserve 335440o0
Gold redemption fund se7s700oo 96723sooo
Total gold ss4eo21oo sLe24a7sooo
Legal tender notes, silver 67178O00 56738Oo0
s2ooe1esooo $1es111ooo
Bills Observation-Disclosures e6e,175ooo e31,270ooo
Bills bought 232472OOO
bills
United States term securities 4o270o0 4087000
United States governmt short securities 28s39000
All other earning 100000
Total earning assets ss45,112ooo s24oSo2ooo
Due Federal
Uncoleced items 63o7900o
Total deductions from deposits s52oos7oo
Five cent redemption fund
eral Reserve Bank notes 73sooo 7ssooo
al other resourceS....
Total $ss72saooo $ssoee2ooo
LIABILITIES
Capital paid s75s5sooo s757oooo
surplus 1,34ooo
Government deposits 15945700O
Due to member banksReserve
collection 2863O2oOO 287,769OOO
other deposits including form govt Credits 121842o
Total deposits :.... s2o4eso6ooo $2o2es5oooo
rea reserve noe IN acu clrculaton 222oo0 167795000
49, net liability ee45ooo
All o"e1 12629OO0 12335000
Total liabilities sss72ssooo $a8oses2ooo
Ratio Of gold liabilities
combined 699 cent Week before, 6
combined e17 per cent Week before, 6a.4 per cent
New-York tribune., 1918-06-30

changed.
Discount Rates.-Tne following table
Federal Reserve banks on commercial
paper on all periods up to ninety days:
New-York tribune., 1918-06-30

Wall Street is wondering if the
restful hatness of the market is not
going to be broken by another IDEAL
on-deal off" episode. This time it is
certain tobacco stocks that traders
are watching as possible source of
sustained excitement. The thing be-
gan early in the week, when a few
lines were printed intimacing that
negotiations for merging several i'm
portant companies were under way.
That report having been published
without arousing much interest, art
less attempts were made to give the
story impetus. For example, we
were called on the telephone and
told if we printed details it would
have to be on our own responsible
.ity; one of the important interests
identified with the deal must not be
quoted in any way, because, if he
were to talk about the matter at all,
some one might suspect him of be-
ing interested in the stock market.
He would much prefer not to have
anything said at all, but if it
seemed necessary to print some
thing it would be all right to state
that the stock Of one Of the compa-
nies concerned would be put in at no
less than $3.50 a share-about $50
more than it is selling for in the
market. 1nasmuch as we had not
intended to print the story this in
junction was rather unusual. Any
way, we obliged by carrying out our
first intention. 1t is, perhaps, a
minor detail that twenty-four hours
later trifie Of $25 share was
Topped off the price at which this
stock was scheduled to go into the
deal-if deal should be made.
New-York tribune., 1918-06-30
Current

The above rates express the cost of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at. say, $4.75%. The intrinsic
parity is $4.s6ss per pound. Thus you
say either that pounds are at dis
count or that dollars arc 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 nc.
counts In England.
New-York tribune., 1918-06-30
THE BANK OF AMERICA.

New York, June 18TH 1919
The Board Of Directors have to-day de.
clared a semi-annual dividend of fourteen
90 per cent, free of tax. payable July lBs.
1918. to stockholders of record of this date
The transfer books will r.main closed
until July End, 1918.
W. NJ. BENNE., Cashier
New-York tribune., 1918-06-30
Money and Credit

. The actual condition of member
banks shown by the Clearing House
statement yesterday follows:
New-York tribune., 1918-06-30
Relevant Comment
B. R. T. Plan Likely to Succeed

The response to date by the holders
Of the $57, 900 Brooklyn Rapid Tran
sit notes TO the request for deposits Of
their securities under the arrangement
approved by the War Finance Corpora
ton indicates the success of the plan.
The War Finance Corporation agreed to
provide the funds to pay off 30 per cent
Of the notes in cash provided the other
10 per cent were extended for three
years at an interest rate of per cent.
A large nun Der of noteholders have al
ready agree! to this proposal, and it
is expected that the total on July 10,
when the deposit period ends, will be
sufficient to declare the Llan effective.
Sinclair Continues Advance
Sinclair Oil stock continued it's re-
cent advance yesterday and sold as
high as 34as, a new high or the move
ment and less than points below the
high mark of the year. Pool opera-
tlons. said to have been based on the re-
covery in the company's earnings, are
stated to be responsible for the
strength in the stock over the past
week.
New-York tribune., 1918-06-30
IS Wealth Markets and Commerce y
Federal Reserve Banks

WASHINGTON June 29crea Of s26ooooo in gold
$3Oo0oo inhongs Of certificates Of together with
discount operations resulted raising the
Reserve Banks $o6o00o the banks
the business
New-York tribune., 1918-06-30
DIVIDEND NOTICES
DIVIDEND NOTICES
269th Consecutive Semi-AnnuaI Dividend
ESTABLISHED 1884.
The Bank of New York
National Banking Association

Nottonot Banking Associution
New York, June t8, 1913.
The Board Of Directors have this
day declared a sen,l-annual dividend
of Ten (to%) per cent, payable on
and after July I, 1913, to stockhoId-
ers of record of June p, 1913.
JOSEPH ANDREWS, Cashier.
New-York tribune., 1918-06-30

) A compilation, just completed, Of
the earnings of street railway prop
critics for the first quarter of the
current year shows in a striking
way the extent to which these COM
spanies have suffered by the extraor-
dinary rise in labor costs and the
prices Of the materials required in
their operation. On a mileage of
about $500 the operating revenues
per mile Of line in the period men
toned were S5,733, an increase, COM
pared with the corresponding period
of 1917, of 2.54 per cent. But oper-
ating, expenses increased 11.17 per
cent, so that net operating revenues
declined 1897 per cent. The operat-
ing ratio jumped from 65.6S per cent
to 7l.20 per cent. An interesting
point disclosed by these statistics is
that the Eastern utilities have suf-
fered a great deal more than those
in other sections of the country. In
this district the decrease in net
earnings was no less than 1851 per
cent, while in the West it was 6.58
per cent, and in the South only 3.15
per cent. This disparity may be at
tributed to two things-frst, wages
shavo advanced moro in the East
than elsewhere, and, second, West
ern and Southern regulatory au-
thorities have not been so reluctant
to sanction rate increases. 1t is,
perhaps, significant in this connec-
rtion that in the last-named districts
there was actually an increase in
net earnings during March, whereas
in the Eastern district there was
substantial decrease.
New-York tribune., 1918-06-30
News Digest
New York

To Retire From Stone & Webster
Announcement was made yesterday that
Dwight F. Robinson and John w. Halo
we'll will retire from the firm of Stone
& Webster on July /, and the business
will be continued by the remaining
partners, Charles A. Stone, Edwin S.
Webster. Russell Robb and Henry G..
Bradlee. Mr.. Robinson has been with
the firm since 1893, and from 1908 was
president Of the Stone & Webster Engi-
neerlng corporation and a partner
since 1912. Mr.. Hallowell, with the
Iirm since 1901, became a partner in
19l2: Since May, 1917, he has been in
Washington with Mr.. Hoover as mem
ber of the United States food admin
istration. he expects to continue in
that work during the duration of the
war.
Exchange Firms to Dissolve.-The
weekly bulletin of the Stock Exchanp.
announced yesterday that the following
brokerage firms will be dissolved, either
on June 80 or July 1: Vickers & Phelps
=. w. Dougherty & Co., Secor. Halsted
q Co, Richardson, Hill & Co. and Jo-
'seph q Wiener. Richardson, Hill g. Co.
will continue business under the same
name. Secor, Halsted & Co. will be re-
organized under the name of Boyd.
Halsted & Co. Phelps & Neeser will
succeed Vickers & Phelps.
Atkins Joins Emergency Fleet
Robert F. Atkins, Eestern credit mana
ger Universal Portland Cement Com
pany. Of Chicago, has resigned to be-
come credit manager of the Emergency
Fleet Corporation, July /. E. NJ. John.
son, formerly assistant credit manager
OF the Universal company at CHICAGO.
succeeds Mr.. Atkins at Pittsburgh. and
A. !. Joyce, Of the Chicago Office, sue
ceeds Mr.. johnson, '1~
New-York tribune., 1918-06-30

Closing rates yesterday, compared
with q week ago, follow:
Quoted dollars to the poundN
New-York tribune., 1918-06-30

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:
Dziennik Chicagoski. [volume] (Chicago [Ill.]) 1890-1971, 1918-06-29

Dzisiai rano O godzinia 9~tej W
koSciele Sw. Jana kantegO pobiogo-
slawiony zostat zwiazek m~aizenskt
pana JanA' Rhode z pna ROzalia Gall,
c6rka pr. Walentego i Amy Gall
Dobrowlskirh, jednych z naistarszych
Darafian na Kantowie, zamieszka--
lyCh pnr. 1853 Fry utica. Pan Rhode
jest synem pp. Jana i Maryi Rhode,
zamieszkalych ma J6zafatOwie, pnr.
2O46 North Western ave.
Druzbowali: p. Franciszek Sher-
mock, kuzvn pana m'odego z PARMA
Jadwiga Murawska. %serdeczna przy-
iaci6lka panny mlodej, i y. Wojciech
Allen z parma Walerya Rhode, sio-
stra pana mlodego. Cody weselne
odbywaja sic w domu rodzic6w PAM
mlodej.
w przyszla niedziele PIP. Jan j Ro-
zaIia Rhode wyjezdzaja ma tygodnio-
Wy pobyt do Stur?is, Michigan.
Dziennik Chicagoski. [volume] (Chicago [Ill.]) 1890-1971, 1918-06-29
%IeIegramy Kraj0We'
ZNAKOMITA 0 O.
TRZYMUJE
w

New York, % czerwca. - Lii
Ian. Russell, znakomita aktorka.
pbecnic iona Alexandra Moore,
Reilly, otrzymafy stanowiska W
pittsburskicgo wydawcy gazety,
wraz Z c6rlt2, paniq Dorota O.
marynarce Stanow Zjednoczo,
1ych. PAM Moore, zajlnie sis
pracq W biurze acknowledgment
marynarki i bedzie nosi}a uni
form; jest ona p,erwszq kobieta
otrzymujaca TAXA Fosade homo,
rowa. PAM O'Reilly bedzie pra
cowa}a w biurze marynarki, jake
klerk. a zarazem bedzie pelnila
stanowisko t{omacza w kwate--
RE marynarskiej w Nowym Yor.