davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-08-20
Luxury Irnportations
Materially Decrease
National City Bank Shows Art
Drop From $23,000,000
to $11.OOO.OOO

America is cutting down on the i'm
portation of luxuries. The record for the
fiscal year of 1918 shows material
falling off compared to 1917, which
revealed a similar tendency in COM
parison with the previous fiscal year.
luxuries is much greater than is indi-
Gated in the statistics expressed in
terms of money, as the prices of lux
uries are now abnormally high.
A compilation by the National City
Bank shows that in practically all the
imports usually classed as luxuries the
1918 figures fall materially below those
of the preceding year and are far less
than those Of the year before the war.
That they should be less than before
the war is natural because many of the
articles of this character originated in
The European countries, some in the
and some with our Allies. now too
busily employed to manufacture or
otherwise accumulate materials of this
class for expectation.
The banks figures show remarkable
declines in the 1913 imports of prac-
tically all articles classed as luxuries.
In art works, for example, the value Of
the imports of 1918 is but about Sill
100000 against $23,0O0,00O in 1917, and
$35,000,000 in the fiscal year 1914, all
of which preceded the war. In auto
mobiles the value in 1918 was but about
$4,000, against nearly S2OO0,OOO in
while the average value per machine
imported in 1918 was less than one
half that before the war Decorated
chinaware imported in 1918 was but
about S3,500000 in value, against prac-
tlcally S8,000,00O in 1914. Of cotton
laces imported in 1918 the value was
but about S10,000000, against S16,5OO,-
600 in 1917 and nearly $34,00O,O0O in
1918 was less than 100000 yards,
were valued at but little more than one
half those of 1914. Of cotton plushes
1918 was less than 100000 yards
against more than 5000, 900 in 1917 and
practically 100000 in 1914 OF ostrich
feathers in 1918 the imports were
valued at nearly $1OO0,0 900, against
nearly 100000 in 1914 and over So
100000 in 1918. In precious stones the
total for 1918 was but about $32, 900 900
against S47,00O,000 in 1917 and $50, 900.
600 IN 1913, while of pearls alone the
value in 1918 was less than $4,000 900
against over $5,00O,00O in 1917 and more
than S10,000,000 in 1916.
IN the articles of food usually classed
90 iut u ieS WHcH imported there s a So
marked falling off. Cheese imported
in 1918 amounted to but about 5000 900
pounds. against 100000 in 1917 and
64,O0O,OO0 in 1914. Of currants the
imports of 1913 were over 5000 900
pounds, against 25,O0O,ooO in 1916 and
81, ,OOo, 900 in 1914, and Of dates only
6,o0o, 600 pounds in 1913, against 81 900,
900 IN 1914, while olives and olive oil
show totals in 1918 of about one half
those of the year before the war,
New-York tribune., 1918-08-20
Regular Declarations

Crucible Steel Company of America
Quarterly dividend of 1s. per cent
on the preferred stock, payable Sen.
tember 80 to stockholders of record
September 16
San joaquin Light and Power Cor
poration.-Quartery dividend of s150
per share on the preferred stock. navo
able September ii to stockholders of
record August 81. "
Boston Woven Hose and Rubber
Company.~Quarterly dividend of 81
per share, payable September 1s TO- 70
stockholders of record August 81.
Moline Plow Compapy.-Ouarterlv
dividend of = per cent on the first
preferred stock, payable September
to stockholders of record August IL
Wayland Oh and Gas Companv-
Regular quarterly dividend of 2 nor
cent on the common stock, PAYABLE to
stockholders of record September i.
Barrett Company Quarterly divi-
dend of IA per cent on the common
stock. payable October to stockhold- :
crs or record September l2: also the
regular quarterly dividend of Ia, per
Gas GEN. on the preferred stock, payable
october 10 to stockholders of record
September 26.
New-York tribune., 1918-08-20
Brazil Railway Co.
To Be Reorganized
Bondholders Act Favorably on
Plan to End Re-
ceivership

Announcement was made at the local
Offices of the Brazil Railway Company
yesterday that favorable action on the
proposed plan Of reorganization of the
company had been taken in London last
week at a series of bondholders' meet
ings. The bondholders were asked to
ratify the compensation agreement
which will end the present receiver
ship, and 1t was said that the issue
will now be laid before the stockhhold
ers for similar action.
Although the formal call has not vet
been prepared, it is likely that meet
ing Of tho stockholders will take place
in Maine early in the fall. Representa-
tives of the company expressed the
opinion that, unless unforeseen delays
mated in the middle Of the autumn
New-York tribune., 1918-08-20
Russian Bond
Holders May Need
Protection First
Recent Interest Payments
Met by Imperial Funds
in United States

The formation by the Investment
Bankers Association of national pro-
tcctive committee to act in the in
tercsts of American holders Of foreign
securities, 1t was learned yesterday
was determined upon primarily because
OF the collapse of Russia, with the re-
sultant possibility of unfavorable de-
velopments as regards Russian securi-
ties sold here.
This phase of the committees po-
tentlal activities was the one most dis
cussed in the financial district yester-
day. In the absence Of the chairman,
Thomas ". Lamont, who is now in the
Maine woods on fortnight's outing,
no further formal statement was is
sued. New York members of the com
m1ttee left no doubt in the minds Of
lnqulrers. however, that they regarded
the Russian situation as the one that
would probably require their first con-
sidcration.
Threats to Repudiate Debts
Although announcement has been
made from time to time of the Boil
shevlk regimes intention to repudiate
the debts incurred by former govern
ments, the National City Bank, as the
depository Of the former accredite d
Russian government, has thus far main
tanned uninterruptedly all interest
payments on Russian securities sold
throughout the United States. These
have not only included the coupons on
external bonds but ruble bonds as we'll.
Only this month the semi-annual in
terest on the internal 5l1s, issued in
1916 and due i'll 1924, was met.
Since the fall of the Car, and. later.
OF kerensky, considerable mystery has
enshroudcd the source of the funds
used to meet Russian interest paw
ments. 1t can now be stated definiteIv
that this money for the most part was
drawn from the balance that remained
on deposit in this country when the
late Car was overthrow. These funds
were acquired mainly through the sale
OF Russian securities, the proceeds of
which were intended to pay for NUM-
tlons and other supplies. When the
Bolsheviki seized the reins Of power
all such contracts were abrogated, and
as consequence Russian balances here
were IN large volume.
Plan to Continue Payments.
This money in the course Of time will
be exhausted by succeeding interest
payments. Unless Russia is politically
and financially rehabilitated before this
period of exhaustion is reached, the
Lamont committee will undertake to
devise some plan by which payments
will be continued or, if default takes
place, to bring strong influence to
bear so that the period of non-p payment
of interest shall not be of long dura-
tion.
Bankers have estimated that less than
S100,000,000 of Russian securities are
held by American investors The
amount of ruble bonds sold is not def
nitely known, but it has been placed
anywhere between $15,000,0O0 and $685.
100000.
Holders of Russian government and
municipal securities at a meeting held
in London last month determined upon
the appointment of committee to
safeguard their interests so far as
possible. The Lamont committee, it
was stated yesterday, will work in har-
mony with the British group should
this become necessary.
New-York tribune., 1918-08-20
Names Cotton Price Fixers
British Trade Board Notifies
Washington of Action

The British Board of Trade has ap
pointed an official values committee
to fix the daily price of cotton in Great
Britain, Consul General Skinner, Of
London, has notified Washington.
Spot prices prevailing in the Ameri-
can Southern states and in Alexandria,
it is announced, will form the basis for
the official valuation, plus cost Of trans
portation, insurance, warehouse charges
and such profits and other charges as
the board may from time to time de.
termne.
Official value of other growths are
to be fixed by reference to the cost of
production in the country or origin
or by comparison with nearest grade
of American and Egyptian cotton. Nav.
imum prices at which cotton NAV he
bought and sold are not to exceed bv
moro than 5 per cent the official ynlno
last fixed. Buyers and sellers are 70
be required to make return of evcrv
sale and purchase.
New-York tribune., 1918-08-20
Ind Us trial
Cotton

The opposing influences of con-
tinued crop complaints and an easier
technical position were reflected by
very violent fluctuations in the cotton
market yesterday. Prices made new
high records durng the early trading
on the failure of weather advices to
hold out any hope Of immediate re-
lief from the Western belt drouth.
There seemed to be trade buying, as
we'll as further covering, and big
demand from houses with Liverpool
connections, but after selling up to
$50 for October contracts, or 60
points net higher, and approximately
p cents per pound above the low
level OF August l, the market weak
ened. For time there was practi-
cally no support, and October broke
to 31.s0, but prices rallied later, and
the close was firm at 32.45 for that
delivery, with the general list only 8
to 20 points net lower.
The opening was rather Irregular
November being 38 points higher
while other months were 2 points
lower to 5 points higher. Realizing
sales were quickly absorbed, chiefly
by the active buying for Liverpool
account, while there was also buying
supposed to be for Southern mills.
Active months sold about 60 to 6S
points above Saturdays closing fig
ures, with December touching 327O
and January $3.50. The more urgent
demand appeared to have been sup
piled at this level, and there were
moderate reactions under realizing,
which became more active and gen
eral when the publication of bullish
detailed weather reports for Texas
and Oklahoma failed to bring in fresh
buying. Stop orders were uncovered
on the break to 31.15 for December
and 31.10 for January. or 1870 to 1856
points from the high level of the
morning and 6s to 81 points net lower.
After their execution the market
steadied on covering, with last prices
chowing rallies of IS to 70 points on
renewed buying by houses with Liver
pool connections
Exports for the day were II 300 bales,
making 158,312 SO far this season,
against 158,4o5 last year. Southern
spot markets as officially reported
were unchanged to 100 points higher
New-York tribune., 1918-08-20

The Federal Reserve Board again
stresses the need for conserving
credit by reducing or eliminating
loans to non-essentials; but it is
doubtful if the boards propaganda
will be as effective as could be hoped,
for the reason that it lays so much
emphasis on the need for caution in
putting the policy into effect. In its
August Bulletin" the board states
that it has received many requests to
define the terms "essentiar and
mon essential" but it cannot answer
such queries specifically except in a
few cases. Therefore, it goes on,
the question must be determined in
each case by local bankers after
comforting with the business men of
their communities and after careful
study Of existing conditions. Rca-
sonable discretion should be exer-
cised and drastic steps calculated to
bring about hardship or embarrass-
ment or to work injustice should be
avided.
The trouble is that it is extremely
difficult and often impossible for the
local banker to find a satisfactory
answer to the question. The whole
scheme would be much more effective
if the board or some other depart
ment of the government would either
classify industries or lay down a. set
of general rules for the guidance Of
the bankers, leaving to them the
judgment as to how the rules shall
be applied. That would not only
hasten the process Of credit read
justment, but would make it much
easier for the banker to refuse loans
to on-cssentials. Some such moral
support is needed by bankers, who
cannot now refuse to loan to those
customers who claim that their bust
nesses are essential, even when it is
obvious that such claims are unwar-
ranted, without causing i'll feeling.
The fact that the Reserve Board is
reluctant to make such a classifca-
tion would seem to indicate that the
chances for extending to the capital
issues committee the power to pass
on all bank loans in excess of $780,
900 are slender.
New-York tribune., 1918-08-20
Writer Becomes a Banker
George B. Mallon Now Of Bank
ers' Trust Company's Staff

George B. Mallon, newspaper man
and writer, has become a member Of
the staff Of the Bankers Trust Com
pany, according to an announcement
made by Seward Prosser. president. Mr.
Mallon was city editor of "The Sun"
for twelve years and for five years he
was associated with ErmanJ J. Ridgway
in editing the group of five Butterick
magazines and as secretary and treas
urer Of the Ridgway Company, which
published "Everybody's" and "Adven-
ture."
More recently Mr.. Mallon was state
publicity director for the National War
Savings Committee of New Jersey. He
is president Of the Amherst Alumni
Association Of New York and of the
Sun Alumni Association.
New-York tribune., 1918-08-20
MEETINGS
NOTICE OF MEETING OF sTOcK-
HOLDERS

NOTICE OF MEETING OF STOCK
HOLDERS
Notice Is hereby given. pursuant 10 Sec
ton IS OF the General Corporations Law OF
the State of New York. as amended by
chapter 177 Of the Laws of 1917 that a
special 81, meeting OF the stockholders OF THE
cially called and Will be held at the ONCE
OF said corporation at 1874 Nassau Street
Sshe @ Y1s tribune buildng). New York city.
o'clock in the afternoon, for the purpose
OF voting upon the adoption Of a resolu-
t tion ;authorlzing a; the change Of the name
or SAID corporation from THE TRIBUNE
ASSOCIATION" to NEW YORK TRIB.
oNE nc; and authorizing such steps
,' OF proceedinss as may be necessary or
proper to enectuate such change Of name
and for the purpose Of transsctinr such
TeHer TeS business as may properly be brought
Da'eo' New York City. July 81. 1914.
OGDEN REID. PRECEDENT
RICHARD II. LEE. Secretary.
New-York tribune., 1918-08-20
The Dollar in Foreign Exchange

With the volume of business light.
the movement of rates in the Foreign
Exchange market yesterday was slight
and of small significance. Swiss francs
showed a striking weakness, but ex
change bankers attributed it chiefly to
the low rate quoted at London. because
Of the large supply Of bills Of exchange
on Switzerland there. The rate on
Swiss checks, which on Saturday was
4.01 u units to the dollar, yesterday
fell to 4.04 and on cables from 3.991a to
4.02 Pesetas were a trife stronger
yesterday, because of a larger demand.
Many buyers have been holding off in
placing orders for pesetas for several
weeks, because they expected still
further decline rs a result Of the move
that is being made to stabilize the
value of the dollar in Spain. New buy
ing orders are coming from this source.
Rates on London and Paris were steady.
Closing rates yesterday compared
with week ago, follow:
(QuOted dollars to the pound)
New-York tribune., 1918-08-20

There is one possibility in connec-
tion with the railroad contract con-
troversy that has received little at
tention thus far. That is that some
Of the carriers may refuse to sign
any contract at all, preferring to
rest simply on their rights under the
railway control act. AS it is, those
who sign the contract waive the
right to bring action for damages
that may be sustained during the
period of Federal operation, and
railroad men are convinced that the
Director General will not modify the
clause of the contract containing
this waiver.
New-York tribune., 1918-08-20
> u 8 t e n a n c e
Cereals

Nheat.-The movement Of wheat at
primary points continues at a rate
never before experienced. and the Wis
!ble supply last week increased $685.
600 bushels. bringing the total to 32,-
156,0O0. compared with 4.S43,00 a wear
ago: When it is considered that the
spring wheat rop is not yet moving
in volume, it is apparent that a large
surplus will be built up during the
balance of this year. Reports from
abroad were very encouraging regard
ing the food situation, but while Food
Administrator Hoover apparently takes
very optimistic view of conditions. he
emphasizes the necessity of continued
economies at home in order to build
up large reserves both here and abroad
to meet any emergency which NAV
ARISE and to provide against the pos
slblllty OF short crop next wear. Re-
ports from Washington stated that the
President as we'll as the food admin
lstration are against the proposed in
crease Of 20 cents in the price of wheat
tor next season. 1t was intimated that
rather than favor such an increase the
administration would prefer to abolish
the price-fXing scheme entirely and
let the market be governed by the
supply and demand situation
WI lie corn market was mac
tive and the undertone was easy, prices
closing with net losses of &c to lsc
In some quarters there was disposi-
tlon to consider recent extreme esti-
mates Of the damage to the crop by
the not weather as being exaggera-
tlons Receipts were small at primary
points and the visible decreased 1873
600 bushels for the week, bringing the
total to 6.752,0O0. compared with 2,
1000 last year.
~ Saturda Previous Year
r, New York: close. close. ago.
Corn; No: yellow s1.ass4 $685. 1.as "
September .:::: 1873 1873 1.sas3s sass
Oats.-The oats market again showed
a, l1rm undertone. and while prices at
the close showed reaction Of ssc to
&c from the top for the .iav. they
were sc to asc above the final Of Sat
urday. The basis for the advance was
an apparent active cash demand in the
W est, where it was thought that pur-
chases were still being made on old
export orders. The visible, however,
showed an increase of 3,555 900 bushels
for the week and the total was 12.11O.-
900, compared with 6,236,OOO 8 wear
ago.
cSterday 8 Previous Year
New York: close. close. 400
Oats. No, 3 white 1872 1879 II
Chicago:
August .......... .7oM 6e7a
September .7o7s .7oa4 .525a
Rye.-Market easy
Yesterdays Previous Year
New York: close close ,1o
Cash. No. West. $1.7o $171 siso
Flour and Meal.-Quotations were:
Yesterdays Previous Year
New York: close. close aoo
Flour. Mimi. spg. pat.$11.25 1t.3O s1a7
Cornmeal, yellow. gran 4.9O 4.9o si0o
Rye -four. choice. s.45 s.45 1i.S5
skiln dried
New-York tribune., 1918-08-20

The above rates express the cost of
foreign money in terms of the Amer-
can dollar. You buy an English pound
sterling at, say, $4.756O. The intrinsic
parity is s4.SG5s per pound. Thus you
say either that pounds are at a dis
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., 1918-08-20
Wealth Markets and Commerce
Relevant Comment
Considering Boston Bank Protest

Following a threc-hour session yes
terday of the Clearing House commit
tee, at which was discussed the resolu
tion adopted by the Boston Clearing
House committee protesting the col
lection charge of 10 of per cent i'm
posed on out of town bank acceptances,
the announcement was made that con
sideration was being given to the OBJ
was reported in banking circles that
the differences of opinion that have
arisen between New York and Boston
would be amicably adjusted at a joint
session of the two Clearing House com
New-York tribune., 1918-08-20
Economist Joins Banks Staff

Benjamin M. Anderson, jr., assistant
professor of economics at Harvard Uni
versity, has Joined the staff of the SER
vice department of the National Bank
Of Commerce. He will prepare articles
for the customers of the bank on eco
nomic and commercial information, it
is announced. Professor Anderson is a
member Of the committee on the pur~
chasing power of money in war time Of
the American Economic Association and
also of the associations committee on
price fixing
New-York tribune., 1918-08-20
New York
Offer Amalgamatcd

Offer Amalgamatcd Sugar Bonds
Halsey. Stuart Co., George N. Burr E.
Co. and the Continental and CONNER
cial Trust and Savings Bank Of Chicago
are offering $3,750,00O Amalgamated
Sugar Company first mortgage per
cent serial convertible bonds maturing
to August /, 1925. The Offering prices
range s91a to 96as, depending on the
maturity.
New-York tribune., 1918-08-20
Liberty 315s at Highest Yet

Liberty Loan 312 per cent bonds set
a new high record yesterday when they
reached 101.O6. Shortly after the open
ing of the market they sold at 101 and
closed at that figure. Only $4,000 worth
were exchanged at 101.06 The closing
price on Saturday, which was 10000
was the high water mark up to that
time. On January 81 last these same
bonds sold as low as 97.2O. The tax
exempt feature, which is possessed ex-
clusively by the bonds of the first issue
is causing heavy buying of the 3'as,
which are selling seven points above the
Liberty 4s and nearly six above the
4As. The suggestion that municipal
bonds be no longer tax exempt has
tended to heghten the value of the
Liberty 3 hs
New-York tribune., 1918-08-20
DIVIDENDS AND INTEREST

AT A MEETING OF THE BOARD OF
Directors held August Is. 1915. at Lon
don. England. il was decided TO pay a.
Interim Dividend OF six teesl per Ger.
FREQ OF British Income Tax. on ordinsrs
Shares on September 50. 1918. Coupon ~
IS must be used for dividend. All Tran
fers received IN order at London on or W
fCrc September :. 1918. viii be In time !"
be- passed for payment OF Dividend
transferees. -,
BRITISH AMERICAN TOBACCO CO"
PANY. LIMITED.
August -. 1918.
New-York tribune., 1918-08-20
Produce Markets-Curr-nt

Butter.-Receipts were 7.3os pack
ages, Creamery. higher than extras,
per 10. 46's a 47c; extras t92 score),
4oc; hrsts COS to u score), 446l45&c;
seconds (sS to 81 score), 42(G431sc;
tn'rds; 4oIe4lc; creamery, unsalt-
4s hc; extras, 47047Mc; frsts. 45ls
(a461sc; seconds, 4S@4bc: state, dairy.
New-York tribune., 1918-08-20
Trust Company Joins Reserve

BOSTON, Aug. 19-The Federal Re-
serve Bank of this city announced to-
day that the New Britain Trust Com
pany, of New Britain. Conn. had been
admitted to the Federal Reserve svs-
tenn. This brings the number of trust
company members in this district to
twenty-five and increases total re-
sources to $525, 100000.
New-York tribune., 1918-08-20
Marine Insurance Rates Go Up

AS a result of German submarine ac-
tivity along the Atlantic coast recently,
a rise in war risk insurance rates for
Atlantic, West Indian and South Ameri-
can shipping became effective yester-
day. The increase averaged between
a and l per cent for all coverages.
brokers announced. The premium on
transatlantic shipping was reported as
unchanged.
New-York tribune., 1918-08-20
DIVIDEND NOTICES
Cerro de Pasco Copper Corporation

AUGUST l4th, IglS.
"A quarterly dividend lNo. Il) of 800
per snare and an extra dividend OF -
cents per share on the outstanding Capital
Stock OF the Company have been declared
payable on August 31st, 1918. 10 stock
holders OF record at the clos, Of business
August 23rd. 1915
Checks Will be mailed by the Columbia
trust Company. Dividend Disbursng
Agent.
H ESK MOLLER Treasurer
New-York tribune., 1918-08-20
War Nurses at Stock Exchange

One hundred war nurses, members of
the Seattle War Nurses Unit, which is
en- route to France. were guests of the
New York Stock Exchange yesterday
morning. Miss Belle Mckay Fraser
was in charge of the party, which was
escorted to the visitors gallery by
II. G. s. Noble, president of the eX
change, and several of the governors.
The traders cheered the women enthu-
siastically when they reached the gal
lery and when they left the exchange.