davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-06-15
War Finance Board to
Pass on B. r. T. Loan
Reported Plan Calls for Ex-
tension Of Part of the
Issue

The plan agreed upon by New York
bankers for meeting the $57,735. 900
Brooklyn Rapid Transit s per cent
notes maturing July, /, it was learned
yesterday, has been submitted to the
War Finance Corporation, and will be
acted upon by that body either to-day
or early next week. Kuhn, Loeb & Co.
represent the company in the trans
action as fiscal agents.
1t is understood the plan proposes
that the noteholders agree to extend a
part Of their notes, at higher rate of
interest, for another year. the remain
der to be paid off from loan made by
the War Finance Corporation. Bank
ers, according to we'll authenticated re-
ports, have definitely refused to re-
fund the notes by loan involving an
offering Of new securities.
Under existing conditions as affect
ing all public utility enterprises New
York bankers have taken the stand that
1t would be bad banking policy to guar
antee loan made to any company as
provided for by the War Finance Cor
poration act, and that the B. R. T.
case is only an individual instance
where such a policy should be strictly
adhered to. They have suggested
however, that if higher rates are al.
lowed they might be willing to make
loans without the aid of the War
Finance Corporation and offer the com
panles' securities in the open market.
New-York tribune., 1918-06-15
Bank of France in Wartime

Financial Editor of The Tribune.
Sir: Notwithstanding the war and
the inevitable preoccupation with gov
ernment loans and other public affairs,
the Bank Of France continues to do an
enormous business Of purely COM
mercial or industrial character. Nearly
one-half Of it Is in items so small that
the average American bank would lack
facilities for handling them. In 1917
Il learn from the office of "The Finan-
cial Chronicle'D discounts in Paris and
the branch banks and subsidiary bu-
reaus Of the bank covered 6,334,20
notes for 9,4ss, 100000 francs, as
against 6,o94,soo notes in 1915 for
6,b47, 100000 francs. an increase Of
500 notes and 2,S5o,5oo, 900 francs
In Paris alone there were discounted
in the twelvemonth:
81 ,230 notes Of to 10 francs Isl
to So; Ssa.425 notes of 1901 to so
francs ($2 to s1o); 295.6s2 notes Of
5oo1 to 100 francs (s1o to $2o); H.
1n4,529 notes above 100 francs lover
500.
The number Of notes not exceeding
400 francs (65o.217) was nearly 81 per
cent OF the whole number (1,754,746).
The average term for which these notes
were discounted was less than thirty
days. JOSEPH B. GLIDER.
New York. June 10. 1918.
New-York tribune., 1918-06-15
Oil Production
Highly Essential
Fuel Administration Says Pc
troleum Interests Will
Get Steel

WASHINGTON, June 14.-In a state
ment to the oil trade the United States
fuel administration to-day said that the
War Industries Board considers the
production Of oil and gas as highly es-
sential, and that their steel require
ments will be taken care of.
While it is true" the memorandum
said. chat the government will exert
complete control of the distribution of
the country's output of iron and steel.
tnat control will be exercised in behalf
OF Industries and activities essential to
winning the war.
"Production of oil and gas, of all
kinds of oil we'll supplies used in that
production or in the pipe line trans
Portatlon of the same, has been classed
oy the War Industries Board as highly
essential to. the governments pro-
gramme for the prosecution of the war.
This action Of the War Industries q
Board, therefore, in arranging to Con.
troll the distribution of iron and steel.
should tend to improve the opportu,
mites Of oil producers to fill their re-
quirements, especially in those items
IN which there has been an acute
shortage, such as wire rope, tubular
goods and boilers.
AT the same time it should be thor
oughly understood that every pound of
steel or other essential commodity
that is diverted from use in the build
ing OF ships, aeroplanes and munitions
has u proportionately retarding effect
upon the completion Of the govern
ment's programme and therefore. no
truly patriotic citizen will consume
these valuable commodities wastesully."
New-York tribune., 1918-06-15
Telephone Co.
Will Offer Large
Issue to Public
Block of $40,000,00O of
Bonds To Be Brought
Out Soon

Tho American Telephone and Tele-
graph Company has arranged to sell.
through a syndicate headed by J. p.
Morgan Co., approximately $40,000,-
900 Of per cent convertible bonds,
which will be offered to the public on
basis to yield between and IN per
cent The maturity Of the issue has not
yet been definitely decided, but it was
learned yesterday that it will not run
for more than ten years. The price at
which the bonds will be convertible
into stock Is considerably above the
current market quotation
Associated with the Morgan firm in
the offering syndicate will probably be
the same group that handled the COM
pany's last financing in February, when
S4o,OOo,ooo one-year per cent notes
were sold to Morgan g. Co., Kuhn,
Loeb & Co., Kidder, Peabody & Co., the
National City Company, Harris, Forbes
& Co., the First National Bank and
Lee, Higginson & Co. This issue was
sold to the public at a price to yield
Z per cent.
Of the proceeds of this issue, $751;
100000 was used to pay off notes which
iHdtuTeu peCWeen FeDruary ana rep
ruary 18. The balance, about $21,000,-
900, was used to reimburse the COM
pany for capital expenditures incident
to meeting the governments war re-
quirements. In 1917 the company sold
$50, 100000 thirty-year per cent col
lateral trust bonds, part Of the pro-
ceeds of which were used for the re-
tirement of the AZ per cent two-year
notes, issued the preceding year. The
total Of this issue was $50,000,O00.
1t is understood that the purpose of
the new bond offering is to provide the
company with funds to finance extern
sions required by war. The issue has
the approval Of the capital issues COM
mittee.
On the announcement of the new
financing, the company sstock yielded
1b points on the Stock Exchange, the
closing price being 971k.
New-York tribune., 1918-06-15
Clearing House
May Help Utilities
Committee Expected to Seek
Aid Through War FL
nance Corporation

When the New York Clearing House
Committee meets on Monday it will
probably take action similar to what
has already been done in Chicago and
Philadelphia and appoint special
committee of bankers to take up with
the War Finance Corporation the ques-
tion of financing the needs of public
utility corporations.
The Chicago Clearing House has
Loan and Trust Company; George M.
Reynolds, of the Continental and Com
mercial National Bank, and F. o. Wet
more, of the First National Bank, to
represent Chicago bankers. The New
York committee with the others will
take up the points now at issue with
the War Finance Corporation.
One of the changes proposed by pub
lie utility interests is that the corpora
tion be authorized to make advances to
member banks in the Federal Reserve
System up to 100 per cent of the
amount of their loans, instead of linn
iting them to 75 per cent of such ad-
vances. 1t is also proposed to change
the amount which the corporation can
advance to private bankers from rs per
to 80 per cent.
Another provision of the war f.
nance act which bankers may ask
Congress to amend is the restriction
placed on the corporation in authoriz-
ing advances to banks and bankers on
loans "made by them or purchased by
them" after April 6. 1917, the date
when the United States entered the
war against Germany
New-York tribune., 1918-06-15
IS Wealth Markets Commerce @
Relevant Comment
Duquesne Light Financing

Preparatory to issuing $12,ooo0oo
thrce-ycar per cent notes stockhold-
ers Of the Duquesne Light Company
of Pittsburgh have called a meeting of
shareholders for July 20 to authorize
the issuance of s25,ooo,OOO twenty-five
year per cent bonds, of which $751;
100000 will be used as collateral to
secure the contemplated note issue.
A syndicate of New York bankers,
probably headed by Harris. Forbes e.
Co., will make public offering Of
the notes as soon as the necessary
authority is obtained to sell them. The
Duquesnc Light Company is subsidi-
ary of the Philadelphia company and
supplies light and gas to Pittsburgh
and contiguous cities and towns.
New-York tribune., 1918-06-15
Royal Dutch Petroleum Rises

On buying orders aggregating 1,4o0
shares Royal Dutch Petroleum stock
climbed to 99A yesterday, and closed
points up, at 80. The ease with which
the issue moved forward attested to the
small floating supply. Strength of
Royal Dutch shares for several weeks
has given rise to rumors of buying for
control of the property by the British
government, but nothing official has
come from the other side to inds;are
that this is true. There were originally
$4,000 so-called American shares Of
stock of the company issued here in
1916, against $4,000 guilder shares m
placed on deposit in Amsterdam, Hol-
land. Some, no one except the bank
ers know exactly how much, of the
American shares have been bought up
and exchanged for the equivalent in
gullder shares, so that since the issue
was placed here the total of stock out
standing in this market has been con-
siderably reduced. The present price
OF the stock is the highest on record.
New-York tribune., 1918-06-15
Extra Dividend Paid
BY Sloss-Shemeld
Steel Corporation, in Better
Cash Position, Distributes
Deferred PAYMENT.

Directors Of the Sloss- Sheffield Steel
and Iron Company declared yesterday
an extra dividend of per cent on the
common stock. The dividend calls for
the disbursement to the stockh olders
of S60O,000, and is payable June 20 to
stock of record June 10. The regular
quarterly dividend Of TX per cent was
declared on the preferred stock After
the meeting the directors issued the
following statement:
"1n April, 1917. the directors of the
Sloss-Sheffield Steel and Iron Com
pany deferred the payments Of divi-
dends on the common stock. At that
time, while the company was earning
amounts well in excess Of dividend re-
quirements, the cash position Of the
company made inexpedient the pay
ment of dividends. In April of this
year the board of directors found the
company in position to resume the pay
ment of dividends on the common
stock.
"To-day the cash position of the COM
pany is sufficiently strong to justify
the payment at this time of the divi-
dends which were deferred. The board
OF directors has therefore declared
the usual dividend on the preferred
stock for the current quarter, and in
addition has declared a dividend of 6
per cent out of the earnings of last
year, making payment in full of the
dividends which were deferred"
The company paid IL per cent in
dividends in 1917 and nothing from
1911 to 1915, inclusive.
New-York tribune., 1918-06-15
Supply of Lire Bills SLIGHT

More or less confusion has been
caused in the open market for Italian
exchange in the last few days by the
drying up" of the supply of lire bills.
NO details of the arrangements made to
stabilize ss!s Italian exchange have been
gwen out. but apparently the plan is
such that it is reducing the amount Of
lire bills being made. Reduction of the
noatlng supply has in turn compelled
; buyers OF ~ lire exchange to pay higher
prlces. The rate yesterday touched
$50 lire to the dollar, compared With a a
recent low record of GIT. Fred /. Kent.
director of the division of foreign ex,
change of the Federal Reserve Board.
announced ana4? early in the week that pros
pectlve purchasers of Italian exchange
would have to conflle their operations
10 the American market. Heretofore
many interests with remittances to
make to Italy have found it to their
advantage at times to buy lire in Lon
don.
New-York tribune., 1918-06-15
Plan Readjustnent
Of American Leather
May Commute III Per Cent
Back Dividends on Pre-
ferred Stock

Plans for the readjustmcnt of the
present capitalization of the American
Hide and Leather Company are said to
be under contemplation. According to
reports. it is proposed in the tentative
plans to commute the III per cent back
dividends on the $l2,5OO,CO0 preferred
stock by giving sixty-four shares of 7
per cent cumulative preferred stock to
the holder of 100 shares of preferred
now outstanding. 1t is also propos d
to retire all bonded indebtedness. The
outstanding $11,5O0,000 common stock
would remain unchanged
The original issue of the company's
bonds. was $8,5o0,0OO. The sinking fund
has absorbed all except approximately
$3,000,000, which are still in the hands
OF the public. 1t is planned to issue
S8,500,0O0 new cumulative preferred
stock to take the place of the total
bond issue, this new stock to be given
to the present holders of preferred.
The. plan will probably not be
brought before the stockholders for
final consideration until after the eff
cheney engineers who are examining
the company's properties make their
final report.
New-York tribune., 1918-06-15
plus after all expenses had been paid
totalled S241 443

plus after all expenses had been paid
totalled s241,443.
Consumers Power Company.@The
statement for April shows gross reve-
nue. amounting to $501,724. Net earn
ings were $275,358, compared with
$223,18 for April Of the preceding
year. Surplus for the month amounted
to $160,907. Gross earnings for the
twelve months were S5,936,635, against
$5,O67 ,496 for the corresponding period
OF the year previous. Surplus was
$1,4o4,134, compared with s1,5e1, 800 for
the preceding twelve months. After
dividends had been paid balance
amounted to $806,189.
Cumberland County Power and Light.
The company's report Of operations
for April discloses gross earnings Of
S246,126, which compares with 1888 ,439
for the same period Of the previous
year. Net was S77,113, against S74,811
for the corresponding month of 1917.
Gross earnings for the twelve months
period totalled $3,09O.145 Net earn
ings amounted to s939,878, against
$1,066,218 for the same months of the
preceding year. Deficit after dividends
was s39.499.
Nashville Railway & Light Company.
Gross earnings for April were S218,-
862, compared with s102,5s1 for the
corresponding month of last year, an
increase of $17,271. Net earnings
amounted to sS4,259. Surplus after
charges totalled s43,769, against $780,
aO1 for April of last year. The twelve
months gross earnings were $2,48s, 1886,
which compare with S2,423 $40 for the
twelve months ended April, 1917. Net
earnings were $884.193, against s912,-
218 for the same months of the year
previous, After dividends had been
paid balance amounted to $3.50. .318,
compared with $2S6,020 for the CORE
spending period of the preceding year,
decrease cf $16.2O2.
Philadelphia Company. - The annual
report of operations for the fiscal
year ended March 81, 1918, discloses
surplus income after charges Of S.
792.331, compared with S5,S17,927 for
the preceding fiscal year. Dividends
paid during the year totalled $685.
e45. Provision for improvements and
depreciation amounted to $1,652,216,
leaving a balance for the year Of
S764,17O.
New-York tribune., 1918-06-15
Girl Runners for Brokers

Girl runners for Stock Exchange
firms were seen in Wall Street for the
first time yesterday. The Western
Union Telegraph Company and several
banking institutions have been using
young women as messengers for sew
eral months, but up to the present
brokerage firms have been able to keep
enough boys to carry the big patches
from one firm to another as the result
Of a days. trading on the exchange.
1t was explained yesterday that the
military requirements of the govern
ment have drawn heavily on the work.
iEg forces of brokerage houses, MAX
ing it necessary for them to replace
young men with female help.
New-York tribune., 1918-06-15
Money and Credit

Money rates were firmly maintained
yesterday in tho face of the heavy
shifting Of funds incidental to the final
rush of the federal tax payment Pc
riod, which ends to-day.
At the Stock Exchange there was
heavy calling Of loans and the rulinc
rates were 8 to 6h per cent. It was
estimated that the banks called be-
tween $15,ooo,0oo and $4,000, 900 of
outstanding loans. The tension was
not sufficiently pronounced, however,
to make it necessary for the bankers
money committee to extend assistance.
The situation in the market for fixed
date funds was unchanged. Practically
all the business done yesterday was re-
stricted to few renewals, which were
made at 8 per cent for the sixty and
New-York tribune., 1918-06-15
Trade Conditions
Are Better Now
Than Year Ago
Government, Dominating the
Markets, Spends $57,OOO,-
600 a Dav

Business in general in the United
States Is better now than a year ago,
according to Bradstreet's weekly re-
view, and the American government,
which is the nations largest purchaser,
spends about 100000 day.
"The country's preoccupation in the
war;" the weekly says, becomes more
marked as the year advances and the
phrase business as usual seems to
have less application than ever before
in trade and industry. Communicating
Of men and materials goes on apace
and great changes from ordinary times
are seen.
Further improvement in crop pros
poets and some betterment in retail
trade accompany increased evidence Of
the governments domination over pro-
ductive efforts, ranging, as these do,
from heavy clothes and ordnance to
ships and buttons, and in the circum
stances normal movements in larger
lines naturally are circumscribed.
Notwithstanding that governmental
influences are SO overshadowing, trade
IN regular staple products is relatively
active, but the situation is consider
ably vexed by paucity of goods, un-
certainty rs to price regulation and
continual depletion of the country's
man power for all but the prosecution
or the products of war"
In describing the general outlook,
"Dun's Review" says: "Close co0pera-
tion between private interests and
representatives. of the government,
promptly effected wherever occasion
required it, renders the many economic
adjustments easier of accomplishment,
and the absence of conspicuous dis
turbance in any quarter continues
gratifying and reassuring feature.
That the centring Of energies in the
vigorous prosecution of the war i'm
plies still tighter restrictions on ordi-
nary operations there has been clear
recognition, and scarcely a week passes
without the development Of some &C
tioa having large bearing on the fut-
ure course of business"
New-York tribune., 1918-06-15
Cotton Consumption Of
577,28S Bales Used During the
Month Of NAV

WASHINGTON, June 14.-Cotton con-
sumed during May amounted to 577.2ss
bales and for the ten months 5,522oS0.
compared with 615,412 and 5,676,572 a
year ago, the Census Bureau to-day an
nounced.
Cotton on hand May 81 in consum-
ing establishments was 1,795,497 bales,
compared with 1,S99,154 a year ago.
and in public storage and at com
presses 2,414,S31 bales, compared with
1851, ,042 a year ago. Cotton spindles
active numbered S3,720,555, compared
with 33,457,356 year ago. Imports
amounted to 29,735 bales and exports
292,041.
New-York tribune., 1918-06-15
ANDREW J. MCCORMACK. Auction..,
hE@GULAR @ AUCTION SALE,
STOCKS AND BONDS.
BY ADRIAN III. MULLER a SON
OFFICE, So WILLIAM ST
WEDNESDAY, lime 10 iaia


at 1890 o'clock. at the
EXCHANGE SALESROOM.
NOS. IA and 16 vESEY STREET
For Account OF Trustee in Bankruntcx
500 shs. Dominion Copper Co. conrnar
l.9oo shs Indiana Mining Co.
AVo shs Mason Valley Mines Co. COM
mon. ~ Sn
8 shs Minneapolis. St Paul. Roches-
ter & Dubuque Electric & Traction
Co. common
b shs. Minneapolis, St Paul. Roches-
Ter q Dubuque Electric & Traction
Co. prefd. oA
12o shs Western Pacific Ry. Co. com.
mon w. A
For Account of Whom r. Nav ro
20 shs Merchants National Bank
d3S shs. Commercial Trust Co
., 3o0 shs Penn Mex Fuel Co
~ lst f?asg Msg Il Bonds s.; pea 1875 M0ins' Div.
'0'o0o long long. Island ,aaa R. F. ~ Resdg.
1873 shs. United States wor.tsd Co.
10 shs. United States worsssa Co.
~ LIS ca shs % UnItsa nIssa States worssed Co.
l6 shs. Baltimore & Ohio r. r. Co
prefd. - w.
rs shs. Union Pacific r.. r. Co. COM
1s shs Baltimore q Ohio r. r. Co.
rs shs. Pennsylvania r. r. Co
70 shs. Northern Pacific Ry. Co
common. 49, ~
.75 shs. Anaconda Copper Mining ca
@oo sns- chicago GREAT Western n
12S shs. Chicago 8 Great Western. n.
r. prefd.
20 shs Diamond Match Co.
SUI shs. National Railways Of Mextos
I'd prefd.
90 shs Southern Ry Co common
90 shs. Denver & Rio Grande r n Ca
common.
so shs. Chicago. Milwaukee & st. Paul
Ky. Co. common
20 shs International Steam Pump ca
prefd.
$4,000 Baltimore & Ohio r. r. Pitts, Lake
90 "a. ERIE & West. Va 40 Bonds, 1871.
sS'Voo Southern Pacific Co. Convt. ~
$1,000 Missouri. Ransa. r.x.. Nv I'd
$4,000 Havana Havana Eleotrio 1u ex kn aona.
1852.
$4,000 Southern Pacific r. r. Refdr. q
Bonds, 1855
$A'ooo San Antonio & Aransas Pas2 ny.
40 Bds.. l943.
New-York tribune., 1918-06-15
The Dollar in Foreign Exchange

the principle feature of the local for
eign exchange market. Brokers quoted
a rate of $50 lire to the dollar. at the
close, although early in the day the
quotation was S.97. Strength Of lire is
result Of financial arrangements
completed between this government
and Italy.
The rest of the exchange market was
quiet, with changes in rate small and
of little significance.
Closing rates yesterday, compared
with a week ago, follow:
Quoted dollars to the pound.)
New-York tribune., 1918-06-15
New Wool Reaching Market

BOSTON, June 14.--"The CONNER
cial Bulletin" will say tomorrow:
"The new clip domestic wools are
beginning to arrive in the Eastern
markets and valuations have already
been started in order to give the mills
supplies as rapidly as possible. In
this connection the government pro-
gramme is being enlarged to meet the
needs Of the situation"
New-York tribune., 1918-06-15
transforming Dollars Into Bars

Melting down Of silver dollars has
been resumed at the New York Assav
Office after lapse of several days,
pending the withdrawal from circula.
IT,, ton of additional silver certificates.
Inc IN cart wheels" are now going into
the melting pot at the local plant at the
ra!e OF about 100000 week. Further
shipments of the silver bars obtained
from the melting process are expected
to be made to India shdrtly on govern
ment account.
New-York tribune., 1918-06-15
London Prices Sag

Security market values in England,
taken in the aggregate. are still declin-
ing. According to the compilation of
THE Bankers Magazine" of London.
the aggregate value of 387 represent.
ative securities listed on the London
Stock Exchange declined approximately
$lO5,OOO,000 from March Is to April IS
During this period dulness, rather than
great depression, characterized the
market in the more active sections of
the exchange. Purely speculative is
sues were fiat
New-York tribune., 1918-06-15

ninety day periods. The demand for
time accommodation continued active,
with borrowers bidding per cent for
industrial securities and 5% per cent
for loans based on mixed collateral.
Ruling rates for money yesterday,
compared with a year ago. were az
follows:
Yesterday. Year ago.
Per cent. Per cent.
Call money:
On mixed collateral s 4N
On industrial col't'l 6La s
Time money (mixed colateraD:
Sixty days ......... 6M@6 5@5N
Ninety days. s......... 6s4@6 6@5E
Four months ..:.... 5a4@6 5@5a
Five to six months. 531@6 6@5H
Commercial Paper.-The market was
quiet, with a moderate amount of dis
counting being done at per cent for
four to six months maturities.
Bank Acceptances.--There was fair
demand for bank acceptances yesterday,
with rates holding steady, as follows:
Thirty Sixty Ninety
Spot de- days. days. days,
livery: Per cent. Per cent. Per cent,
E & bio
nj m bar
banks. .4M@4 4h@4h 4h@4M
E igibl
hon-mem-
Der banks.4h@4Is 43s@4I4 4h@4h
Ineligible
bank bills.5A@4M 5A@494 614@4s4
For delivery within thirty days:
Per cent
Eligible member banks. ........ ~
Eligible non-member banks..... ~
Ineligible bank bills.
Discount Rates.-The following table
gives the current rates Of the twelve
Federal Reserve banks on commercial
paper on all periods up to ninety days: