davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-12-25
Copper ExportPr
Fixed at q Cents;
Anaconda Rate Cut
Shares of Company Turn
Weak on Announcement
of Reduction of the Divi-
dcnd From $2 to $50

Offerings Of copper at 23 cents a
pound for early 1919 delivery and a
reduction in the quarterly dividend of
the Anaconda Copper Mining Company
from 81 to $3.50 share were the out
standing developments yesterday in the
Ieadjustment of tho industry from q
war TO peace basis.
Leading selling agencies, including
the United Metals Selling Company,
the American Smelling and Refining
Company and the Phelps, Dodge Cor
poration, it was learned, regard the
new price level as practically fixed, so
far as shipments to be handled by the
new Copper Export Association were
concerned In the domestic trade, it
was said, the reduced quotation was q
matter of agreement between buyers
and sellers. The government fixed
price of 26 cents a pound will expire
on December 81, according to recent
edict OF the War Industries Board.
The action Of the Anaconda directors
in reducing the annual dividend from
Il basis Of SO a share to $6 share
surprised the financial community. In
making the cut it WAS understood that
they had in mind possible unfavorablc
happenings in the labor situation. In
important producers would base the
wages Of the miners on 23cent copper.
Present wages are said to be based on
price above 26 cents pound. Repre-
sentstives of the miners at recent
meeting with the producers in New
ork declared that they would fight FOR
wage level based on 25-cent copper.
1t is expected that substantial
amount of both domestic and foreign
buying orders will be filled at the new
price level. Bids of % cents are under
stood to have been in The market for
several days. Since the signing of the
armistice buying has been limited to
the most urgent requirements and
some offerings OF The metal have been
consumers as low as 19 cents. It has
not been made known, however, whether
actual sales have taken place at that
level
Anaconda shares or the Stock Tx
change turned weak following the an
nouncement Of the lower dividend
rate. The stock which had opened at
GO declined TO cog and closed st
CO.'S, q net loss, compared with Mon
days last sale. Of PA points. Other
copper shares were advarsely affected
by the boards action, American Smelt-
ing and Refining recording q loss OF
2aA, inspiration Consolidated ~ and
Utah Copper / u. Inspiration directors
meet in the near future and predic-
tions are being made that the directors
viii reduce che annual dividend rate
which is now SO a share.
The Anaconda Company has been
paying quarterly dividends OF 81 a
share since July, 1916.
New-York tribune., 1918-12-25
Shonts Defends |. II. T.
Report of Earnings
Says Company May Borrow
Money to Make Up Agreed
Income

In response to criticism Of the Inter
borough Rapid Transit Company's
financial position by C. II. Vehner g.
Co., Theodore P. Shonts, president Of
the company, wrote a second letter to
j. p. Morgan & Co.. which headed the
syndicate which recently offered $685.
100000 of the thrce-year per cent
notes for the traction company. The
letter, which was made public yestcr-
day, makes the following summary Of
the condition Of the company:
"The earnings of the Intcrborough
for each fiscal year since 1904 have
always been very largely in excess of
the requirements for interest and sink
ing fund chargeable against incom%.
Surplus earnings since that year, after
all charges against income, have
amounted to $50, ,233 1865. The bonds of
the Intcrborough outstanding in the
hands OF the public, amounting to $780,
$4,000, and the per cent secured col
lateral notes amounting to $39 600,
are SntllleU 10 tHt HI6I Cidlsi vi 1he
earnings Of the entire mileage of the
Interborough Rapid Transit system
after paying the charges under the
Manhattan Elevated lease and the
rental Of s2,384 537 payable to the City
OF New York as interest and sinking
fund on bonds issued by it many years
ago to pay for the first subway mileage.
"The Manhattan Elevated lease
showed a profit in 1918 Of about 1920
COO over the above the rental payable
By the Interborough Rapid Transit
Company, which WAS applied on the in
terest and sinking fund on the Inter
borough bonds, issued TO provide i'm
provements on the elevated lines, and
this profit to the InterbOrough may be
expected to increase with the growth
Of traffic following the enlarged facll-
tiles due to expenditures on Che ele-
waited lines of a portion of the pro-
ceeds Of the Interborough securities
sold. After the charges on the bonds
and notes have been paid, the stock
Of the Interborough is entitled to re-
ceive dividends out OF the revenues to
which the 1nterborougn Is entitled, and
then the city is entitled to interest At
the rate of 8.76 per cert on is inyest-
ment OF approximately slo0,oG0,o0c.
"a a matter Of fact, the COMPANY is
permitted under its contracts with the
city to borrow money in oroer 70 make
uD the earnings TO which it is entitled
hy its contracts, and the sam so bor-
rowed. with interest thereon, constitute
a charge against the earnings Of the
Interborough system, TO be repaid be-
forethe city receives a return on Its
nvestment.7
The letter makes TO mention Of the
Venner attack. But the detail into
which it went was construed as an an
swer to the Venner statement that Mr.
Shonts was unable to reply to the criti-
cisin with epeciIic facts
New-York tribune., 1918-12-25
China Seeks to Regain
Silk Trade Supremacy
ls Awakening to Need of Adopt.
ing Modern Methods of
Production

China IS awakening to the fact, says
She American commercial attache At
Peking, that although it gave tea aud
silk to the world its supremacy in the
worlds trade in these products is be
irg contested by those who have
learned to understand the changing
conditions and are eager to obtain this
trade by meeting the requirements Of
the consuming markets.
China's realization OF this situation
5 evidenced, first, by the number of
modern sericultural schools established
throughout the country; second by the
enthusiastic response of the silk in-
-erests in China 10 the suggestions
made by the representative of the
american Silk Association in a recent
sit to China; and, third. by the sup
port given by the Chinese government
10 the work q the international Com
laittee for the Improvement OF Sericul-
tire in China. In China the selection
Of eggs has been left 70 the people
who cultivate the silkworms and who
have no technical knowledge Of seri-
culture. On the other hand. in Italy
France and Japan the work OF egg
selection is entrusted to experts under
government direction. The eggs are
examined by the Pasteur system and
only healthy eggs selected for prora-
cation.
With the aid of the International
Committee Tor the Improvement Of
ScrlcGlture III China, experimental
laboratories are being established FOR
7ne selection and distribution OF COED
healthy eggs. The Chinese govern
nnent recently made grant Of A,oo0
t~el a month $4,000 eold1 to aid the
work OF this committee. French, Swiss
British and American rs we'll as Chinese
interests are active in the furtheranco
.cf the work of this committee, which
has retained the services OF q French
sericultural expert, and bacteriologlst
who Is experimenting the production
and distribution of healthy eggs.
The American SILK Association sent
representative to China in 1917. who
travelled among the Chinese silk
growers and producers and with
otlon-plcture demonstrations, indl-
Gated TO them the change necessary in
'Ae sllk industry n China in order to
meet the needs Of the American mar
het, which Is the creates importer o.
yaw silk in the world. lho United
states takes annually $125,o00 900
worth of raw silk. Japan did not
1gure in the silk world in large wav
prior 50 1870. but to-day the United
states IS dependent upon Japan for 70
Per cent os ITS imports OF raw silk
k} and takes no more than 20 per cent
" rom China, although the better grades
OF Chinese silk are superior in textile
strength and durability to other silks.
New-York tribune., 1918-12-25
C o m m o ditie $
In d u strial
Cotton

There was enough eChristmas
realizing in the cotton market yes
terday to cause irregularity, but of
fcrings were we'll taken and after max
ing new high ground for The move
ment, prices closed steady at net
advance of 20 to so points. January
contracts sold up from 29.05c to 29.9Oc
and closed at 29.59c compared with
2917c al the close OF the previous day.
II. WIS the last day of trading in De
ccmber 1918 deliveries That position
sold at 31c at the start or so points
net lower, but the few notices issued
were soon taken, and the price ad-
vanced to &c before the close or 80
points net higher
The opening was rather unsettled
and irregular with December so points
and the more active months 8 to %
points lower. October was 7 points
higher. AS prices steadied, early sell
lers seemed to lose confidence in the
expectation of pre- holiday reaction
and the market was firm during the
middle of the day, with active dcliv-
cries selling 45 to 73 points above
Mondays closing figures. Demand
then subsidized and later Quotations
were irregular with the close several
points off from the best under realiz-
ing.
The talk around the ring did not
connect any fresh factor with the ad-
vance, and reactionary sentiment was
more or less in evidence particularly
during the early trading and again
toward the close, when it was pointed
out that futures have recently ad-
vanced more rapidly than spots, and
that sales in the leading Southern
snot markets have been increasing at
the higher level OF prices.
The local market Tor spot cotton
was steady and so points higher at
3260c for middling upland. Compsred
with 32.10c the day before. A year ago
was a holiday There were no sales
Of spot.
The range of prices follows:
New-York tribune., 1918-12-25

The steel trade continues to mark
time. with sellers indifferent and
buyers expectant," says "The Iron
Trade Review 1.-The volume of
bookings at the reduced prices re-
main relatively small. The transi-
tory stage has not yet been passed.
Iron and steel producers generally
enter 1919 with order books liberal
in size and liquid in character.
Notwithstanding the cancellations.
suspensions and adjustments to
which they recently have been sub
icct, contract adjustments for raw
or selni-finished material for further
manufacturing remain the big ques-
tion in the market. Some of the
big steel producers have put into
effect d policy whereby they are
agreeing to revise to the lower basis
of prevailing prices, such old orders
as shall be shipped after January /,
when the now schedules become eff
fective."
New-York tribune., 1918-12-25
American Metal Plans

Stockholders Of the American Metal
Company, at & special meeting ycster-
Gay, voted to abandon the plan for dis
solving the COMPANY. This was made
possible by the recent action of the
Alien Property Custodian in complet-
lag an arrangement, whereby all alien
interest IN the company viii be elm
mated and the concern placed under the
control for five wears Of five voting
trustees. The arrangement includes
sales at ar early date Of 81 ga shares
belonging TO enemy aliens ard the
transfer of the British holdings in the
company, amounting to 1876 shares,
10 Americans within year.
New-York tribune., 1918-12-25
Relevant Comment
Railroad Maturities in 1919

In 1919 American railroad obiea-
tlohs, aegrcgating par value Of S340,
449, zoe, will reach maturity. This will
compare with a total of $25S,oo0,0oo
for the current year. according to the
compilation OF Dow. Jorss & CO. The
largest item falling due next year Viii
be the issue Of 46,964 900 OF one year
6 per cent notes of the New Haven
Railroad, d,.maturing april /. This obli-
cation is held by the government, be-
ing the first direct loan made by the
Railroad Administrations The Balti-
more and Ohio Railroad will have in
al $33 800 900 in securities falling
due, the largest single issue being
$22 800, 900 of per cent notes. The
Southern Railway nas $25,00o.o0o, ma
turing on March =
New-York tribune., 1918-12-25

Statistics compiled by the State
Department Of Labor covering labor
market conditions in New York
State emphasize the seriousness of
the wage readjustment problem. 4
comparison of industrial conditions
in October this year with conditions
in the corresponding month of pre-
vious years, shows that since 1916
the number of workers employed III
eleven leading industry groups has
decreased slightly, but total wages
have risen 49 per cent; that for the
three-year period dating from Octo-
Der, 1915, employees and wages have
risen Is and SO per cent respective
ly; and that for the four-year
period, 1914 to date, the number of
works has increased % per cent and
aggregate wages 1913 per cent.
New-York tribune., 1918-12-25
fractions Continue to Decline

Whatever may be the outlook, trac-
tion securities continued to be thrown
on the market yesterday in heavy VOL
ume, with the -esult that new low
prices we're reached Brooklyn Rapid
Transit sold down to 259s, moro than a
point below the previous low record
reached i'll the panic year of 1907, when
q decline was precipitated mainly by
the failure OF Stock Exchange house,
which has since passed out Of exist
ence. The preferred stock Of the In
terborough Consolidated Company, the
holding company for the lnterborough
Rapid Transit Company, broke to 1885
a new low price, and closed at 1875
decline of 2zs points. On reports
that interest payments might be dis
continued. the company's bonds broke
to SO y. The Brooklyn Rapid Transit
new per cent notes were down a
point, while the New York Railways
refunding Is were off over 2 points.
New-York tribune., 1918-12-25
Foresecs Better Times for fractions

Holders OF New York traction Sc
curities may find some comfort in the
~pinion of q leading banker that the
worst in their operating conditions has
been reached and that from the first of
the year on some Improvement in earn
lngs may be expected. He based his
conclusions on an expected reduction
in operating expenses. based mainly, so
far as Immediate Developments are
concerned, on lower prices for coal.
AS to wages, he believed that they
viii continue high for some time. but
that the tendency when a change takes
place win be toward lower levels.
New-York tribune., 1918-12-25
India to Take More Silver

An enormous quantity Of silver has
been absorbed by British India since
1919 and, according to "Thc London
Statist,' there seems every probabil-
lty that 7or the present the movement
Of the metal into that country will con
tinue, 1T Is stated that until the re-
cent monsoon. which has proved un-
fortunate, India has enjoyed good
harvest and, owing 10 the demands for
Indian produce in the Allied countries,
India has been able to export immense
quantities of goods OF all kinds.
New-York tribune., 1918-12-25
World Rise i'm Food Cost
Increase in Prices Here Less
Than in Europe

An extensive investigation of the
cost of living in war time was recently
completed by the British Ministry Of
FOOD. Food prices all over the world
we're studied and the following table
was compiled, giving comparisons be-
,ween the rise in prices of beef, bread.
utter and milk in Allied, neutral
ming of the war TO the end of Octobnr.
New-York tribune., 1918-12-25

Reactionary tendencies prevailed
IN the stock market again yesterday.
Special groups of stocks were ad-
versely affected, notably the cop
pers and the local traction issues.
which declined sharply. The cop
pers were unsettled by the an
nouncemert of reduction in the
market price Of the commodity and
cut in the Anaconda dividend.
The fractions reflected further liqui-
dation based on the unfavorable
position of the local companies.
New-York tribune., 1918-12-25
Coffee, Sugar and Tea

Coffee Market.-The feature of the
market yesterday was the Improvement
expected to shortly materialize in the
freight situation, it being said that
some of the 100000 tons Of shipping
allotted to South Amegica was now en-
route, which promises increased ship
ments from Brazil. The supplies of
coffee in this country continue to de-
an alarming low point, now being 541-
612 bags, compared with 1,71O.398 a
year ago
New-York tribune., 1918-12-25
Money Committee Meets

The bankers money committee held
its regular Tuesday session at the Fed
eral Reserve Bank yesterday. Only
routine business was transacted. From
information obtained from reliable
banking quarters. it appears extremely
unlikely that any move will be made
to lit the restrictions upon the Stock
Exchange money supply before next
spring.
New-York tribune., 1918-12-25
General Electric Earns $lO.B5

The income statement o. TIE General
Electric Company, for the six montha
period ended June 80 last shows, after
providing for interest and doducting
Sl100o, 900 20 provide Tor excess tax
and additional income tax. g surplus
OF S12 .332 $50, equivalent to sl0.S5 9
share earned on the s1l3,57S, 100 out
standing capital stock
New-York tribune., 1918-12-25
Current

The above rates express the cost Of
foreign money in terms OF the Ameri
can dollar You buy an English pound
sterling, say. at S41575 The intrinsic
parity is $4.S6@s per pound. Thus You
say either that pounds are at 4 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
accounts in England.
New-York tribune., 1918-12-25
w all Street Items

Howard F. Fisher will become a
member OF the New 1orl, Stock Ex
change tiln q Flor, Bullard & Smyth
On January l.
Maxwell ". Atwa5er has been elected
general manager Of Davis DAILY Copper
Company, succeeding ". L. Creden
resigned.
Will Z. Ripley has been appointed a
trustee Of the Boston Elevated Rail
road Company, succeeding William M.
Butler.
New-York tribune., 1918-12-25
Decreases

Anaconda Copper Company. - The
regular quarterly dividend has been
decreased from 50 per share to $50
per share, payable February "a to
stockholders OF record Panuary IS.
New-York tribune., 1918-12-25
The Dollar i'm Foreign Exchange

Swiss francs continued to display
strength in the local foreign exchange
market yesterday. Otherwise there was
no important change in rates.
Closing rates yesterday, compared
with a week ago, fcl ow:
(Quoted dollars to the pound)
New-York tribune., 1918-12-25

1t Will be noted that the United
States holds the most favorable posi-
tion with regard to the rise in prices.
and Austria the most unfavorable
New-York tribune., 1918-12-25
Butter, Cheese and EGGS

Butter.-Receipts to-day, 6,8O7 pack
ages; Creamery, higher than extras.
3D. ID os +ala osc; extras, 90 score, 67h
q Csc; firsts, SO to 81 score 63067c.
seconds, 83 to 81 score. 59(G 62l1c. low,
er grades, 536 58c; unsalted. higher
than axtras- 7012@7lc: extras. 6s%@
New-York tribune., 1918-12-25
Standard Oil
Other Oil Stocks

Sales. Open. High. Low. Lasl
100 'Cosden & Co. 61s SIS 6s4 o.
1860 "fEsmeralda o c 81 ~
5000 Federal OIL. 4,
500 "Glenrock OIL. 3lz 3ts 33s ss
900 'Inter Petro. :. 10 18 175s 70 g.
loco Metro Petro. pa 2is 2
5000 "1Midwest Oil. f2a 1875 f22 i25
ESQ midwest Ref. 1882 123l2 123 12S
200 Okla Pr Ref. eI2 $50 s7s ~ sP2
2000 "tQueen Oil f2 f3 - Y
$500 ar Dutch new. 66t2 oo'2 e3Iz eStz
700 Seauoyah r = ls II ~
1900 Stanton Oil. 11e 1Ie II oz
500 Victoria o MS 2is 2l4 rs 20
New-York tribune., 1918-12-25
> III S t G m a IN C G
Cereals

Wheat--The grain trade has been
particularly interested recently by Re
ports from .uropc quoting Herbert
Hoover as saying tnat u reduction in
the price of foojstufs in America o
10 per cent wou'G endanger the eX-
pensloM OF production, and conse-
qnently the exportabc surplus. In
some quarters it was thought that this
attitude of the food administrator had
been called forth by attempts on the
part Of European buyers to bring about
4 decline in American markets. 1t is
considered impossible to sell wheat
abroad at the fixed prices prevailing
here, as a very large percentage Of the
crop was purchased by the government
early in the season and has been ac-
cumulating expenses i'll the way Of
carrying charges even since. 1t is
said, however. that the margin Of pro-
fits being charged are small, and no
attempts are being made to prohteer
at the expense of foreign nations.
Corn.-The outlook for All increase
in the movement of corn in the i'm
mediate future is not favorable, and the
nearby positions in the corn market
yesterday were sustained by the belief
that receipts will be light for some
time, as a result of the widespread
snowstorm which prevailed over the
greater part of the corn belt. The
near months widened their premiums
over the distant positions, and re-
hected strength in the spot situation.
mere was little snap to the market.
however, and trading during the dav
was of mparatively small volume. as
a holiday spirit prevailed in the lead
ing markets and operators were not IN
cilned to take an aggressive stand. At
the same time sentiment was still
divided and many disposed to look for
lower prices for the distant months &c
soon as the visible supply assumes
larger prdportions.
Nv Yes'day's Previous Yea
Corn No yellow s1.ess4 s17os4 Holiday nkS,
Chicago:
Nan Marah afry ......... 1924 1926 Holiday
May ............. 1854 1855
Oats.-The oats market again show
ed weak undertone. rejecting heav;-
ness IN the cash position The EXPORT
demand was again lacking and with the
6omestlc trade also poor stocks are
oeglnnlng to accumulate and tbis i
having depressing influence on values
Yes days Previous Year
Oats, No. white .79 20 .Iig. ago
Chicago: II
January ......... .6s94. $685. H,d.v
March ''.............6 SO 6eza H,S,,
Nay ...'........ SO 70 JJ,d,I
- u '
Rye.-Market dull
New York close Ioso 1ear
Cash No West. s174 sl.74 Hdy
fiour and Meal.-Quotations were:
Nov Yes days Previous Year
rev -Ne" ,orN; close. close ago
Flour, MINI. sps. pat 5000 $1,000 li'dv
ooornneal yell gran 375 375 nav
BYE BYE Hour, choice. $500 9.25 8.sone25 nav
pran IVV-b. sacks -. 5000 5000 H,d,u
New-York tribune., 1918-12-25

10c frsts, 65d69c; seconds, 6006 64c
state dairy tubs, good TO prime, ga
65c: common to fair, 52@61c; reno
waited, extras, 53@ o4c; frsts, SOC, SIC;
lower grades, 430 48c; imitation cream
cry, frsts. 470 48c: ladies', current
make, frsts, 44M45c seconds, 43c
lower grades, 41@421sc; packing stock
current make, No. l, 42A@43c; No. ,,
Al &c; lower grades, $50 t01aG
Cheese Receipts to- day, 1888 boxes.
State, whole milk. fresh flats. specials
colored Or white, 10, 36 u Q37 nc; aver
age run. 351s Soc; lover grades, 800
35c; twins, specials. 361s037 1Ac aver
age run, 35Ha q. 36c; lover grades, 80
(a35c; flats, held, as to cost and quail
". 30@37c: twins, 30M37c; Wisconsin,
whole milk twins held, 34a36Ac;
single daisies, held, 32037c; fresh, 81
td371sc; double daisies, held, 32AG
35lac; fresh 37M3714c; Young Ameri-
cas-, fresh, 39G 40c; state, skins, spe-
clals, 28@28 2sc; prime TO choice, 25
(027c; fair to good, 20@24c; lower
grades, 120 18c.
Eggs.-Receipts to-day, 1o,49s cases.
Fresh gathered, extras, dozen, 65@66 3;
extra lirsts. 63M64c; tirsts. 611a062c;
seconds, 58G61c; dirties, No. i, 54@
55c; No. and poorer, 45M53c; CHECKS.
good to choice, dry. 45@ Soc; under
grades, 4O044c; refrigerator, 40a &c; ;
state, pennsylvania ana nearby West
ern hennery whites, line to fancy. 81
@soc; ordinary 10 prime. 70@ SOC;
gathered whites, ordinary to fine, 70
q SIC; pallet whites, 68m72c; Pacific
Coast whites, extras, 85c; lower grades.
aoCa 80c; pullets, $50 Zoe; Western and
Southern, gathered whites, 66(a soc:
state Pennsylvania and nearby, hen
merry browns, 70G72c gathered browns
and mixed color, 62@ 66c.
New-York tribune., 1918-12-25
Dividends
Increases

Chemical National Bank.-Thc reg
ular bi-monthly dividend has been in
creased from 21a per cent to 81 per
cent, payable January 2.
New-York tribune., 1918-12-25

Discount rates we're: Short and three
month bills, 3.l732 per cent. Gold
premiums at Lisbon were at rs.
New-York tribune., 1918-12-25
Corporate Returns

Jewel Tea Company Sales for the
four weeks ended November 30 amount
ed to S1,l84,7S5, decrease Of 7,4S2
from the spending period Of the
year before. Sales for the forty-eiyht
weeks ended the same time totalfed
$13,947 ,024, decrease Of $162,065.
United Gas and Electric Corporation Nnter-
national Traction1