davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-01-18
Dividends Declared

Fort Worth Power & Light Co.-ReSu..ss.. .s.
quarterly dividend of Is. per cent on w w
preferred stock. payable February | 10 s'oeA
of record January y.
Portland Gas * Coke Regular qua
terly dividend OF ). per cent on the pr,
serred stock payable February l to stock W
le.ord January -.
Pr~cter 4 Gamble Co.-Regular puafteir
dividenS of per cent on the common stoss'
payable FeSs>ary IL to stock Of record jan
uary %.
De Long Hook & Eye Regular quar-
ter'y dividend Of , per cent :.
Beliefcnte Central Railroad Co.--ReSu~'
dividend OF 80 cents.
Sinclair Oil & Refining Co.-Regular anssr
terly dividend of sl25 a share. payable fep
ruary 2S To stock of record January o2.
Chicago. st. Paul. MINI. & Omaha hsn
road Regular semi-annual dividends oil -
per cent on the common and 3 y per cent GU
the preferred. both payable February " "
stock of record February l.
New-York tribune., 1918-01-18
Curb Brokers Used To II

Brokers who trade on the Broad
Street curb market did not worry yes
terday about the Garfield coal order.
They were not even much interested,
because the curb brokers never did have
to rely on coal to keep warm. Theirs
is an outdoor occupation that is not
affected by weather or fuel conditions
The curb brokers have been known to
do business in their market when the
thermometer registered ) degrees below
zero; also when the mercury registered
mar. Ot course, as the outside traders
said yesterday, f the banks closed up
they might have to suspend. but that
would lie because of inability to get
banking credit and not the failure Of
the coal supply.
New-York tribune., 1918-01-18
rench Exchange Up
On Transfer of Funds
For American Troops
Supply Of Francs Here Re-
duced, Owing to Advances
by United States

French exchange rates displayed pro-
nounccd strength in this market yes
tcrday. advancing 20 500 francs to
the dollar for cable transfers, the high
level reached in many months. The
improvement followed steady advance
in the French rate for several days.
In foreign exchange circles it was as
serted that the strength OF exchange
on Paris was due 20 buying of franc
exchange BY the United States gov
errment TO provide funds in France for
paying the American troops now in
training there. At the same time the
large credit advances made to France
by this government has reduced the
amount of exchange on Paris available
in the New York market
New-York tribune., 1918-01-18
CrOwd:ng Out loan Sharks"

Sponsors of TIE Morris Plan Com
pany in their efforts to counteract the
activities of loan sharks arc meeting
with success. according to Il statement
presented at the company's annual
meeting. There are now in operation
nnety-ive Morris Plan Banks. which
have made loans aggregating $50.OOO,-
COO to 100000 wage carners, salaried
men and small merchants. During 1917
the New York company, with its main
Office and two branches, made over
$4,000 loans for total of 81 100000
Alexander V. Roe. of the banking firm
Of Millett. Roe & Hagen. has been
added to the board of directors.
New-York tribune., 1918-01-18
The Dollar in Foreign EXCHANGE

French exchange continued to ad-
vance, the rate OH Paris cables going
to 5.69 francs to the dollar, an advance
OF Is from Wednesday. Check francs
were quoted at 5.7l. Sterling sight
drafts were 1rmer at $l.75l5, an ad-
vance Of ld
The rest of the market showed no
important change in rates.
Closing rates yesterday. compared
with week ago. are given IN the table
below. American bankers have sus-
pended all dealings in German and
Austrian exchange, so that daily quo.
tations for either marks or kronen are
no longer available
Quoted dollars TO the pound.l
New-York tribune., 1918-01-18
Money and Credit

Money was easier yesterday, the rul-
ing rate on all loans being lowercs
. per cent, TO 5'a per cent Largel
offerings by the bankers pool, it was
reported. were made possible by the
action of the Federal Reserve Bank in
making substantial deposits Of govern
ment funds which are returnable to-
day.
Operations in the market for fixed
date funds were on limited scale.
being restricted to lew loans based
New-York tribune., 1918-01-18
Cruciblc Dividend Postponed

Those who have been buying Cruel
bic Steel during the past few days in
the hope that the directors at their
meeting in Pittsburg yesterday would
begin payment of dividends on the com
mon stock were disappointed. The an
nouncement vas made that in a period
of uncertainty such as the present it
was not deemed wise TO pay out funds
which it would be better to conserve
for other uses In the late stock mar
het trading the stock more than lost
its earlier gain closing at % 32, a net
decin OF II, points.
New-York tribune., 1918-01-18
News Digest
Foreign

buying Slackens in London Market. =
LONDON, Jan. H. While the tone of
the stock market was generally good to-
day, slackening buying orders caused
slight dropping in home funds, ship
ping shares and Rhodesian mines, but
interest was revived in low priced oil
and TIN shares and colonial bonds,
which were fairly active and dearer.
IRON and steel stocks were firm, but
Russian issues closed easy.
Paris Bourse. - PARIS, Jan. H.
Trading was quiet on the Bourse to-
day. Three per cent rentes, So francs
20 centlmes for cash. Exchange on
Lone en-, - francs Is centimes. Five
per cent loan. IS frames % confines.
New-York tribune., 1918-01-18
Colombia Emerald Mines

The emerald mines in Colombia are
government monopoly. but they have
not been worked for several years, ow
ing to unsatisfactory prices and the
danger of overstocking the market.
These mines are kept under constant
guard by the government.
New-York tribune., 1918-01-18
New Low for Liberty Bond;

Liberty Loan per cent bonds made
a new low price Of 9G.oS ON the Stock
Exchange y,ster rday but recovered to
1920 at the close Of the market COM
pared with Wednesdays low quotation
cf o6.10. Continued resistance to sell
ing pressure was shown in the Liberty
ri'e
New-York tribune., 1918-01-18

The above rates express to cost of
foreign money ir terms of the Ameri-
can dollar. You buy an English pound
sterling at. say, sA.75l,. The intrinsic
parity is Sl.s6@s per pound Thus. YOU
say either that pounds are al a dis
count or that dollars arc at a premium.
which is owing to the fact that in Eng
land the demand for dollars with winch
to settle accounts in this country IS
greater than the demand in this coun-
try for pounds with which to settle ac
counts in England.
New-York tribune., 1918-01-18
Insurance Counsel Named

ALBANY, Jan. III ervey j. Drake.
Ct buffalo, to-day was appointed by
superintendent Phillips, Of the State
Insurance Department, as Department
Counsel, to succeed Leroy A. Lincoln.
resigned. The salary is $4,000.
New-York tribune., 1918-01-18
Cotton Drops $40
A Bale on Order
Closing the Mills
Trade Interests Take Ad-
vantage of Big Decline
to Load Up

In the cotton market trading at the
opening yesterday was much demoral-
izcd as the result Of the drastic con-
servaton order issued by the fuel ad-
ministrator. The blow fell heaviest
cn March contracts. which, under a
heavy outpouring Of offerings, due to
the execution of stop loss orders, broke
bale. below the close of the previous
session. January contracts declined
1877 points, but the market became a
little more stable by the time the later
deliveries were reached, and losses in
these did not extend beyond So to S5
points
New-York tribune., 1918-01-18
Right Distribution Essential

Observing that ECONOMY which car
rles us back to the habits of our grand
fathers Will not hurt" the bank never
theless pleads for a "Wise" handling
Of the situation. urging that only in
that way will the nations energy be
concentrated for winning the war. Ar
suing that the chief duty resting upol,
each producer Of the United States
is to exert his greatest possible effort
in turning out those things necessary
for the war, the banl, says:
I'VE all have our part to play in con-
ducting business energetically and in
doing our utmost to bring about a speed
ing Of the wheels Of industry. Every
human effort is necessary Ilenceforward
to bring about a right distribution or
the commodities used in warfare.
and to promote the facilities for
producing more of those COM
modities. 1t is an unsupportable
tallacy that the business OF peace
can go on as usual under the superim-
simply cannot be done We haven't the
machinery and labor. and cannot get
them. Our work, then. must be direct
ed with one constant aim before US:
'he ann to do our utmost to win the
war.
Mover before were work. economy
and saving so necessary. rs time goes
cn hey Will increasingly be recognized
as the basis for winning the war. Our
soldiers and sailors alone cannot ac-
ccmpiish the purpose for which they
have enlisted. Our soldiers and sailors.
properly backed by the people n homs,
VIII be an invlncible force for VICTORY
and peace
New-York tribune., 1918-01-18
Elections

At the annual election OF the New
York Coffee and Sugar Exchange YES
terday the following ticket was elected.
President, George W. Lawrence: vice
president. Stephen II. Dorr; treasurer.
rulman I. Mutt, jr.; members Of the
noard OF governors. 10 serve two wears
Walter +. Blake, Edward +. Diercks
Manuel L. Rionda. Thorleif S. B. Nie,.
son, Leopold S. Bache and Clarence +
nousmah; to serve one year, Augustus
NJ Malb,ldge. " John W. Edlnonds and
Charles ]. Walter
John Williams was appointed vice
president OF the Irving Trust Company
Yesterday, and George +. Gentes secre-
tary and treasurer. Mr. Williams was
formerly secretary and treasurer of
the company and Mr.. Gentes was for
merry assistant cashier Of the phila-
delphia National Bank.
:, At meeting of directors Of the
Merca'tile Trust and Deposit COMPANY
Yesterday +. Y. r. Thayer president
OF the Chase National Bank was
elected director and II. P. Campbell
was made a vice president
New-York tribune., 1918-01-18

Commercial Paper..Thc volume of
business in commercial paper CON
tracted yesterday. but rates remained
unchanged at 5'a to 5a4 per cent for
the best regular maturitics.
Official rates of discount for each OF
tho twelve Federal districts arc sas
follows:
New-York tribune., 1918-01-18

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., 1918-01-18
ReAexes of War

Scarcity of fats of every description
mas caused the creation of new in
ousl1es IN all European nations fo, the
production OF iats of every kind from
sources hitherto considered unpromis-
ing. In Malmo, Sweden, new cor
poratlon has been organized named the
Aktlebolaget Fedtindustri, with a cap
ltal stock of S1,340, ,000 to produce fats
from bones or any other materials that
yield tat good enough for soap and
other industrial purposes.
The Danish Parliamentary Commit
tee for Agriculture is undertaking TO
distribute eqnitably the small amount
Of oil cake that is to be found in that
country. Severa. months ago the gov
ernment established Il maximum price
Tor OIL cake, which did not appear to
be high enough to suit the dealers
who had previously imported the cake
and stored it. AS there was no law
compelling the holders to sell the cake
at the maximum price, most OF the i'm
porterS closed their warehouses and
would no. sell at any price The gov
crnmert now proposes 20 take over all
tie existing stocks and sell them at a
price that VIII give the importers a
profit of about s. per ton.
There IS great deal Of discussion
~ me German press of~problems of de-
moblllzatlon Herr Paul G0hre. a So
clalIst Deputy. writing in the "Voss-
lsche Zeitumg,' makes the remarkable
assertion that Germany has more than
l2,O0o,O ,OOO men modified. He laws down
the following principles:
!. Our soldiers viii all return in
great need OF rest, but at the same
time very hungry to return to their ola
callings at home.
or less weakened in health threatened
with illness, and great many of them.
indeed; already having evident or still
concealed seeds of sickness in them.
.. Our soldiers Will bring back from
ihe field a strengthened sense of fam
ily ties
A. Our soldiers will return with
clearer minds, less open to corruption.
more energetic in viii and quicker in
action.
Herr G0hre declares that the coun
tfy mus: accept special responsibility
for the future health of all cx-soldiers
whether or not they are supposed TO
Re sound at the time OF demobil!zation.
Hc also attaches the greatest impor
tance TO the adequate solution Of the
housing question.
Railway extension work in Uruguay
has been practically at a standstill
during the last four years, and fnan-
clai depression, an unfavorable money
market and the high cost and difficultv
OF securing materials make any inn
mediate resumption of activity. except
on very small scale, highly improb
able, according to a consular report.
New-York tribune., 1918-01-18
Finance Economics

Though stunned by the startling
and unexpected order of the Fuel
Administrator, the finapcal district
accepted the situation philosophi-
cally. Bankers and other leaders
of opinion in Wall Street took the
view that the order would not have
been issued without due considera-
ton and good cause, and most of
them were inclined to suspend judg-
ment pending further developments.
All expressed Willingness to CO.
operate in every way possible,
though there is much confusion as
TO just what the order means. But
beneath the surface there was plain
~ to be discerned feeling of bit
ter dissatisfaction, founded on the
belief that. whether or not the
amazingly drastic measures which
have been taken are justified, the
situation which brought about such
action was produced by nexcusabc
MISUNDERSTANDING which, as
one prominent banker put it, was
the direct and inevitable result Of
relying upon theorists, instead Of
practical and experienced business
men. to solve the greatest industrial
problems this country ever faced.
The services Of Tic leaders in the
business world are and at all times
have been at the disposal of the
government. They have not been
utilized to any considerable extent,
except in an advisory capacity.
Granted authority, it is reasonable
to suppose that the men who have
won fame as industrial leaders
could bring order out of the chaos
now prevailing. They constitute
the best talent available. Why not
give them a chance?
New-York tribune., 1918-01-18

Bank Of England.-London, Jan. II.
The weekly report Of the Bank of
England showed a decrease in gold
holdings of S3lO,;5S from the preceding
week. The proportion Of reserve to
liabilities now stands at 1857 per cent
against 1871 last week. The state
ment of the bank follows with the
New-York tribune., 1918-01-18
Heavy Curtailment Feared

these did not extend beyond So to 85
points.
Heavy Curtalment Feared
Cotton houses feared the effect Of
the order for a general closing of in
dustries for ~ five day period would
be to restrict on a large scale con-
sumption by the New England and
Southern mills, although the point was
mad" that some Of the latter arc opcr-
;hed By electric power generated by
water and that they can be heated by
burning wood.
But in the case of New England
all Of which practically depend upon
coal for power and heat. it was con-
tended that .hc cessation Of operations
for such a long period as that pro-
posed in the fuel administrators order
could hardly fail to reduce in a large
way the amount Of cotton they would
use. The trade late in tho day was
inclined to look for some modification
in the order that would enable certain
Of tho mills working on large govern
mcnt contracts continue in operation
Big Shorts Coyer on Break
The break in prices at the opening
which forced March down to 20 cents
and May to 29.35. attracted such a
wave of buying orders from the trade
and from big shorts that offerings were
almost Immediately absorbed and the
market began recovery which con-
tnued in force until all but about so
to 40 points of the initial loss had been
regained. Throughout midday and
most of the afternoon the market,
while subject to fluctuations of more
or less violence. seemed to have recov-
cred entirely from its previous demor-
alization and acted quite steady until
shortly before the close, when re-
ncwal of selling pressure and pess-
mism caused a setback which left final
prices Ga to 76 points net lower.
Southern Mills Buy
New Orleans and Southern interests.
as we'll as Liverpool, were all good
buyers On the early forenoon decline.
Southern mill buying was aso a con-
spicuous feature, resulting from re
ports that spot holders through the
South had shown complete indifference
TO the break in futures and were not
inclined to name concessions. Many
advices were received to this effect
during the day from different parts Of
the belt
No sction was taken by the Cotton
Exchange officials yesterday regarding
possible suspension of business, and
it seemed to be the consensus of opin-
ION among officials and members alike
that the market should be kept open
even il the building was unheated. AS
to the Monday holidays ordered. there
was disposition to await action b.
the Governor of the state, and meet
ing CT exchange officials will be held
to-day to consider the whole matter.
Southern spot markets as officially
reported were unchanged to so points
lowcr. Only 100 bales were reported
for the days exports, and the seasons
hgures aggregate 2.247,027 bales.
against 3,lS7 .997 bales year ago.
Closing prices yesterday compared
with those the day before and a year
ago Wtre
Coffor
New-York tribune., 1918-01-18
Telephones:
Hanover 65l4

on industrial securities as collateral
at 6 per cent for ninety days and four
months.
Ruling rates for money yesterday,
compared with year ago, were as
follows:
New-York tribune., 1918-01-18

That the market held up the way
1t did is the more surprising when
1t is considered that almost every
one realized that as a result of the
order industrial profits would suf-
fer considerably. The loss of one
working day a week may be quite as
important to the employer as to the
employe. 1t may easily mean
the difference between substantial
profits and heavy losses. Not only
rs there a loss in overhead expenses,
which go on just the same whether
the wheels are turning or not, but,
what is much more important, con-
siderable disorganization and con-
gestion of work may ensue. All
these things are sure to be reflect
ed In the earnings statements for
the first quarter Of the year. 1t is
possible, however, that the meas
ures about to go into effect will
clear up the traffic congestion,
which is the vital thing. and that
industry thereafter may be speeded
up sufficiently to offset the loss in
output and profits sustained at this
time.
New-York tribune., 1918-01-18

Bank of France.-PARIS, Jan. 1t
The Bank of France reports an increase
IN gold of Gil 600 francs. The state
ment with tho changes, in francs, from
a week ago follows:
New-York tribune., 1918-01-18
Nation Must Be
Economical, but
Avoid Hoardinq
Mechanics and Metals Bank Ad-
vises Against Thrift Making
for Depression

A plan for converting non essential
industries Of the nation to a war basis
On gradual instead Of drastic
scale is suggested in a communication
prepared by the Mechanics and Metals
National Bank for distribution among
banks and business organizations
throughout thc country. The bank takes
sides against the policy being agitated
the American people. War expenses for
1918, it points out. will not be more
tEan 80 per cent Of the national income.
".rhc nation,' the bank says, can
rot afford negative economy. What 1t
can afford is curtailmcnt Of all un-
necessary spending and Il wise and
wastclcss use Of our resources. Waste
s. an economic offence; it Is designed
to have III effect on the nation and
rlischievous effect on the character OF
The waster. But sacrifice that means
self punishment would be ruinous IN
the long run; business depression aad
starved minds and bodies would not go
far in contributing to win the war.
The Wrong Kind of Thrift
"The kind Of thrift that makes for
serious depression in business IS wrong.
We cannot afford to argue against
spending. Tho hoarder is a loss to the
community and to himself. We can
afford to argue for spending spending
for the way. We need TO save money
when that means saving commodities.
Our supreme duty lies in keeping
our affairs, our bodies and our minds
's;gOrous and wholesome. If We arc 10
have a long drain of war, and are 70
emerge triumphant, our country re-
Quircs of us commercial and financial
strength. and moral and physical
strength as we'll"
The people, it is suggested. can save
on their tables and cconomize in the
purchase of clothes. coal and amuse
rnent. 1t is pointed out that in tho
United States thirty-tive pounds of cot
ton per capita arc now required to make
the cotton goods we wear in a year.
IN 1870 VIC used twelve pounds per
capita
New-York tribune., 1918-01-18

Silver.-Bars in London, i4a4 d. down
I'D; New York. S9asc. decrease OF
&c; Mexican dollars, 7o1ac, unchanged.
New-York tribune., 1918-01-18
4 Message tn Small
Debosfto1-s

i his institution possesses conf
dencc in the business ability Of
young American manhood.
The man who shows the purpose
and determination to win by open
ing a small account at the beginning
@. his business career will, we
firmly believe, eventually build up
a substantial balance.
The small depositor is welcome
here. Accounts OF $500. or more
arc invited.
Member Federal Reserve system
Member New Yorl. Clearing House Assn
New-York tribune., 1918-01-18

The real sensation Of the day in
Wall Street was the remarkable
quietness and firmness of the stock
market in the face of what was per-
haps the most disturbing event
since the United States entered the
war. The Street was prepared for
trouble when the market opened,
and during the first few minutes of
trading it seemed that it's fears
might be realized. Forced down un-
der wave Of selling, coming from
all sections of the country, initial
quotations were in some cases sew
eral points below the closing prices
of the preceding session. But the
scare was short-lived and the mar
ket soon gave what was, under the
circumstances. a remarkable demon
stration Of strength. 1t is true that
supporting orders from banking in
stitutions and other large interests
helped materially to sustain prices
against the first onslaught, but the
market was able to take care of it.
self thereafter. The principal fac
tor in the recovery was professional
buying. The market was in an
oversold condition, and the technical
position consequently was very
strong. AS soon as it became ap-
parent that the decline had been
checked there was heavy buying by
those who previously had sold short
in anticipation of the fall. Later a
good many traders decided to close
out their commitments in view of
the uncertainties of the situation
and what then seemed to be posi-
bility that the board would close
down for several days. The result
was another reaction, but it was not
wide enough to offset earlier gains.
Fortunately the public remained in
different to the course of prices, as
it has been for some time, and
brokers reported very little liquida-
ton of investment holdings.
New-York tribune., 1918-01-18

Sub-Treasury. New York banks
gained from the Sub Treasury soo70oo.
New-York tribune., 1918-01-18
DAYS

Bank Clcarugs. Tho days clcarings
at New York and other cities:
New-York tribune., 1918-01-18

London Money Market
Jan. Money was steady ir a
quiet market at 81 per ce1t
Discount rates: Short bills, 331-32
per cent; three months bills. 4 1872 ncr
cent. Gold premium at Lisbon. 11n.