davidaulloa/AmericanStories huggingface dataset:
The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-12-19
I'M. G.. A. TO MAKE NO
MORE FUND PLEAS
Association Will Work Along
on $115,O0O,000 Share of
War Work Drive.
READY FOR NEW FIGHT
Secretaries to Combat Perils
of Observation-Disclosures
Criticisms Noted.

The Y. NJ. C. A. will make no further
appeals to the public for funds to sup
port its war activities. This was prac-
tically decided yesterday. when the
National War Work Council met at
the Hotel Bntmore to take an account
Of the associations stock and plan for
the future.
There will. however, be no substan-
tial curtailment of activities, accord
ing to the programme adopted by the
council. This programme, with d
budget, will be submitted to the War
Department for approval before de-
tails are made public. but it was said
that it contemplates the maintenance
of full establishment in Europe for
at least another year.
Every effort will be made to keep
expenditures safely within the limit
of the funds now available. A great
part OF the Y. NJ. c. AS $115,000 00C
share of the United War Work Cam
paign funds is still unexpended. and
it Is the belief of the leaders that this
sum, upward Of $60,000,O00 at least
will be sufficient for the associations
| future war needs.
Problems of Future.
I'VE must realize that the mos
difficult and important of problems Is
ahead of u.s." John r. Mott, general
secretary, told the $50 members who
came from all sections of the country
| TO attend the meeting THAT is the
The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-12-19

Is as old as the Amphictyonic League,
the grand design of Henry ~, the
Holy Alliance Of Alexander I.
New-York tribune., 1918-08-28
Wealth Markets and Commerce "

20 per cent. The rate of increase Of all
assets of life companies for the same
period is II per cent? 1t is seen, there
fore, that farm mortgage loan invest
ments of life insurance companies have
recently increased about two and one
half times as much as the concurrent
rate of insurance of their assets gem
orally. During the same period there
was 2 per cent reductionS2O,0 900 900
in the amount of money loaned on
real estate mortgages on other than
farm property.
"An analysis of the new data, there
fore. indicates clearly, in this decided
change in the character of their in
vestments, that the American life in
surance companies have been very
positive factor in the increase in the
production of foodstuffs demanded by
the conditions created by the war, and,
further, may indicate change in their
investments of permanent character.
AS their real estate mortgage loans
amount to nearly s2,000,000 10000, or
more than one third of the total securi-
ties held for the maturity Of obliga-
tions of policyholders, this readjust-
ment has real significance in the
economic progress Of the country"
New-York tribune., 1918-08-28
Lehigh Valley Financing
Road Sells $15,o0o,ooo Bonds
to PHILADELPHIA Banker.

The First National Bank and Drexel
q Co., Of Philadelphia, have purchased
Sl5,ooo,ooo ten:,year s per cent collat
era 81 trust bonds of the Lehigh Valley
kallroad. 1t is expected that public
Offering of the issue will be made to-
DAY at price to yield approximately
6@s per cent to the investor.
This is the first financing done by the
Loenigh 1o1n valley company since April,
issue of s1o,697, 900 of it's AZ per cent
general consolidated mortgage bonds
AS the road has no maturities in The
near future it is understood that the the
proceeds from the sale of the new
bonds will be used for miscellaneous
purposes.
The last important railroad issue put
out in this market was in June. when
the the Cn1on san nod Paciic acd sold to Kuhn Loeb &
Se.a 10. Szo;oo1ooo tennzyear per cent
at 90. punt
New-York tribune., 1918-08-28
Crop Scare Sends
Cotton to Highest
Price of the Year
Advance of 81 a Bale At.
tanned at Movements
Crest

Fear regarding the condition Of the
present cotton crop, stimulated by low
condition figures in private reports,
caused traders on the New York Cotton
Exchange yesterday to bid up prices to
new high levels for the year. At the
crest of the movement prices were ap-
proximatly ST bale above the closing
figures of Monday and more than $11
higher than the low level Of Monday
morning. October contracts touched
35 cents a pound, compared with 34.9O,
tho topmost price registered in the ad-
vancing market last week.
Realizing later in the session caused
recessions Of between so and 60 points,
and the market closed steady at net
advance varying between IS end 90
points. During the spectacular spurt
trading was not especially active nor
was the market broad.
The demand, brokers said, arose to a
large extent from shorts who sold on
the recent rain news, but who later
became skeptical about whether any
material effect on the crops would re-
suit from the showers and who were
disappointed by the absence Of South
ern hedging. The market opened firm
at an advance of 80 to IS points. The
upturn brought the price of December
up to 34.40c and January 34.27c.
A private condition report published
in the morning placed the condition at
61.S, compared with 77.2 last month,
thus indicating a severe deterioration.
The failure of Southern hedge selling
left the market relatively bare of con-
tracts, and the situation in this re-
spect was shown in the ready response
to buying orders.
Exports fer the day were 1,031
bales, making 223 PAT SO far this sea-
son, against 300,006 during the corre-
spending period last year. Southern
spot markets as officially reported were
so points lower to $50 points higher,
generally so to 100 points above Mon
days final quotations. A comparison
of prices follows:
A comparison Of prices follow:
Nes'dav's Previous Yea r
New-York tribune., 1918-08-28
F arm Loans Absorb
Insurance Millions
Such Mortgage Investments
Increase Nearly $4OO,OOO,-
600 in Three Years

A largely increased proportion Of the
reserve funds of life insurance compa-
nies in this country is flowing into the
leading agricultural sections of the
United States, where farmers are max
ing huge additions to the production of
the foodstutfs SO vitality needed in this
war period. The extent of this money
movement is indicated in the report
of the Association of Life Insurance
Presidents, showing the effect of the
world war upon the real estate mort
gage investments of American life IN
Surance companies.
Concurrently with this great activity
in financing the farming sections, the
report states, has come a decided fall
ing off in the amount of life insurance
money loaned on city property. Where
there was a net increase of nearly
$200,00G,00O in the farm mortgage loans
of these companies during 1915 and
1916, their city real estate loans show
a decrease Of S20,0O0,000. In addition
to the net increase in farm loans in
this two-year period, new farm loans to
the amount of $200,000,000 also were
made during the first nine months of
1917.
The report, which is submitted by
Manager George r. Wight of the AS
sociation of Life Insurance Presidents
also states that 95 per cent of the life
insurance farm mortgage money is
loaned in nineteen states in the West
and South that are furnishing three
fourths of the bulk of the country's s
staple food production.
During 1915 and 1916" continues the
report, "the life insurance companies
increased their farm mortgages in
round figures from S655 00O,O 900 to
$845 900 900, net increase of $19O,OOO,-
600. The rate of increase for this two
year period for farm mortgage loans is
New-York tribune., 1918-08-28
Rise In Lire Cable Rate

The pegglng of rates Of exchange on
Italy yesterday resulted in an increase
of lire cables from 7.4S to 6.34. 1t was
the first important change in the rates
in two weeks, but was not unexpected
bv foreign exchange bankers The rise
was announced by the foreign exchange
department Of the Federal Reserve
Bank, which is working with the
Italian Institute. Before the stablllza-
tion plan was put into effect on May
%. lire bills sold down to 915h. For
eign exchange dealers regard the inter
national effort to reduce the discount
of the lire in this market as eminently
successful.
New-York tribune., 1918-08-28
Relevant Comment
MANY REPLIES Received

Officials of the Federal Reserve Bank
yesterday said that large number Of
replies had already been received to
the banks latest statement on the need
Ct conserving credit. Many of the men,
ber banks, it is said, are planning to
send communications on the subject to
their clients, perhaps inclosing the ex-
preston of views of the Federal Re-
serve Bank. The trend of the responses
received early in the day, it was said,
showed approval on the part of bankers
to the Reserve Banks injunction that
the credit allowed to the less essential
industries be curtalled.
New-York tribune., 1918-08-28
Dividends
Regular Declarations

American Can Company.-Qusrterly
dividend of IA per cent on the pc.
ferred stock, payable October
stockholders of record September a.
Booth Fisheries Company.-Quarterly
dividends of 1s4 per cent on me pls tbs
ferred and 80 cents per share on sno
common stocks, both payable Oc'opes
! TO stockholders of record Sepe'mpei
I6.
California Packing Corporation.
Quarterly dividend of 1S4 per cent oa
the preferred stock, payable oetoUss
to stockholders of record SeptemOei
16.
Central Leather Company. - Quar-.
terly dividend of 1s4 per cent on tas
preferred stock, payable October
stockholders of record September ~
Computing Tabulating Reeor0,s IN,
cent. payable October 10 to STOCK
holders Of record September %.
Continental Refining COMPANY.
Monthly dividend Of per cent on ca l,e
common stock, payable IN scrip oep,
tember 10 to stockholders Of recO''
August 81.
General Railway Signal Company
Quarterly dividends of y pei. cenl Wv w
both the common and preferred s'osns, ,sa-.
both payable October l to stockhoiue''
of record September 20.
Mckinley Darragh-Savage hih's
Company. Quarterly dividend o. o.l.
per cent, payable October ! 10 S'O'N
holders of record September !.
Texas Company Quarterly divloeSsOS %
of 2l2 per cent, payable Septemtu.r, "n,ber
to stockholders Of record sep'e'hO''
IL.
American Graphophone COMPANY ~
Quarterly dividends Of = per ce''s so,b N
the common and preferred stocks, D's'i
payable October to stockholders
record September 16. :.
F. Blumenthal Company.-Quar.e ,.
dividends Of y per cent on the hJ. ov,IJ
mon and preferred stocks. hoth pa!~as-d
October / to stockholders OF re'o'~
September 80
Knox Hat Company, lncorporateu.,r
Semi~annual dividend of Sf2 per Ma Mia
on the first preferred stock pa!anrd
September to stockholders OF ieeV-e iN"'.
August 2s. -.
New-York tribune., 1918-08-28

REGULAR AUCTIoN 'suof'Dheef' sAf'n
STOCKS AND BONDS.
Hy ADRIAN II. MULLER g. SON.
OFFICE. 55 WILLIAM ST
WEDNESDAY, AUGUST ga. ia,a
at ~ 80 O'Clock at m.
EXCHANGE SALESROOM
nos. - and ls vESEY STREET
For Account OF Whom II MAY Concern
40 shs. International Nickel Co. com
$1,000 United States "a Liberty Loan ~
10 shs. Niagara Ffre Insurance ca
$4,000 Federal Dyestur & Chernical C,orpn
1st Mtg. sfs Notes
10000 chs. Rand Wyoming Petroleum IN
l.lOo shs. Esst Coast Navigation Co. Inc
$500 Commonwealth Power Co Of NJ.
braska iht Mig c% Bonds. 1874
25 shs. Security Bank of New York.
$500 sh,. Knox Terpczons Co.
shs. American & British Mtg. Co.
Drc.f.
5oo shs. Champion Button Hole Ma
cnin, co.
10 shs Hurburt Motor Truck Co. oom-
mon.
too0 nm vest Virginia consoIfdat.d OF,
fD.
20 eoo Jssbies Russian Government sn%
EcHHs ri J5zs.
30 Sha. American Eayiention Co.
10 rks ChicsYr CsYc,y Theatre ca
&, shs III vent 4%,h Street CO.. Ino
frr Accpuat or Philip Bauser a. Moyris
#. H>ojnEpn. TrUsifes of Morton
i>as%sf, In Lig1ida,ion
sH.cfT n4atan1iss >aesounts AEGrsnAtfHR
about @z.s1kaSi uss ~ euatinaeNrs eNeA.
New-York tribune., 1918-08-28
The Dollar in Foreign Exchange

The foreign exchange department of
the Federal Reserve Bank yesterday
announced that the rate for lire cables
had been advanced from 7.4S to 6.34.
This change is in accordance with the
plan to stabilize the lire by the Re
serve Bank in cooperation with the
Italian Institute. Francs again rose to
a new high level, and rates on Switzer-
land showed further weakness. Sterl-
ing exchange remained steady.
Closing rates yesterday compared
with week ago, follow:
Quoted dollars to the pound.)
New-York tribune., 1918-08-28
To Build War Pipe Line
Sinclair Oil Company to Have
II. S. Financial Aid

The Sinclair Oil Company announced
yesterday that it had started to build
new oil pipe line for the purpose Of
delivering larger quantities Of petrol
is being financed largely by the gov
ernment, as it was begun at the re-
quest Of the United States fuel ad
ministration. The new line will parallel
for distance Of about 200 miles the
Sinclair trunk pipe line from the
Oklahoma and Kansas oil fields to East
Chicago.
1t will be operated by the Sinclair
Cudahy Pipe Limo Company, a sub
sidiary of the Sinclair Oil and Re-
timing CORPORATION, and will be known
as the War Pipe Line COMPANY.
New-York tribune., 1918-08-28
500, 100000 Stock Jump

Stockholders Of the General Motors
Company, at a special meeting held at
Wilmington, Del, yesterday, approved
the plan providing for an increase in
the capita stock from S200,O0O,0oO to
$500 100000. Tho preferred was in
creased from $50, 100000 to s1OO 900 900
and the common from S150,000 900 to
100000, 900.
Shareholders also approved n bonus
plan calling for the distribution of 10
per. cent of the companys net earnings
each year to employees Of subsidiary
eompAntaA.
New-York tribune., 1918-08-28
TO THE HOLDERS OF
RAILWAY STEEL-SPRiNG COMPANY
Inter-Ocean Plant)
1st Mortgage so Gold Bonds,
Daled October l. 1911,

REDEMPTION NOTICE.
NOTICE is HEREBY GIVEN as proridsd
In Article Of the mortgage dated October
l, 1911. made by the Railway Stee-Sprne
Company to the Standard Trust Company Of
New York, Trustee. Guaranty Trust Com
pany of New York. Successor, that the Rail
way SteelSpring Company Will redeem all Of
its outstanding First Mortgage So. 20 year
Gold Bonds Qnter-Ocean Plant issued under
said mortgage, on October 1, 1913, al ons
hundred and five per cent. tI95Go) Of the facs
value thereof, with accrued interest thereon
TO October /. 1918. Said bonds will be re-
deemed at the Coupon Department of the
Guaranty Trust Company Of New York. ii9
Broadway. New York Civ and should have
attached coupons due October J. 1918. after
which date interest viii cease.
RAILWAY STEEL-SPRING COMPANY.
BY + r. FITZPATRICK President
Dated. New York CITY. August l6. 1915
New-York tribune., 1918-08-28
News Digest


London Market Firm. LONDON
Aug. 27.-Prices on the Stock Elk,
change to-day were very firm. Banks
were buoyant on the growing financial
strength Of banking institutions gen
orally Shipping shares continued
their upward movement Home in
vestments favored holders. Foreign
securities. were quiet. Mining shares,
notably those Of gold descriptions. i'm
proved. Money was in good demand.
Tho supply was somewhat curtailed.
New-York tribune., 1918-08-28
TO THE HOLDERs OF
JEFFERSON & CLEARITELD COAL
IRON COMPANY.
Second Mortgage % BONDS

SINKING FUND NOTICE.
Notice is hereby given as provided in Ar
ticle 3 of the indenture dated June Is,
1896. securing the above bonds that sealed
offers will be received up 10 10 A NJ on
Monday, September Is. 1913 by the United
States Mortgage & Trust Company, at rs
office, No. IS Cedar Street, New York. for
the sale to 1t as Trustee at the lowest prca
at which such bond shall be offered. no.
exceeding 1850 and accrued interest OF
sufficient Of the above bonds to e1haus.
the sum of Forty-nine Thousand Nins
Hundred Fifty-seven Dollars and Ninety
five Cents (s49.957.95). o.
Offers shall be sealed and endorsed oi,
fers for the sale OF Jefferson & Clea NEG
Coal & Iron Company SO Bonds 10 Shs, SIN
ing Fund and addressed to the TRUeT
DEPARTMENT.
JEFFERSON & CLEARFIELD COAL
IRON COMPANY
BY GEORGE H. CLUNE Treaeure!.,
Dated Rochester, y. Y. August IL, lsis
New-York tribune., 1918-08-28
New York

Edmund p. Tate Goes to France
Edmund P. Tate, assistant treasurer
of the Guaranty Trust Company Of
New York, has just sailed for Paris to
take charge of the Bureau of Person
mel of the American Red Cross in
France. He has received commits
sion in the army. Mr. Tate has gone
abroad in response to cabled re-
quest from Major James II. Perkins.
New-York tribune., 1918-08-28
Express Companies Report Deficit

For the month of March the leading
express companies Of the country re-
ported an operating deficit of $813,074,
compared with a surplus in 1917 of
ss44,43S, according to the most recent
figures compiled by the bureau of sta
tistics OF the Interstate Commerce
Commission. Total revenues for the
two periods were, respectively, SILL
648, ,444 and $10,116,616. Operating ex-
per pens@es @ jumped from ss'12l'572 to s12'-
New-York tribune., 1918-08-28

Although traders in stocks have
recovered from the fright caused by
the hasty assumption that the Fed
eral Reserve Board would forthwith
declare loans on Stock Exchange
collateral non-essential, and conse
quently bring about a sudden and
drastic calling of such loans, the
majority still look upon money
market conditions as the key to the
situation. Without additional funds
it would be exceedingly difficult to
build up big speculative position,
and that the funds will not be forth
coming was strongly suggested this
week by the check administered
to the enthusiastic buying which
started Saturday. When the market
opened Monday the demand for
stocks was still in evidence, but it
quickly subsidized when the banks
began to call loans, and while prices
have since continued to advance, it
has been on a diminishing volume
of business. Only activity Of the
money pool has prevented a very
sharp rise in call rates.
New-York tribune., 1918-08-28

Railroads in the Western district
made a somewhat better showing
than those in the East and South in
June, owing probably to the fact
that traffic congestion is not SO
acute there. But even so, the re-
port just prepared by the Interstate
Commerce Commission, covering the
earnings of $50 large roads and ter
minal companies, gives their operat
ing ratio as 106 per cent, against 63
per cent year before. In the East
it was 113 per cent, in the South
112 per cent, and for the country as
a whole 1902 per cent. That is, for
every 500 received from operations
S110.62 was spent on operating ex-
penses. This extraordinary show
ing was partly the result Of charg-
ing to June expenses retroactive
increase in wages, which should, in
the final accounting, be charged
against several months. But even
for the six months period the ex-
hibit is bad enough, since the oper-
ating ratio rose from 71.34 to
1928. In succeeding months re-
turns will no doubt be more favor
able, owing to the heavy increase in
freight rates, which had little in
fuence on the June earnings.
New-York tribune., 1918-08-28

The above rates express the cost Of
foreign money In terms Of the Ameri-
can dollar. You buy an English pound
sterling at. say, $4.756o. The intrinsic
parity is s4Sehs per pound. Thus you
say either that pounds are at a 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 coun-
try for pounds with which to settle ac-
counts in England.
New-York tribune., 1918-08-28

who succeeded Major Grayson NJ. P.
Murphy. when the later resigned as
head Of the American Red Cross in
Europe to enter military service on
General Pershing's staff. Mr.. Tate
has been associated with the Guaranty
Trust Company since 1905.
New-York tribune., 1918-08-28
Denmark Wants Plant Supplies

The settlement of the negotiations
between Sweden and tho United States
regarding war time trade has tended to
focus some attention on the efforts
ofsthe Danish Trade Commission, which
has been in Washington since the mid
die of June Virtually no goods have
been sent from this country to Den
mark for a year, and the commission
crs are seeking to make arrangements
whereby raw materials needed for the
Danish manufacturing plants might be
released under special restrictions.
New-York tribune., 1918-08-28
Money and Credit

Conditions in the money market were
unaltered in most essential respects
yesterday. Scarcely any new time
money was offered and in many cases
renewals were refused. The rate re-
mained firm at per cent. Call money
also continues to be relatively tight,
and rates on mixed collateral are per
cent and on industrial collateral 6h
per cent.
Ruling rates for money yesterday,
compared with year ago, were as
follows:
Yerterday. Year ago.
Per cent. Per cent,
Call money:
On mixed collateral 6 3L2
On industrial colt'l 6Is
Time money (mixed colateraD:
Sixty days .......6 4L4@4La
Ninety days ......6 4H@4M
Four months 49,. 6 43AM5
Five to six months 6 S O.
Sub Treasury. Tho banks lost
100000 to. the Sub Treasury ysster-
day.
Silver.-London. 49Ad, unchanged;
New York, 1o1Mc, unchanged; Mexican
dollars, 78Mc, unchanged.
Commercial Paper.-Country institu-
tions are fairly large buyers OF COM
mercial paper. The rate is firm at 8
per cent for the best regular ma
turtles.
Bank Acosptancss.~Owng to the
Arm money market the demand for
New-York tribune., 1918-08-28
Finance : Economics

bank acceptances is somewhat lighter.
Rates yesterday we're as follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent Per cent. Fer cent.
E l igible
m g m ber
banks. -. .4A@4 42a@414 42s@414
K g b le
non-mem
Der banks.4A@4Ie 4as@4s 42s@4*
eligible
bank bils.54@4 5I4@424 5A@434
For delivery within thirty days:
Per cent.
Eligible member banks. .4Na
Eligible non-member banks. 4sa
Ineligible bank bills. ............ 6
New-York tribune., 1918-08-28
Significant Relations
Money and Prices:

Money and Prices:
gold
Maylo
Loans of all national banks $92004oo0
surpius 973981ooo
Bills discounted by
eral Reserve Banks s13ea7s5ooo s287,so4ooo
Federal circulation
Total gold reserve 2003051.000 137222eo0o
Yesterday Ayca.o
Avora1e nrice of ,uentv 6v. honi 1922
Foo index o4S1 9064
humoer) 2SOO21 287.376
General commodity price level -0o0o~
index number) 2s2577s 21ss7 21s "a
Productions
Untitled o' s. Steel orders TONS saasaO1 ss1sse oS4i ia
Pig iron daily averaged o354 11o7e3 Ioz o9o
Wheat CROP bushels SO 900 On
oa CROP ousho's 1,428000OOo Noo
Sorn crop ousne1s' 2898O0OOOO 3e
Iolon oa'es II aoo osa
Distribution: = eDlei: % is1 rats1---o Ssere----o
% % MJth"
Cross rairo earn l1oSo
Bank clearngs 4226 +111oo
General: u,
Active cotton spnd 33674896 3372043
Commercial failures
Iia%Iic Hu%1fr ''''''.''..'..." 7se 1is7
Building P"e+o414
''o, c'eS' : .... sas8a7642 $53s538h
includes ~ switching and comps
New-York tribune., 1918-08-28

Discount Rates.-Ths following table
gives the current rates Of the twelve
Federal Reserve banks on commercial
paper on all periods up to ninety days:
New-York tribune., 1918-08-28
To rain Young
Americans for
Foreign Trade
Business Leaders and Educators
Will Devise Instruction
Course

A group Of distinguished business
men and educators, acting as an ad-
visory council Of the Committee of
Fifteen on Educational Preparation for
Foreign Service, it was announced yes
terday, is devising methods to prepare
young Americans to participate in
world trade after the war. The
planning is being done under the aus
pices of the United States Bureau of
Education, and P. P. Claxton and Glen
Levin Swiggett, of the bureau. are serv-
ing on the committee
The following are members of the
committee: Cyrus II. Mccormick, presl-
ldent of the international Harvester
Company; James H. Carter, vice-presi-
dent Of the National City Bank; II. X.
Mulford, vice president of the II. X.
milford Company; Arthur T. Hadley,
president of Yale University; ]. A. Nc.
Gregore Pacific Coast repre- resentatlve OF
the Bethlehem Steel Corporation; John
Hays Hammond, former president OF
the American Institute of Mining Engi-
neers and chairman of the World Court
Congress; Charles NJ. Schwab, John II.
Rosseter. vice president and manager
of the Pacific Mail Steamship Com
pany; Edward X. Graham, president of
the University of North Carolina; F:
w. Taussig, chairman of the United
States Tariff Commission; Benjamin
Ide Wheeler, president of the Univer
Sity of California; Frank V. Thompson,
superintendent of city schools, Boston,
and Joseph French Johnson, dean of
the school of commerce, accounts and
finarce Now Y0rk IIniNersitu