davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-05-02
Elections

r. F. Wingard, vice president of the
Guaranty Banking Corporation of Chi
caago, has been elected vice-president
OF the Continental Guaranty Corpora
ton.
Percy r. Goepel formerly of the firm
OF Gay g. Goepel. has become associat-
ed with H. T. Carey g. Co.
r: P. Grant, president of the Irving
National Bank, has been elected di-
rector OF the Diamond Match Comnanv
succeeding Francis A. Hardy. The pths,
retiring members of the board were re-
elected.
Walter W. Hess has been admitted
as partner in the New York Stock
exchange firm of w. ]. Wollman & Co.
r. a. Ginn and w. D. Turner have
been elected directors of the New York
Chicago & st. Louis Railroad.
Joseph J. McCann has been admitted
10 m6ershIp of the firm of Arthur
Upper q Go. a. general partner.
New-York tribune., 1918-05-02
Dividends
Extras

Dow Chemical Company.-An extra
dividend of 6M per cent on the COM
mon has been declared in addition to
the regular quarterly dividends of "a
per cent on the common and preferred
stocks, all payable May Is to stock
holders of record May s..
Standard Sanitary Manufacturing
Company.-Extra dividend of / per
cent on the common in addition to the
regular quarterly dividends of IL per
cent on the preferred and Ia per cent
on the common stock, all payable May
10 to stockholders of record May 7.
Regular Declarations
American american, Smelling : Refining Company.
common stock, payable June Is to stock
holders of record May "a also the regular
quarterly dividend of ia per cent on the
of record May 10.
; dividend of S per cent. payable IN scrip
June l to stockholders of record May 15.
Auto Sales Corporation.-Init dividend
OF per cent on the preferred stock pay
able May Is to stockholders of record May 10.
Continental Paper Bag Company.-Quar-
teriy dividend of 1Hs per cent on the pre-
ferred stock and l 12 per cent the COM
mon. both payable May Is to stockholders
of record May 8.
Crescent Pipe Line Company.--Quarterly
dividend OF % cents per share. payable June
10 to stockholders of record May 23
Diamond Match Company. Quarterly divi-
dcnd of per cent, payable June Is to
stockholders OF record May 81.
Eastern Steel Company.-Quarterly dvi-
dend of 2ta per cent on the common stock,
payable JULY Is to stockholders of record
July / also, the regular first preferred dvi-
dend of ~ per cent. payable June Is to
stockholders of record June ]. and regular
second preferred dividend of tx per cent,
payable June Is to stockholders of record
June /.
Pittsburgh Steel Company.-Quarterly div
idend of $1.75 per share on the preferred
stock. payable June 1. to stockholders of rec
ord May 15
Southern Pipe Line Company.--QuarterIy
dividend OF S6 per share. payable June / to
stockholders of record May Is.
Standard Oil Company Of California
Quarterly dividend of $3.50 per share. paya-
BILE June Is to stockholders of record MAY is.
United Drug Company.-Quarteriy divi-
dend of " per cent on the second preferred
stock. payable June to stockholders of rec-
ord May il.
New-York tribune., 1918-05-02
Steel Trade Ready
To Supply $4,000, 900
Tons to Government

The pledge given by the leading
steel manufacturers of the country in
New York to r." L. Replogle, director
of shell supply of the War Industries
Board, to operate on government or
ders to the exclusion of commercial
business is called the most momentous
development of the war as affecting
the industry by "The Iron Age" in its
current issue. "The Iron Trade Re-
view" states that if the war shall re-
quire it iron and steel makers are pre-
pared to put approximately 33,000,000
tons of rolled products annually at the
disposal Of the government.
1t is suggested by "The Iron Age"
that while the pledge of the manufact-
urers is in the form of an agreement
"back of it is d degree of pressure that
has not appeared previously in any Of
the governments dealing with the steel
trade"
"The War Industries Board" says
this publication, "naving tolerated for
some time opposing opinions on the
question whether there has been a
scarcity of plates and some other
forms of steel needed by the govern
ment, has now asked for an actual
demonstration of blast furnaces, steel
works and rolling mills upon war
work. To every member Of the Ameri-
can Iron and Steel Institute a pledge
form has been sent, which is a promise
to subordinate all commercial demands
to government requirements, and a
practically unanimous response is ex-
pected"
Because of the turning over of the
steel mills to the needs of the govern
ment it is stated that, while no closing
down Of metal working plants has yet
resulted, stoppage in non-essential
lines will follow soon. There is the
opinion among producers that sixty
day concentration on government or
ders will make it possible after that
period to resume general business to
an extent. The War Industries Board,
however, does not encourage this view,
even intimating that summer opera
tions must provide against the chances
looming up of a fuel and car shortage
next winter.
New-York tribune., 1918-05-02
Melted Dollars
Shipped to India;
Govt Buys Silver
Purchases Metal in Open
Market at 81; Bullion Sup
ply Heavily Increased

The United States government has
begun the shipment of silver bullion
to India, via San Francisco, to settle
large American obligations in that
market which cannot be liquidated in
any other way. simultaneously the
government has begun buying silver
in the open market at 81 an ounce, in
accordance with the terms of the Pitt
man act recently passed by Congress.
1t was learned yesterday that in the
past few days the government has pur-
chased several hundred thousand ounces
of silver at the fixed price of 81 an
ounce, and from now on government
buying at this figure is expected to be-
come feature in the silver market.
The silver that is being shipped to
India has been obtained from the first
of the lot of 25,Oo0,00O silver dollars
melted in the pots of the local assay
office. Under the provisions of the
Pittman act the government has $780,
100000 silver dollars to be melted
down, the bullion to be used in the
settlement of international balances in
lieu of gold. If the government takes
full advantage Of the law and melts
the maximum amount of silver dollars,
the bullion content of which is about
27O,OOO 900 ounces, more than one and
one-half times the worlds annual pro-
duction will be added to the worlds
available supply from this source. This
stock must be replenished through
open market purchases of silver at 81
an ounce, transactions for which ac-
count have already been begun.
The metal that is now being for
warded to India is going to the CAL
cutta Mint. There it will either be
melted into Indian rupees or placed
in the silver reserve behind the out
standing Indian currency. A steady
flow of shipments to India is expected.
as American obligations in that coun
try for materials purchased there are
he
New-York tribune., 1918-05-02
Midvale Steel's Quarter

For the quarter ended March 81 the
Midvale Steel and Ordnance Company
yesterday reported net profits of ST.
S0e,141 after all charges, including
provision for Federal income and excess 8
profits taxes. This sum was equivalent
to $3.50 share on 100000 shares of
capita! stock $50 par valuel, COM
pared with S3.b2 share earned in the
first three months of 1917.
The net earnings for the March, 1918.
quarter were S9,775,04A, an increase of
$i04,33S. The gain In net profits
amounted to S744,950 owing to de-
crease of $21.073 in interest charges
and Of $619,M4 in the depreciation
New-York tribune., 1918-05-02
Failures Few in Number.

Another falling off in insolvencies is
indicated by Dun's Review. Commercial
failures in April numbered 905, supply
ing liabilities of $14,271,S49. These
figures contrast with LAP defaults in
March for s17, 7,672,331 and with 1869 in
April year ago, when the indebted
ness was S12,587,213 "While the sum
of money involved by last months re-
verses" says the publication" is 1874
per cent above the April, 1917, total, it
is the lightcst for the period with that
exception, back to 1907, and the number
is the smallest of any month since Sep
tember. 1911, being 1853 per cent less
than in April, 1917"
New-York tribune., 1918-05-02
The Dollar in Foreign Exchange

Exchange on Italy continued to de-
cline in this market and a new low
record rate of 903 lire to the dollar
was established Subsequently lire
rallied to 9O2. Neutral exchanges dis
played firmer tone, with cable trans
fers on Holland selling to 4SA cents,
up Il, and a new high record for the
movement. Francs and sterling were
steady.
Exchange on London was quoted at
27 francs and 16 centimes in the Paris
market.
Closing rates yesterday, compared
with a week ago. follow:
Quoted dollars to the pound.)
New-York tribune., 1918-05-02
High Prices for Fur

ST. LOUIS, May 1.-Record high
prices were paid to-day at the annual
spring fur auction, when collections of
m!arten. kolinsky, wolf and wolver-
me were offered to buyers. A choice
lot OF marten sold for $68 per pelt,
with an average for the lot of s35. An
assortment of $4,000 kolinsky, with
*2.So bid for the best, brought sa7, 900,
snd 4l0 wolverine skins sold for
5000. With bid of $50 per pelt,
price today.
New-York tribune., 1918-05-02

Calling attention to the heavy
expansion in loans of Federal Re-
serve members, and the consequent
increase of deposits, the National
City Bank states that many per-
sons, including bankers, who ought
to know better, regard the growth
of deposits as an encouraging sign,
arguing that increased deposits
create increased ability to expand
loans. But, says the City Bank,
"every banker must know from his
own experience that these deposits
are due to the growth Of loans. 1t is
an obvious fallacy to suppose that
deposits which are created by loans
increase the capacity Of the banks
to make more loans. A bank Gus
toner borrows and takes credit in
his account; he checks the sum out
IN the course of business and his
check becomes deposit in another
bank; the same thing is going on
in tens of thousands of instances,
and the volume of bank deposits is
swollen in each instance, and re-
mains swollen except as drawn upon
to pay off bank loans. The latter
action constitutes the only method
by which this process Of imitation
Is counteracted.
"This increase Of bank deposits
is not a matter of congratulations
1t means imitation, a corresponding
increase of prices, higher war costs,
and a greater Indebtedness to be
paid off after the war" If people
could be made to understand that
imitation means exactly what the
City Bank says it does, the cry for
lower taxes, for the preservation
of every non-essential business and
for other things that make for in
flation might cease. Unfortunately
too many Of those in high places
think Of war finance only in terms
of money and not in terms of goods
and services.
New-York tribune., 1918-05-02
Other Cities

April Oil Statistics. OIL CITY.
Penn. May Initial production in
the oil fields covered by "The Oil CITY
Derrick's" monthly report declined 52..
648 barrels in April, compared with
March, though the number of wells
completed increased 260. Last month
2,242 new wells were completed. com.
pared with 1882 wells the preceding
month. New production amounted TO
i24,66o barrels. compared with 177.s0S
barrels in March. The decrease was
principally in the Kansas and Gulf
Coast fields.
Commission on Raw Wool.-WASH-
lMGTON, May 1.-The government viii
allow dealers iii raw wool a commits.
SION Of per cent for ungraded and
e per cent for graded wool. This
was made known by the War Industries
Soard to-day, when it officially an.
nounced its action of last week in
hxlng the price of raw wool 10 the
producer at that prevailing July 80.
1917. The commission will cover ali
storage, cartages and insurance. in.
Guiding marine insurance, on imported
wool, and will be added to the price
OF the wool as it leaves the 6Ialers'
hands.
New-York tribune., 1918-05-02
Cotton Acceptances

When the National Association of
Cotton Manufacturers meets at the
Biltmore Hotel on Saturday it will re-
ceive a definite recommendation from
a committee of buyers and sellers Of
cotton that the present method of pay
ing for the staple be changed from
the use of the sight draft to the ninety
day bankers acceptance. Following
the presentation of the committees re-
port it is expected that steps will be
taken to formulate a general plan
which the trade may use as a working
basis
New-York tribune., 1918-05-02
Stock and Bond Averages
Relevant Comment
Rise on Federal Order.

Railway equipment shares made a
modest response yesterday to the Wash
ington announcement of the placing Of
contracts by the Railroad Administra-
tion for 1925 locomotives, divided be-
tween the American Locomotive Com
pany and the Baldwin Locomotive
Works. American Locomotive common
stock advanced to 641a and closed Ia
points up at 64A. In the case of Bald
win Locomotive shares a net gain of Is
was registered on the days trading,
the stock closing at 1875 after selling
to 80. Of the 1,025 motive units or
dered by the government, the American
Locomotive gets 555 and the Baldwin
47O. In the equipment trade there was
some disappointment yesterday because
the profits of the companies had been
limited to between and per cent,
although it was asserted that the gov
ernment in negotiating the contracts
took liberal attitude on the question
Of manufacturing costs.
New-York tribune., 1918-05-02
DIVIDEND NOTICES
THE AMERICAN TOBACCO COMPANY.
Ill Fifth Avenue.

~..,. :, New York, May | 1915
Nolice IS hereby givci that a dfyideno ~ fre
per cent beol on the common stock of The Amssi-
can ian iooacc1 Company was to-day declared payaas
the clcsc Of business May Is 1915 in m, srr,u q
certeafe OF the Company due March ls,. le2i snd
az nat TINE payable in cash. Or az the elezsica Il
1920. and not ia'e- dian December i 1870, IA
common Stock Il OF the Company al par: scrip or
lncates Tor Whatever amount. may be considered
,oscther In making units OF sIoe or muittse
.hereot ior ,he Issuance OF Stock but no fraaiona
Sioo viii be paid in cash ir case the holder a
sne saeresa scrip certificate does make the eon
s;os ue scrip certificate is to be paid Gnd
uis.iiai sed IN cash at par: interes; en scrip -
maturity will be paid semi annually in cash a ~
ss.e .pa o. six per cent $50 per March y
n,r. lnas on scrip now issuing payable Sepieubes
s,, me privilege Of converting into Cosnn@
SoeN ID pertains only 10 principal and not ttt;efs
j n w HICKS. Treaeuse1. ~
New-York tribune., 1918-05-02
Report on Discount Bank.

The subcommittee of bankers ap-
pointed to investigate the feasibility
of forming a discount bank here with
the backing of the leading financial in
stitutions has submitted its report. 1t
is expected that meeting will BE held
in the Offices of the Guaranty Trust
Company either to-day Or tomorrow to
discuss the report. A statement will
probably be issued after the meeting
announcing the decision of the banks
to go ahead with the plan. There are
ten New York banks which have taken
up the matter of organizing a great
discount bank modelled after those now
operating in France and England. They
include the Guaranty Trust Company,
the National Bank of Commerce, the
Chase National Bank, the First National
Bank, the National City Bank, the Cen
trail Trust Company, the Farmers Loan
and Trust Company, J. P. Morgan &
Co., the Bankers Trust Company and
the Mechanics and Metals National
Ronlx
New-York tribune., 1918-05-02
Forbes Declines Nomination

:. WASHINGTON, May L. Allen R.
Forbes, Of New York, has declined the
PRESIDENTS nomination to be one of
the four directors of the War Finance
corporation. Secretary McAdoo to-
day. asked the Senate Finance Com
mittee to defer action on the other
appointments until successor can be
New-York tribune., 1918-05-02
Current

The above rates express the cost Of
toreign money i'll terms of the Ameri-
oan dollar You buy an English pound
stetling at. say, s4.75Ss. The intrinsic
parity is $4.S6ss per pound. Thus you
say either that pounds are at discount
or that dollars are at premium, which
the demand for dollars with which to
settle accounts in this country is greater
than the demand in this country fol
pounds with which to settle accounts in
England.
New-York tribune., 1918-05-02
New York

april interpretations. - Last month
o41 stock companies were incorporated
IN this state, with total capital Of
$3o,959,0O0 cogapared with s32 COM
panles in March, having an aggregate
capitalization of 1,131 900.
Compromise Settlement Offered.
Judge Mayer in the United States Dis
trlct Court yesterday signed an order
calling a meeting of all creditors Of
the bankrupt Stock Exchange firm Of
Jewett Brothers for May 2I, to hear
an al offer for settling the firms debts.
1T IS proposed to offer creditors SO per
cent in cash, out of fund consisting
OF the proceeds of the assets in the
shands of the receiver, with the addi-
ton of a sum of $5s,9s4 not property
of the bankrupts. This offer is made
TO al! creditors except those entitled
to priority.
Celebrates First Anniversary.-The
Mercantile Trust and Deposit Company
yesterday completed the first year Of
Its existence. with deposits of approxi-
mately $13,OO0,00O.
New-York tribune., 1918-05-02

While there was general rise
in prices on the stock exchange
yesterday, the most Interesting
feature of the movement was the
abrupt advance of railroad shares.
These issues have, for the most
part, been dormant for some time,
huctuating within narrow limits
even when the industrial list was
rising or falling sharply. Just what
was responsible for the improve
ment which took place late in the
afternoon was not apparent, but
probably it was predicated upon
reports that satisfactory progress
was being made toward adjusting
the differences between railroad
officials and the Federal authori-
ties over certain Objectionable
clauses in the proposed form of
contract between the carriers and
the Director General. Anothe,
favorable influence was the an
nouncement that advances are be-
ing made to the roads as required
to meet emergencies, more than
S90,000,000 having been advanced
thus far. Most market observers
are inclined to believe that the
rails will again relapse into state
of somnolence before the movement
started yesterday has proceeded
very far. There is not much chance
for the development of active
speculation even in industrials un-
der present conditions, especially
as those who hold the purse-strings
frown upon speculation as being
more or less none essential in war
time; and there is certainly less of
speculative attraction in the rails
than in the shares of those con-
Germs whose profits are neither
fixed nor arbitrarily limited.
New-York tribune., 1918-05-02
News Digest
Foreign

~ Paris Bourse.-PARIS, May l.
trading was dull on the Bourse to-
day. Three per cent rentes 5S francs
so centimes for cash. Five per cent
loan 81 francs so centimes ex-coupon.
New-York tribune., 1918-05-02

gives the current rates of the twelve
Federal Reserve banks on commercial
paper on all periods up to ninety days:
New-York tribune., 1918-05-02
q MYERS TOBACCO COMPAyT.

st. Louis, Mo, April q. i3Is
a quarterly dividend OF three per cepe
tSSo) was this day declared upon the com-
mon stock OF LIGGETT & MYERS Iv-
bASCO COMPANY, payable on June ~.
isls, to Common stockholders OF record =
the close of business on May 18th. 1tiA
Checks will be mailed
T. T. ANDERSON, Treasurer.
New-York tribune., 1918-05-02
Money and Credit

The volume of money offered on call
at the Stock Exchange yesterday was
sufficient to take care of the days
reeds without causing any important
change in the situation, and the ruling
rate for demand loans was per cent.
Some loans we're placed on a 3h nor
cent basis.
Business in the market for fixed date
loans continued quiet yesterday. A
few loans were made at per cent for
the sixty-day period on industrial Sc
curities as collateral.
Ruling rates for money Yesterday
compared with q year ago, were as fol-
lows:
Yesterday. Year ago.
c.u Per cent. Per cent.
Call money. .......... 434 2L,
lime money (mixed collateraD:
Sixty days. ......... 6 q
Ninety days. ....... 6 4A
Four months. .... 6 4IL
Five to six months. 6 AZ
Commercial Paper. Brokers
ported light demand for commercial
paper Prime bills of four to s;x
months maturity are being discounted
at s per cent.
Bank Acceptances.-A fairlv act;nvo
market continues in bank acceptances.
out rates are unchanged as follows:
thirty Sixty Ninety
opot de- days. days. days.
nvery; Per cent. Per cent. Per cent
E Ii gible ~S''~
amber
;, baaan. 1904 4A@4s 4h@4h
E ixi ible
nom men,
Ineligible
bank bills.6A@4s4 5I4@AM sM@4sz
For delivery within thirty days:
=. Per cent.
Eligible member banks. AZ
Eligible non-member banks. -. 4s1
Ineligible bank bills. s.........o
Discouht R4tes.--The foliowinr tshl.
New-York tribune., 1918-05-02
SAVAGE ARMS CORPORATION.

SAVAGE ARMS CORPORATION.
April 20. 1913
The Board of Directors have this osy
declared the following dividends: ..a
First Preferred Stock ck.......... ~
Second Preferred Stock ............ ~
Common Stock. IL
All above dividends payable Juno ~ ~
1918, 80 stockholders of record MAY -
NAT. TYLER, .Jr.. Trcasursfs
New-York tribune., 1918-05-02

Bank Clearings.--The days bank
clearings at New York and other cities
were:
Balances. Exchanges.
New York. -. .$575, ,o27, 1888 S5e,oao,515
Boston. ...... 48,593,797 100000
Philadelphia. 61,670,573 1888, $50
Silver.-Bar silver in London was
49Ad, unchanged; New York, 995sc,
unchanged; Mexican dollars, TIC. un-
changed.
Sub-Treasury. - The banks gained
from the Sub-Treasury yesterday ST.
100000.
Corporate Financing in April.--New
financing by private corporations in
April was the smallest in a decade, ac-
cording to the compilation of Dow,
Jones & Co., amounting to $9,675,500
in the aggregate, compared with $751;
224,000 in March and $149,S00,00O in
April, 1917. The extraordinary falling
off in the total of new security issues
resulted from the fact that the gov
ernment now controls corporate fnan-
shut off corporations from borrowing
third Liberty Loan f1otation.
London Money Market.-LONDON
May 1.-This was a holiday on the
Stock Exchange. Money loaned at 2%
per cent.
Discount rates: Short bills, 31a per
cent; three months bills, 916 per
cent.
Gold premiums at Lisbon 1870.
New-York tribune., 1918-05-02

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:
New-York tribune., 1918-05-02
Market Barometers
Stock Exchange Transactions

January ] to date:
1918. .4,s10,3oo 35,eo2,3 300 4o,462, 600
1917. ..7,074.800 56,940,900 64,015,700
1916. .7,0s5,s00 52,o54,7 700 59,140,500
Bonds
Day Year
Yesterday. before. before.
New-York tribune., 1918-05-02

Slver.-Bar silver in London was
49Ad, unchanged; New York, 995sc,
unchanged; Mexican dollars, TIC. un-
changed
New-York tribune., 1918-05-02

Sub-Treasury. - The banks gained
from the Sub-Treasury yesterday ST.
100000.
New-York tribune., 1918-05-02

Discou.t R.tes.-The following table
New-York tribune., 1918-05-02

Bank Clearings.-The days bank
clearings at New York and other cities
were:
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1918-04-14
liza Latin Class


A war orphan will be adopted by
Miss Snidow's ia Latin class. Al
though there are only nine students
in the class they have agreed In try
to help repay the great debt owed
10 France In this way. A war orphan
can he supported for one year on
1850 This means that each
student and also Miss snidow must
pay 20 cents n month.
Although this may seem small In
comparison to what some other peo-
pie are doing II will perhaps give
some poor French mother better
chance to make a living, MS Mile.
Rott In her talk said, and II will
also save the child from starvation.
Mile. Clopath will learn the name
and age OF the French child and for.
wnrd II 10 the Latin class.
The class In It's studies has Just
finished Cicero's famous oration de-
livered in an attempt to secure citi-
zenship for the Greek poet Archias.
Cicero in bis oration shows what a
great Influence literature had on his
own life and also on the lives OF
many great men OF ana before his
time.