davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-03-20
Initial Steps Taken
To Bring About Cut
In Prices of Steel
U. S. Industrial Board Re-
ports Unsatisfactory Prog
ress'' at Conference With
Makers; Meet To-day

WASHINGTON, March 19-Initial
steps toward bringing about a reduc-
ton of prices and stabilization of the
basic commodities were taken to-day
at conference of representatives of
the steel industry with the Depart
ment of Commences recently organ
lied industrial board The steel men,
headed by E. H. Gary, chairman of
the American Iron and Steel Institute
met with the board and later held a
separate conference. Another meet
ing will be held tomorrow.
The attitude of the steel manufac-
turers toward the boards proposal was
not announced. The board. however.
said that while "an actual decision on
a lowered scale of prices" had not
been reached, satisfactory progress
has been made" Chairman Peek was
quoted MS saying the steel men had
shown an entire willingness "to coop
crate in making effective any pro
gramme that will hasten the return
to normal conditions"
Labor Costs Discussed
When the forenoon meeting ad-
journed it was understood that an
other joint conference would be held
during the day. Chairman Peek was
notified by manufacturers later in the
Day, however, that conferences among
the steel representatives had contin-
ued so late that the joint conference
would have to be postponed until to-
morrow.
Members of the board said there
was nothing significant in the cancel
ling of the afternoon conference as it
was to be expected that the steel men
would need time to discuss among
themselves an "entirely new PROPOSE
ton" 1t was generally understood
that the factor of labor costs entered
largely into the discussion by the
manufacturers of the boards proposals
lor stablllzation of the industry and
possible reduction of prices.
follows: wal
After meeting with leaders of the
iron and steel Industry. represent;no
approximately 80 per cent Of the conn.
try's production, the industrial board
announced this afternoon that satisfac
tory progress had been made, but that
ilnal decision on a lowered scale of
prices would not be reached after full
consideration of the subject.
The question of price was not
10uched upon at the first conference.
Inc time was devoted to a discussion
OF the entire situation and the neces-
slty for reduced schedule of steel
prices at the present time in order to
stimulate buying
I've found the steel men entirely
wiling to cooperate in making effec-
ave ave any programme that will hasten
Lhe return to normal conditions,' said
George N. Peek, chairman of the in in
dustrlal board. 1T is as vet imnoss;-
Bile to tell just how long it will take to
formulate the new price schedule. we
do not expect, however, that action
by the industry and the board will be
long delayed" ~
New-York tribune., 1919-03-20
New Board for
Texas & Pacific
Election Said To Be First Move
i'm Plan of Financial
Readiustment

Election of new board of directors
by stockholders of the Texas & Pacific
Railway yesterday was regarded in the
financial district as the first step in a
plan to effect financial readjustment
and release of the property from
receivership. Although a majority of
the new directors have affiliations with
the Missouri Pacific, the board is re-
garded as a compromise of all in
terests.
The new board consists of Henry A.
Bishop, Harry Bronner, B. D. Caldwell
Kingdom Gould. George C. Haven, Alex
ander j. Hemphill, C. C. Huitt, A. A.
Jackson, Alvin w. Krech, j. H. Nc
Clement, N. S. Meldrum, Dunlevy Mil
bank, S. T. Morgan, William Church
Osborn, Finley j. Shepard, John I.
Waterbury and William H. Williams
The name of George j. Gould, which
was included in the list for 1918, does
not now appear. 1t is understood, how
ever, that the Gould interests in the
Texas & Pacific are being looked after
by Kingdom Gould. Mr.. Hemphill,
chairman of the Guaranty Trust Com
pany, succeeds President Charles H.
Sabin, on the railroad company's direc-
torate. Other new directors are Mr..
Bronner, Mr.. Haven, Mr.. Jackson and
Mr.. Williams.
The Missouri Pacific is interested in
the reorganization of the Texas &
Pacific through ownership of $23,7O3,-
oO0 of the former company's 100000
second mortgage income bonds.
New-York tribune., 1919-03-20
Awaiting Action of Governor Smith
Public Getting Wary

Commission houses in Wall Street
report slackening of public interest
IN the stock market. No one pretcnds
to be able to explain this tendency
any more than they have been able
to explain satisfactorily the sudden
access of strength and activity in the
market. 1t is not improbable, however r.
according to one broker, that outside
speculators arc getting wary as prices
of the. specialties begin to jump er-
rIatically.. They recall their expe riences
IN the big markets of 1915 and 1916.
But the Tact remains as another broker
put. 1T that there is good deal of
backbone in this market" He Goes
on to say that one group after another
IS advanced, each experiences it's period
OF profit-taking, but always there is
another to be featured. In the opinion
OF this observer prices seem to be dis
counting what may be called "accrued
equities" of years of war and the pros
pect of activity in peace lines.
New-York tribune., 1919-03-20
Distillers Takes.
A Name to Suit
Changed Business
Becomes U. S. Food Prod
ucts Corporation, Pro-
ducer of Things to Eat,
Instead of Whiskey Maker

The Distillers' Securities Corpora
to the United States Food Products
Corporation at the annual meeting
yesterday, has already embarked on
the new business made necessary by
the approval of the prohibition amend
ment to the Federal Constitution. The
new company, julius Kessler, its pres
ident, informed shareholders, is now
producing a substantial amount of
yeast, for which it is finding a ready
market. Within two months he pre-
dlcted that present production will
have been increased about ten times.
Mr.. Kessler expressed himself opti-
mistlcally over the company's fut-
ure, stating it as his belief that the
new lines will produce greater profits
than was made from the manufacture
of whiskey.
"The country to-day" said Mr.. Kcss-
Ter, sis using about 10000 barrels
of wheat flour daily, and as each bar
rel requires from three to four pounds
of yeast the daily consumption of that
product is in excess of 100000 pounds.
At the present time the yeast business
is practically all handled by one con-
Germ, and l feel that we will have lit
tie difficulty in marketing our prod
uct.
"Regarding our sugar products we
have eight large alcohol distilleries,
each of which has a grain mill, and
it is these grain mills that we are now
converting to manufacture diverse
sugar products. We will start de-
liveries on this line within the next
two weeks. These changes will not
interfere with our commercial alcohol
production and we are in as good a
position as any company to make this
product"
Mr.. Kessler made the forecast that
earnings for the current year will per-
mt the company to pay its regular SO
dividend without dipping into surplus.
He predicted an increased earning
power for the new company and said
that the future really is better than
at any time since we have made whis-
key"
Alvin W. Krech, chairman of the
board, in answer to a question from a
stakeholder why he occupied that po-
sition when he was on record for only
nominal amount of the company's 5
stock, said that his connection with
the company dated from the time he
formed a syndicate to underwrite $16,-
100000 of it's bonds to tide it over a
period when the outlook was far from
promising.
"Of the s16,ooo,o 900 bonds, which l
like to call my bonds" he added, "s1O,-
100000 have been retired. The com
pany has over S7,O00,00O in govern
ment securities, other obligations due
from the government and is loaning
money in Wall Street. The company
is absolutely solvent and with the best
prospects in it's history as long as Mr..
Kessler remains its president"
Theodore B. Wagner and Thomas A.
Clark were added to the board of d.
rectors at yesterdays meeting. Stock
holders approved the previous propo-
sition of the board for retiring. Is ,341
shares of stock
New-York tribune., 1919-03-20
Petition Filed Against
H. Amy & Co.
Schedules Show Liabilities of
$885,489 and Actual Assets
of Sl58.340

Scnedules in the assignment of tho
failed Stock Exchange firm Of n AM,
q Co., filed in the State Supreme Court
yesserday, showed total liabilities of
sSSo,4S9, nominal assets Of sS1eaSa
and actual assets of s15S.349. Fol.
lowing this action an Involuntary net;-
ton In bankruptcy was filed AGAINST
the firm by three creditors with Claims
totalling $4,000. With their resnact;uo
claims, they were Gerhard H. Fuersts
5000; Louis II. Stagg, $1,000, and T.
Bodenhofer, 81 900.
Among the assets of the firm are
seat on the Stock Exchange, valued at
100000; deposit in the bank Of Amer
lea, $4.3S9; equity in securities PLEDGED
with the Chase National Bank, $50. 0.O79:
equity T =, IN securities pledged with the
Equitable Trust Company, sa,597.
The list of creditors include Mrs. F.. n
ropp, $S5,212; M. p. Connolly. Sd. 6.965:
Mrs. Katherine s. Cramer, Chicago. sac.
S23; estate of G. G. Miller, S2S,975: Mrs.
Kate P. Spencer, Chicago, $14,o25; Mar
Guard g. Co., Bcrne, Switzerland. sid
S1y; Monueron & Guyc. I.aussanc.
switzcrland, $500; Mrs Anna S. Amy.
S43,96o; Louis v. O'Donohuc and Mrs
/; y. D. Amy, $122.I6l; Asylum of ST
vincent De Paul, $56,S40; Warren Kin
The firm assigned on March Ia
! EDWARD !. Mcclure, whose bond was
nxed Dy the court yesterday at $780, 900.
New-York tribune., 1919-03-20
Rapid Transit Earnings Rise
Philadelphia Company Reports
Gross Earnings of S3l.7O4.427

The annual report for 1918 Of the
Philadelphia Rapid Transit Company
discloses total earnings of s31,7o4,427
A deduction of s4.755,665 for main
tenance and renewals was made, leav-
ing balance Of S26,948,762. The cost
of operating the cars amounted to So
951,S80, which was considerably higher
than of the year before. A reserve of
$l,S71, ,1S5 was made for taxes. After
all fixed charges had been paid, the
surplus aggregated s1,534S17.
In his report to the stockholders. S.
j. Mitten, chairman of the executive
committee, said gross earnings have
been abnormal, due to the wartime
activities, but on the face of this ex.
penses increased, due to the excessively
high prices and increase in labor wage
The report shows that $1,410 900 of
the sinking fund per cent bonds of
1912 are held available for sale to
reimburse the treasury on account of
this temporary appropriation from
surplus, but reimbursement of the re-
naming amount must await further
issue of the securities.
New-York tribune., 1919-03-20
Plan Reorganization of
Saxon Motors Corn
Common Stock Will All Go in
Voting Trust if Share
holders Agree

otockholders of the Saxon Motors
corporation will meet on March 2s ia
vote upon financial REORGANIZATION
plan prepared by the creditors of tho
company. 'iie
Inc programme calls for the orpani-
z@tion or new company which will
nave S2,ooo,O00 per cent bonds. ST.
Soo'ooo per cent cumulative nre-
ferred and $3,20O,OOO common stooI,
par value S1oo. 1t is proposed to place
all the common stock in voting tru ~
CHOSEN by the creditors committee and
syndicate of bankers for three vears
with the right to extend for two
years more. The banking syndicate
under the plan, will name maior;tv
OF the directors while the creditors
ana stockholders will have a minority
representation.
Dlrect liabilities of the comnanv
nave been reduced to about 81 500 Oao
ana contingent liabilities representinp
several millions of dollars are said to
nave been eliminated through perform
ance OF contracts with manufacturers
oi o. accessories and through the liquida-
tion OF outstanding drafts. Total ont
ssoanalng liabilities are estimated at
@1'4oo'ooO and tangible assets based
on book value are said to exceed ~
Indebtedness by S225,OO0.
Should unanimous consent to tho
stockholders not be Forthcoming to
the transfer of all the assets of the
company to the new corporation" saws
President Godfredson in a statement
issued to the stockholders, "your Of
ficers and directors know of mo mor;-
torious defence that can be internosed
to the claims of the creditors nor
40 they perceive any method whereby
the affairs and business of the com,
pany can be conducted for anv an
preciable time thereafter" ''
New-York tribune., 1919-03-20

On previous occasions, they knew
exactly; for the government de-
manded certified checks. When a
bank certiies a check it finds out
about it; also, it immediately checks
the amount off it's deposits. But the
government does not now demand
certified checks. The only certified
checks this time have been paid SIM
ply because some people were in the
habit Of paying that way. 1t is lot
OF trouble, and q corporation with
large funds may save ten days in
terest or 80 by drawing an ordinary
check. So the banks do not yet
know how hard they have been hit.
The internal revenue bureaus have
been showed under with mail, and
checks are only beginning to come
in TO the banks. 1t is possible that
the banks have not yet felt the ef-
feet, and that yesterdays sudden
call money rise came from call by
the Fe1sral Reserve Bank on local
banks for tho return Of part Of the
New-York tribune., 1919-03-20
The Dollar in Foreign Exchange

FRENCH exchange made a further pro-
nounced recovery in this market YES
terday, following similar Improvement
in London. Check francs rallied to a
close of 5.64A to the dollar, compared
with 5.73 OH Tuesday, while cables went
to 5.631a. The turnover of business
was not large. Bankers in touch with
the situation said that the movement
in the franc rate here was reflection
of the action of the London market.
which has been upset Temporarily bv
the difficulty encountered bv the
French in renewing maturing credits
in England. '''
Sterling exchange rates we're steady.
Cable advices from London were to the
effect that reports that the British
treasury was about to remove rcstric-
tions from the sterling market and lot
it take it's own course in the future
were unfounded. No such step is con.
New-York tribune., 1919-03-20
Corn Products at New High

Corn Products common touched 50
yesterday. This is the highest nrice
in the history of the company and com
pares with a low this year Of 46. a
high in 1918 of 501s and low Of
2, in 1915. For long period of wears
the stock fuctuated between 8 md
%. According to Wall Street REPORTS
the. company is grinding approximate-
ly 100000 bushels of corn a day. com
pared with normal treatment Of about
10000 bushels. The advance in the
price, of corn is one of the reasons
for the falling off in production.
New-York tribune., 1919-03-20
Want Barnes OH the lob
Chicago Board of Trade Peti.
tions Wilson to Retain Him

CHICAGO. March 19.-The Chicago
Board of Trade adopted resolutions to-
day asking President Wilson to retain
julius H. Barnes as president of the
grain corporation of the food admin
lstratlon until the wheat crop of 1919
shall have been marketed. 1t is sug-
gested that Mr.. Barnes, himself one
OF the most important grain exporters
IN the country, be given a salary and
that his patriotism be appealed to if
necessary to persuade him to remain.
1t IS further urged that j. ]. Stream
ana toward B. Jackson be retained
with the grain corporation.
New-York tribune., 1919-03-20
TELEPHONES:
Beekman 5000
Beeknan 8243
] J.k.Rice, Jr.& WiuSo,,

10M Adams Express As, 1887
100 Air Reduction
25 Aluminium Co. of America
d0 american Alliance Insurance
% American Chicie Com. & Pfd
100 American Cyanamid Com. q p,s
100 American Meter IT,
81 AeoliaD Weber Piano & p. Cor,
IS Atlantic Holding ~s"'
100 E. w. Bliss Com.
20 Bankers Trust Stock
f; rs Continental Insurance
25 Empire Steel & Iron Com. 4 ~.
100 Famous Players-Lasky
5U Farmers Loan & Trust Stock
so franklin Fire Insurance "Rieb,.,
100 Del. Lack. a Western Coal
100 DUPONT Chemical Pfd.
100 General Baking Pfd.
go Great American Insurance
20 Guaranty Trust Stock
500 Gold Car Heating g. Ltg.
25 III. w. Johns Manvilic Com.
IS Imperial Oil, Ltd.
25 Jos Dixon Crucibie
100 Kirby Lumber Com. & Pfd,
25 Lehigh Valley Coal Sales
25 Lima Locomotive Pfd.
ION Lincoln Ht.. 1t. & Pr. 5s
I'M Loco. Co. of America Deb, 6s
20 Lone Star Gas
80 Midland Securities
25 III. X. Mulford
so Natl Aniline & Chem. V. T. Pfd,
II uCi OdS
10 n. y. Life Ins. a. Tr. Stock
100 n. Y. State Rys. Pfd.
% Nichols Copper
122 Penn. Coal & Coke
so Phelps, Dodge & Co.
so Peerless International pfd. 4 rcu
80 POcahontas Fuel Com. A''
25 Prairie Oil n Gas
38 Pyrcne Mfg.
so Remington Typewriter Com.
so X. J. Reynolds Cor. "a" & "B.'
as Sanborn Map
100 Singer Nanufac curing
25 Texas Pacific Coal q Oil
100 Thompson Starrett Com.
100 Tidewater Oil
6M Vim. Whitmer q Sons Gs, 1920
100 White Rock Water Com. a. Pfd
10 XonISers Trust Stock
New-York tribune., 1919-03-20
In Spite Of the Strike

The Public Service Corpora
tion of New Jersey, whose troll
ley lines in New Jersey were
tied up for almost week by
strike of its employees, yesterday
increased the dividends on it's
$29,999,600 outstanding common
stock. The directors declared a
regular quarterly disbursement
of 11a per cent, an increase of
u per cent, putting the stock on
an annual basis of 6 per cent.
The last two previous quar-
terly payments were 1 per cent
each. In the first two quarters 2
per cent was paid. A monthly
dividend of two-thirds of l per
cent was declared on a new 8 per
cent cumulative preferred. This
is at the rate of 8 per cent an
nually, but it was announced that
hereafter payments on the pre-
ferred would be made quarterly.
New-York tribune., 1919-03-20
Kelsey Wheel Earns $5.72
Share on Common i'm 1919

The Kelsey Wheel Company, Inc, re-
ports sales for 1913 Of $1o,336,S14,
which compares with S11,321,356 for
the preceding year Net after en-
ptenses aggregated $1,3s5,534, to which
other income of $119,756 was added.
making total Of S1,505,290 Deprecia-
ton, Federal taxes and interest
amounted to S728,512, against s6S2. .6os
for 1917 T''o'
Net profits after charges, ETC., were
s!76,77S, equivalent after the dcduc-
ton of preferred dividends to S572 q
share earned on the $1OOOO,O0O com
mon stock, as compared with net profits
OF $i,o40,255, or $3.50 a share in the
previous year. Surplus for the wear
was S572 .O28 s9"i
New-York tribune., 1919-03-20
Propose Increase in
Cigar Stores Capitalization

Announcement was made vesterda,
that the directors of the United Ciga,
Stores Company have called a meetine
of the stockholders for April II tr
authorize an increase in the common
share capitalization from $50, 900 900 to
$6o,000,O00.
The purpose of the proposed increase
was not announced by the directors
and the company's stock broke q
points on the exchange.
New-York tribune., 1919-03-20
Stern Bros. Profits S46O.670

Total income of Stern Brothers for
the year ended January 81, 1918.
amounted to $s96,74s, or $194,271 more
than that of the preceding year, Ex-
penses of $S6,354 were deducted from
that amount, leaving balance Of
$S10,394. Depreciation, amortization
and bad debts accumulated s159. 400
of this. After interest amounting to
slo2.o97 and Federal taxes Of sSs.1es
were deducted, net profits for the year
were $460,679.
New-York tribune., 1919-03-20
Wall Street Items

Harvey ID. Gibson, president of the
Liberty National Bank, has returned to
his duties at the bank, after nine
months service with the American Red
Cross.
Ray A. Miller has been elected vice
president and director of the Indiana
Pipe Line Company, succeeding A. c..
Benson. w. f. Livingston was elected
treasurer, succeeding w. A. Harris,
and Edward Fortman was elected
member of the board Of directors. sue.
ceeding G. E. Pifer.
The Brookline Trust Company has
voted to double its capital and surplus,
which now stand at 100000 and
100000, respectively, by the issue of
1000 new shares, to be sold at 5000
each.
The $45o,0O0 Az per cent 1 to 20 wear
serial Improvement bond issue has
been awarded to Sherwood & Merri-
field, by the city of Syracuse.
The Hartman National Bank cele-
DRAFTED its eighth anniversary at din
ner given at the Hotel Biltmore last
night by Joseph W. Hartman. presi-
dent of the institution
New-York tribune., 1919-03-20
Reperc1lssio,,s

Public buying has considerably in
creased.-Josephthal &c Co.
The market at intervals looks rather
tlred.-E. w. Wagner e Co.
Specialties are the stocks to be eau
tlons about.-Wrcnn Bros. C Co.
~ inside interests have been selling
4: Co.
Buying power appears to be of a solid
character.-Moyse e Holmes.
New-York tribune., 1919-03-20
Remington Typewriter Net
. Increases i'm 1919

~. Ior the year ended December 81
nan,, ,aSe ,ne m remington Typewriter Com
dDOeprecIation was $286,56O against
S282,ooo for the previous year Hold
ers of the first preferred stock shared
dividends amounting to S1,19O 900.
leaay,lng a surplus of S72S,47O.
The report stated that in accordance
with the terms of the trust indenture
securing the company's ten-year serial
iirst mortgage 6 per cent gold bonds
~ ~ mad paid off on January 1, 1919, the
thlrd annual series of $55O,OOo.
New-York tribune., 1919-03-20
Rate Applications Filed
WASHTNCTON, March f9l--App

WASHINGTON, March 19<--Applica-
tions Of the Chesapeake & Ohio rail-
road for increased freight rates on
petroleum. and petroleum products from
Ashland, Kyy Huntington, w. Va, and
other points 70 Eastern cities were
approved for filing to-day by the Inter-
Ntzts Commerce Commission.
Increases in estimated weights Of
oranges and lemons carried on various
Western rHsiroads from California
terminate FMinnesota, North DAkota
by The cemmsssion xor AIine.
New-York tribune., 1919-03-20
Exchanges TO Close March Is

The board of managers of the New
York Coffee and Sugar Exchange, at a
special meeting yesterday afternoon
voted to close the exchange on March
20, the day of the parade. A petition
has been widely circulated among Cot
ton Exchange members to close that
exchange also, and action will be taken
on the matter this afternoon.
New-York tribune., 1919-03-20
J.k. Rice, Jr.& Co. WillBu,

25 Aluminium Co. of America
25 American Chicle Com. & Pa.
100 American Cigar Common
100 American Cyanamid Com. & Pfd.
100 American Iithographic Pfd.
100 American Meter
100 American Piano Com. & pid.
1OM American Typefounders 6s
100 Atlas Portland Cement Com.
100 Aeolian Weber Piano & p. Pfd.
20 Canadian Explosives Common
25 Continental Insurance
20 Battery Park National Bank stoeb
% e. w Bliss Common
100 Famous Piayers-Iasky
25 Farmers Loan & Trust Stock
* Fidelity Phenix Insurance
100 franklin Insurance Rights"
100 General Baking Com. & Pfd.
1OM General Baking 6s
I0M General Manifold & Ptg. a.
15 Great American Insurance
100 Great Atlantic 6 Pacific Tea
25 Hooking Valley Ry.
20 Home Insurance
25 ii. w. Johns-MspyiIIe Com.
10 Jos. Dixon Crucible
so Knox Hat end Pfd.
90 Lehigh Valley Coal Sales
100 Merchants Refrigerating Com.
100 Metro. Pictures Corp. Pfd.
25 New Jersey Zinc
100 \. Y. State Railways Com.
25 Niles Bement- Pond Com.
100 Otis Elevator Com.
100 Penn. Coal d Coke
so Richmond Radiator Pfd.
25 Royal Baking Powder Com.
SOM \. y. Shipbuilding IS
100 photographic Equipment Co,
20 Safety Car Heating & Ltg.
100 Southern Power
100 Standard Gas Il Electric
so SanbOrn Map
10 Texas Pacific Coal & Oil
100 Taylor Wharton Iron & Steel Com.
100 Ward Baking Com. g. Pfd.
10M Ward Baking Is
,J.k.Rice ,sJr.&Co
Dhona. ANN a. 1o,o IT.. or .