davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-08-02
Foreign Exchange
Dealers to Form
An Organization
Importance of Postwar Dol
lar Transactions Will War;
rant Informal Society

The formation Of an association Of
men who deal in foreign exchange here
was proposed yesterday afternoon at
conference at the Empire Trust Com
pany Of forty managers and assistant
managers of the foreign departments
of the principal local banks. The sug-
gestion seemed to meet with warm ap
proval, and a committee was appointed
to devise a plan which will be submit
ted at another conference soon to be
held.
Advocates of the creation of an organi
zation which would lead to freer in
terchange of ideas pointed out that
since the war the growth Of the New
York market in foreign exchange had
been SO rapid and SO many new prob
lens had arisen that new instruments
for meeting the changed conditions
were needed. Particularly during the
war, it was said, was, there need of CO.
operation among dealers of foreign ex
change, SO that the efforts of the gov
ernment to stabilize rates could be
Fundamentally supported. Then, too,
it was said that after the war Ameri-
cas- part in foreign trade was likely to
be such that dollar exchange would at
tain an unprecedented Importance, and
larger possibilities would devolve
upon those who dealt in exchange.
Those who attended the meeting said
the tentative plan was to form an in
formal society, which would enable for
eign exchange men to meet regularly
and discuss problems of mutual inter
est. The actual scope of the proposed
association was not sketched in detail,
but was left for the committee to de-
termine.
Another matter discussed at the
gathering was the question of volun
tarily fixing q uniform profit on lire
exchange A committee which was ap
pointed some weeks ago in it's report
recommended that profit Of from 10
to II centimes be allowed, it is under
stood, but this was considered too high
and the matter was referred back to
the committee, to which six new mem
bers were appointed.
The idea of regulating the profit on
lire exchange arose when rates on
Italy were fuctuating violently before
the present plan of stabilization was
introduced. Despite the activity of the
Federal Reserve Board and Italian au
thorities to curb the fluctuations and
to reduce the discount of the lire, the
exchange men present agreed that it
was still desirable to decide on a uni
form profit. 1t is expected that the
committee will render it's second report
on this subject at the same time the
committee on the proposed association
is ready to present its findings.
New-York tribune., 1918-08-02
Three Billions Total
Of Nations Imports

WASHINGTON, Aug. Imports in
the fiscal year ended June 80 last were
SS22,S946,o59,4o2, S2,S an increase of $2S7,ooo,-
ooo over the previous year, figures is
sued to-day by the Departm of Com
merce show. Canada, with $434 ,254 ,567,
led foreign countries in the value of
goods sold to the United States. Grain
and nickel constituted the bulk Of the
trade. Imports from Cuba increased
more than 100000, while those from
the the British East Indies increased $7o,-
ooo,ooo to s296,6O6,o00, largely due to-
also INCREASED it's shipments, particu-
larly silks, rice and cotton goods.
Imports from European Russia showed
an increase of almost $4,000 900, total
ing Sl5,146,826, as the result of large
quantities of hides and platinum beinq
brought out early in the year. Imports
from the United Kingdom, France, Italy
and European neutrals decreased. Eng
land lost more thar 100000, 900, France
$33,00o,oo0 and Italy $4,000, ,O0O
New-York tribune., 1918-08-02
Decides for Aetna Co.
In Guaranty Suit
Master Lacombe Reports Ex-
pIosives Concern Does Not
Owe Bond Interest

Ex-Judge E. Henry Lacombe, as spe-
cial master. filed yesterday in the Fed
eral District Court report and
decision that the claim of the Guaranty
Trust Company that it is owed as
trustee $4,541,0 by the Aetna Ex-
posives Company, Inc, has no legal
effect and must be disallowed. The
trust company claims the mentioned
amount as being due on bonds out
standing because of default in the pay
ment of interest due on August 25,
1917, under the terms of mortgage
The special master says that the de-
fault did not continue for six months
after written notice, and that all inter-
est and taxes have been promptly paid
1t is also stated that as the Aetna Com
pany was engaged in the manufacture
OF explosives for this country's allies,
it was to public interest that it's prod
ucts should be made and forwarded
quickly, but that delay might be caused
unless the defendants property was
temporarily protected from disintegra-
tlon through attachments, executors,
etc.
Stating that Receivers Holt and Odell
rejected offers of the Dupont interests
to buy some of the Aetna Company's
plants, because such a sale would dis
locate its entire business, the special
master says there is nothing to indi-
cate that the court contemplates wind
Ing up or liquidating it's affairs.
In the Federal District Court yester-
day Judge Augustus N. Hand authorized
the receivers to execute contracts for
the sale to the United States of 1000
coo pounds of nitrate of ammonia and
for the sale Of 100000 pounds Of wet
plcric acid to the French government at
prices which will yield reasonable
profit.
New-York tribune., 1918-08-02
Va.-Carolina Prospers

Wartime prosperity is reflected in
the annual statement of the Virginia-
Carolina Chemical Company, issued to
the stockholders yesterday. showing
net earnings Of S1O,193, ,267 for the
year. ended May 81, against s5,9O5,24s
IN the preceding twelve months.
After all charges, including the de-
duction of $1,600,976 for preferred
stock dividends, the company earned
a balance on the common stock Of
S6,783,692, equal to s24.24 share on
S27 1884 400 stock outstanding, compared
with SlO.91 share in the previous
year.
The company set aside s2,998,552 for
repairs and maintenance and built up
a reserve of S1,O12, ,00l for doubtful
debts and cash discounts on accounts
rot yet settled A total Of s., 2,62s,12l
was paid and reserved for Federal
taxes and depreciation.
The balance sheet as Of May 81
shows cash of S6,776,2S6, against ST.
236,124 year ago.
New-York tribune., 1918-08-02
. NUWDGr OF
issue SUBSCRIPTIONS Subscribers
! S312,S44,500 6s3
273,219,500 861
211,714,000 sos
Nations Oversubscription
In Excess of $84,OOO,OOO

WASHINGTON, Aug. 1.-The $780,
100000 block of certificates of indebt-
edness, subscriptions to which closed
two days ago, was oversubscribed
s84,750,oo0, making the total of GER
tihcates. now outstanding in anticipa-
ton Of the fourth Liberty Loan
~ i03, 900. All Federal Reserve
districts except Richmond, Atlanta.
Minneapolis and Dallas oversubscribed
their tentative quotas. Another issue
OF certificates will be announced by the
Treasury within day or two.
New-York tribune., 1918-08-02
Road to Pay Bond Interest

Directors of the Denver & Rio
Grande Railroad Company at special
meeting yesterday declared the regular
semlannual interest of 31s per cent
on the 7 per cent adjustment bonds.
payable October L. 1t was reported
unofficially that the earnings of the
company for the six months ended
June 80 showed balance of about
Sl,500,o00 available for interest on the
adjustment bonds.
No action was taken on the resigna-
ton of (. l.. Brown as president and
director and of B. +, Bush as director.
New-York tribune., 1918-08-02
Decrease.
The Dollar in Foreign Exchange

The continued weakness of pesetas
was the dominant feature yesterday in
the foreign exchange market. Dealers
in exchange associated the decline with
the visit of Messrs. Davis and Crosby
to Spain to stabilize the dollar there.
Although the movement Of rates did
not depend on anything they have
done already in the matter of arrang-
ing credits, as it is expected they will,
the market has begun to discount the
effects Of their efforts. Lire bills we're
slightly stronger yesterday, but the
rest of the rates remained steady. The
volume Of business done was relatively
small.
Closing rates yesterday, compared
with a week ago, follow,
Quoted dollars to the pound.)
New-York tribune., 1918-08-02
American Steel Foundries
Net Increases but Surplu.
Yields Less for Dividends

Net, earnings of the American Steel
Foundrles in the six months ended
June 50 last amounted to $4,1S7, ,455,
according to the statement issued to
the stockholders yesterday, compard
with $3,948,197 in the corresponding
period of 1917. The surplus available
for dividends was $2,9S6,924, equiva-
lent to S1727 share earned on the
S17,184,000 capital stock for the six
months period. compared with S2144
year ago.
The company made a reserve Of
s1,043,000 on the basis Of the present
law to cover income and excess profits
taxes
New-York tribune., 1918-08-02
Wealth Markets and Commerce ge
Telephone
Hanover 6514

Of discounting is being done on a
per cent basis for the best regular ma
turtles.
Bank Acceptances.-Rate were un-
changed yesterday, as follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent. Per cent. Per cent.
E J igible
m m be
banks. :. .4h@4 4h@4A 4h@4A
E igibl "a
non-mem-
Der banks.414@4Is 42a@4h .49a@4h
n el ligihle
bank bills.514@4s4 5M@4s4 5A@4M
For delivery within thirty days:
Per cent.
Eligible member banks ........ AM
Eligible non-member banks..... ~
Ineligible bank hills. 8
Discount Rates.-The following table
gives the current rates of the twelve
Federal Reserve banks on commerclal
paper on all periods up to ninety days:
New-York tribune., 1918-08-02
DIVIDEND NOTICES
GREENE CANANEA COPPER co.

~, = BFoadWay, New York. n. =.
- The Board OF Directors Of the Greene
Cananea Copper Company has declared
dividend of $500 per share upon It's Cap
ital Stock Of the par value of $4,000 per
share, payable on August %. 1918. to the
close Of business at 300 o'clock P. NJ
Friday. August .. 1918 The dividend IS
payable only upon the $4,000 shares into
which the Capital Stock is divided. Az
stockholders who have not converted then
holdings into shares of $4,000 par vslus
should do so without delay IN order thar
they may receive their dividend promptly
New York. July rs, 1918
j. w ALLEN Treasurer
New-York tribune., 1918-08-02
Equipment Shares Stolid

Equipment shares made no response
at all to the advices from Washington
telling of the letting Of new contracts
for locomotives and freight cars for
use in France by the War Department.
1t was announced that the Baldwin
Locomotive Works had received orders
Tor Tor 80 locomotives, involving $685.
100000. Orders for 10000 new freight
cars are distributed as follows: Ameri-
can Car and Foundry Company, 2.4OO;
STANDARD Steel Car Company, 1900;
Haskell {, Barker Car Cor, 1900;
Pressed Steel Car Company, 1900;
Pullman Company, 1900; Standard
Steel Car Company, 400 tank cars:
Liberty Car Company. 250, and the St.
Louis Car Company, $50.
New-York tribune., 1918-08-02
FINANCIAL MEETINGS
% THE STOCKHOLDERS OF
PAPER EEEDE ER COAIPA NV.

TO THE STOCKHOLDERS OF Alto
PAPER FEEDER COMPANY:
Notice Is hereby given that the annual
meeting of the stockholders Of Auto Pancr
Feeder Company will be held at tho oftlce
OF the Company. Room SCI 10 Cedar
street Borough of Manhattan CITY of
New York. on Friday. the 9th day of An
gust, l9lS. at IL o'clock In the forenoon
for tho purpose of eiectng four directors
tor the ensuing year. and foy tho transact
an, eom OF aneh other business as may properly
como before the said meeting.
Dated, July card, 1918
IL ~ ROSENBERG. Seoratsrv
New-York tribune., 1918-08-02

The cotton prospect having de-
creased materially in the last
month, we shall, no doubt, pres
emily hear that the Southern inter-
ests who have been insisting that
the price be fixed and that the gov
ernment buy all surplus cotton
have experienced another change
of mind, and are bitterly denounc-
ing those who would rob the South
by such outrageous interference
with the law Of supply and demand
as would be involved in price fixing
for the politically sacred commodity.
The railroads are leaning heavily
upon the banks for the funds to
meet current financial require
ments, but some banks at least are
becoming more and more reluctant
to advance them money, and for
good reason. Railroad balances
have been drawn down until in
many cases they are almost non
existent. One bank which had tens
Of millions Of dollars Of such bal
ances the first of the year has prac-
tically none now. The situation is
we'll illustrated by the recent ex-
perience Of a large local institu-
ton, which was asked to make a
loan Of some millions to certain
road-and did ton the same day
that the road closed its account.
Bankers say 1t is unfair thus to re-
duce balances and at the same time
expect them to make unlimited ad-
vances to the carriers when they
can employ their funds much more
proftably in other directions. Their
complaint would appear to be we'll
founded.
New-York tribune., 1918-08-02
Stock Exchange Seat Sold

The New York Stock Exchange seat
of the late Thomas L.. Manson was sold
yyeesterday yes soa9 to Harry G. Seeligson for
$Soa,ooo: This was the same price as
tnat of the last sale. The membership
Oh monroe Il. Rothschild was trans
ferred to Jesse A. Rothschild.
New-York tribune., 1918-08-02
Money and Credit

Slightly easier conditions prevailed
in the money market yesterday. At
tho Stock Exchange the ruling rates
were 5h to 8 per cent. Toward the
close call money loaned at to AZ
per cent
There was no change in tho market
for fixed date funds, tho banks con-
tinuing to restrict their offerings.
Ruling rates for money yesterday,
compared with a year ago, were as
follows:
Yesterday. Year ago.
Per cent. Per cent.
Call money:
On mixed collateral 5I2 3
On industrial col'tY 6 3E
Time money (mixcd collateraO:
Sixty days. 8 4Ea
Ninety days...... 8 4La@424
-Four months. ..... g 4Ls04sI
Five TO six months 4M@5Na
Commercial Paper.--A small amount
New-York tribune., 1918-08-02

Banks in this district have taken in
all S797.778O00 of the last three issues
OF certificates of Indebtedness, whereas
the aggregate quota of the district was
only S724,333 900. The following table
shows what the district has done with
the three issues, Of which the first two
were for an aggregate of $750,OOO 900
and the last for S5O0,0OO,0OO:
New-York tribune., 1918-08-02
DETROIT UNITED RAILWAY.

"A quarterly dividend of Two Dollars PEI
share. being at tho rate OF eight per cen. en-,
per annunn. the Capital Stock of sn.s
Company. has been declared payable eey.
tember LIST, 1918. to Stockholders OF feco''
August 10Th. at s o'clock 2. NJ.
A. T. PETERS. Secretary!
Detroit. Mich. July 81. 1918.
New-York tribune., 1918-08-02

London Money Rates. - LONDON,
Aug. 1.-Moncy was unchanged at 8
per cent. Discount rates were: Short
bills and three-month bills, 1882 per
cent. Gold premiums at Lisbon re-
mained at 130.
Bank Of France.-PARIS, Aug. l.
The weekly statement of the Bank of
France shows the following changes in
francs:
New-York tribune., 1918-08-02
BUFFALO. ROCHESTER, & PrTrSBURGB
RAILWAY COMPANY

Dividends OF Three Dollars per share on
me preferred stock and Two Dollars per
snare on the common stock OF this Con',
pany have been declared payable Angus
10th. 1918. to stockholders of record An'
gust 18th. 1918
ERNEST ISELIN. Secretary.
New-York tribune., 1918-08-02

COMPREHENSIVE NOTICE

July s5tn. 1919
MIR. EUGENE a. DAY has this day ~
tired from the firm OF Carlisle. MeinS- Mcm
g. Co. CARLISLE, MELLlCk d w
New-York tribune., 1918-08-02

Sub-Treasury.-The banks lost $751;
600 to the Sub-Treasury yesterday.
Silver.-Bar silver in London was
48}sd. unchanged; New York, 996sc,
unchanged; Mexican dollars, tic, un-
changed.
Bank of England.-LONDON, Aug.
1.-The weekly statement of the Bank
Of England disclosed an increase in
gold of s121,514. The proportion of
reserves to liabilities now stands at
1887 per cent, against 17.41 per cent
a week ago. The statement, with the
changes from last week. follows:
New-York tribune., 1918-08-02

Total, U. S...,.. 1876 7o.3 72.3 754
New-York tribune., 1918-08-02

Reserve Bank rate. 1878 1878
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:
Tombstone epitaph., 1918-05-26
CHEMICAL MILL
BLAST KILLS 200
BODIES, THROWN HIGH IN AIR.
FALL BACK INTO SEA OF
FLAMES.
NURSES LEG BLOWN OFF
RED CROSS WOMEN ABANDON
PlTTseURo PARADE AND RES
CUE SURVIVORS.


Western N.sspsp.r Union News Service.
Pi,tsburg. Pa. May Probably
so0 men we're killed Saturday when
an explosion of T. y. T demolished
the plant of the Aetna Chemical Com
pany al Oakdale, on the Panhandle
division OF the Pennsylvania railroad.
sixteen miles from here. Five hun
dred workmen were startled at noon
by a report not much larger than the
crack OF a pistol II came from the
soda house. but they knew its deadly
import, and as one man. they rushed
for the nearest exit Before they
could gain the open the very air
seemed TO burst into flame, the earth
( heaved and rocked, and. with a roar
that was heard for miles, the long fac
tory buildings were hurled high into
the air. carrying with them ponderous
equipment and scores of men. A
great cloud of dust and smoke settled
fumes torn and mangled forms
dropped to the earth. many dead. but
others 10 meet their end in the fam
ing debris.
Tn. number y, dead had NOT heen
s,i., c,,,, ,iah, .rd :, IL
,,ossi,Ia ,h., !, NO, 30 known for
a. :, ;ndaa :, III, ov.r ~. known
State and county authorities agreed
,ho, :, ,o,rd r.acb ooo
~ i,i,ra1 ,o,,a =, vbo,,
~. founs b.it a miIs from tho rem.
=, ~ ,..,or,. ,a h,or,b, m
p;,,.,,,rs hosni,als b.. sn.cia, trains
.rd ~ .mhuiarc.s al of ,b.m 81
-,
l.. ~. ips,arc.s we're nbysicians able
Tombstone epitaph., 1918-05-26
Colorado.

The Philadelphia mine is live prop
erty al Victor camp.
Operations on the Royal Gem group
at Caribou. Boulder county are now
under Roadway.
Mining bromide OF silver ore on the
Trout and Fisherman, within the city
limits Of Ouray. has been going on al
intervals since the claims were first
located By Jack Steeley in 1875
From Central City comes report
that s. ]. Gish and D. w. r. Kinney
of Kentucky have taken a lease and
bond on all the Perigo property. in
Guiding the Gold Dirt. and will start
operations at once
United Verde Copper Company has
Just paid dividend OF $3.50 share
The company paid $3.50 on April Il
On March % last. the company paid
s. share. following a similar paw
ment made i'll the middle OF February
At Apex. Gilpin county, the Ever
green Mining Company has increased
its capacity to 100 tons daily in add
ton to twelve-drill electric compress
sor. the company working two shifts
per day in both mine and mill
The Idaho Mining. Reduction. Trans
portation and Tunnel Company. which
operates the Gem mines and the New
ton mill at Idaho Springs, is duplicat
ing the present plant TO take care oi
the business that is coming to the
Newton.
Drifting south from the bottom OF
the Wine. sunk $50 feet below the sew
enth or 900-fOot level OF the Indel
shaft. Superintendent: 4, Campbell ia.
recently entered a much richer ore
body in the Index at Cripple Creek In
places the vAn is strong. ten feet be
tween walls and sylvanite glistens in
the breast and roof OF the drift.
Tombstone epitaph., 1918-05-26
LIMIT IS OFF ON
men FOR FRANCE
WE'LL SEND AS MANY ACROSS As
WE HAVE SHIPS, DECLARES
PRESIDENT WILSON.
MUST WIN WORTHIlY
PRESIDENT OPENS GREAT RED
CROSS DRIVE IN NEW YORK
ADDRESS.

Western Newspaper Union New, Service
New York.-To win the war the
United States is determined to set no
-estrictions on the number of men TO
De sent TO France, President Wilson
declared here Saturday night, May IS,
a speech reaffirming the purpose of
America TO set no limit on its effort.
AS many men will go overseas as
ships can be found 10 carry them, the
President said, after referring to state
nents that have been made that 81
100000 should 60
The United States. he said, will not
De diverted by insincere talk of peace
rom the Teutonic powers Their pro-
,osals, he declared, spring from de.
sire TO have free hand in the east.
The speech was made in opening
he American Red Cross drive for a
second sl00.OOO,OO0 war fund.
The President was given a grea;
demonstration when he entered the
Metropolitan Opera House, and was
Introduced by Cleveland II. Dodge.
Before the speaking began the
Opera House chorus. conducted by
Iiulio Setti, sang the national an
hens OF France. Italy, Great Britain
and the United States.
The President was preceded by
Henry p. Dawson, chairman OF the
Red Cross, who spoke of the work OF
he organization Mr.. Dawson re
ferred to the President as the leading
figure OF the world
In introducing the President, Mr.
Dodge said that the President had
asked for the privilege" of marching
IN the days parade. when none of the
committee had dared" TO invite him
The President. Mr.. Dodge declared
is the spokesman of all the great spir
itual forces OF the world
The President started speaking by
saying he did not come TO New York
to tell of the work of the Red Cross
but TO tell what Il think it ali means.
There are two duties with which
We are face TO face" he said. The
first duty is 10 win the war The
second is TO win it greatly and
Worthily."
Il have heard men say said he
that We must put 100000 men in
France Why limit it 10 that number
Every ship shall go on every voyage
with every man and all the supplies il
can carry
The crowd arose and cheered wher
he said. Il am here 10 stand by Rus
sia as well as France"
Il summon YOU 10 the comradesnip
| summon you in this next week Il
say how much and how sincerely anC
how unanimously you sustain tbs
heart OF the world said the Presi
dent in closing.
Tombstone epitaph., 1918-05-26
Conscientious Cuss.

''Enos Dubbl'honk j. the most con.
>cicniiouS gent in town" related the
landlord of the P"tuuia tavern The
other evening the feii.rs here in The
office We're telling funny stories. and
Enos got off on. about drunken man
meeting a ghost. He strung the yarn
out quite distance. and then. after he
had got through and we had all laughed
politely, he recollected that drunken
man always says HE" And so. as he
wanted TO be perfectly accurate, he told
the whole story over again, putting IN
the missing hiccoughS al the proper in
tervalS I sometimes think that with
n little different education Enos would
have made Il firSt-cla>> German spy
Kansas fitv Star
Tombstone epitaph., 1918-05-26
ARIZONA
STATE NEWS
Western Newspaper Union News Service
TWENTY MINING MEN ARRESTED
Arizona Msenates Indicted for eisbss
!. W. W. Depertations.

Arizona Maenates Indicted for eisbes
!. W. W. Deportations.
Bisbee. Arix.-Another chapter in
The history OF the Bisbee depor,ations
of July IL last ended MAY Is in the
Warren district when United States
Marshal Joseph p. Dillon arrested on
federal warrants. issued on indict.
ments found in the United States Dis.
trict Court at Tucson, twenty of the
best known citizens OF Cochise coun
". The remaining chapters-the
stories of those indicted b.
heard In the United States District
Court at Tucson before Judge William
II. Sawtelle. where the twenty citi
zens detained by III. marshal will ap
pear May IS 10 plead At the SANE
time il is expected the date OF trial
will be set.
Those against whom indictments
were found and who were arrested
We're: George b. Wilcox. Robert Rae
Miles Merrill. Gerald sherman, Nj
chael ] Cunningham. James Allison
Bassett Watkins. Lemuel c. Shattuck
Michael ]. Brophy. Philip royrea
Tombstone epitaph., 1918-05-26
Five Children Burned to oesth.

Silver City. n. M.-Five children OF
Thomas Pinson, q ranchman living
five miles east of here. were burned
to death in a fire which destroyed the
Pinson home OF six childen alone
in the house. Levi. aged >. who had
gone to the well for q drink.yya the
only one to survive. Those who per-
ished were Bertha, aged 10: Eva, 10;
George. 8, and Alice and Mary. 3-year-
old twins. An exploding lamp n be-
lieved To have caused the fire.