davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-02-12
Relevant Comment
Opinions Differ on Glass Plan

Bankers expressed much interest
yesterday in the bill submitted to Con-
gress by Secretary of the Treasury
Glass providing for increasing the au-
thorized issue of bonds from S20,0O0-
100000 to 100000, 900, which would
increase the amount authorized but
not yet increased to 100000 900; re-
moval of the limitation of interest
rate, and authority for an issue of not
more than $4,000, 900 900 interest bear
ing, non circulating notes maturing in
one to five years. Opinions differed as
to the advisability of granting such
broad powers to the Treasury Depart
ment, although some bankers thought
it best to give Secretary Glass plenty
of latitude in arranging the details of
the new loan, as it is generally ad-
mitted that floating the next public
Issue viii be q difficult task. Outstand-
ing Liberty Loan issues declined for
time at the exchange, the fourth AZ s
falling to a new low of 93.76.
New-York tribune., 1919-02-12
New York Transit Report
Shows Deficit for 1913

For the year ended December 81
1918. the New York Transit Company
eports net amounting to ss14,2s4, OF
equal to $1S.2S per share earned On On
100000 capital stock, compared Wiz
$1,461,619, or S29.23 per share, earneee
the preceding year. Dividends psie
out aggregated Sl,000,000, thefepyy
causing deficit for the year .,
$780, roc. The profit and loss surplus y
date was s5,913,S63. a decrease o.
$85, FOG.
The company's balance sheet show
cash. etc, on hand of s6.109,sSS. ins
plant is valued at s6.769,7s5. ags,mnss
6,ss9,235 for the previous year. Nc
erial and supplies on hand wese
laced at s254,5 making total assS''
of Sl3,134,360.
New-York tribune., 1919-02-12
Cuba Cane Sugar
Shareholders Vote
s25,o 600, 900 Mortgage
Little Opposition to New
Financing Plan at Meet.
ing-Funds Will Be Used
to Retire Floating Deb,

Opposition to the proposed financing
plans Of the Cuba Cane Sugar CORPORA.
tion did not develop formidable
strength at the annual meeting yester-
day, and the proposal of the manage.
ment that new mortgage of $25OOO..
coo be created was approved nv
stockholders by vote of all but about
200 shares of the 100000 shares Of
common and preferred stocks outstand.
ing.
Frederick Strauss, chairman of the
board, who presided at the meeting,
stated that the new bonds would prob.
ably be of serial maturity. and he
said it was the judgment of the board
that they should be issued "as soon as
convenient" The purpose of the issue
is to fund the company's floating debt,
which was estimated at approximately
S18,000,000, not including borrowings
against $l2,500,000 stocks Of sugar on
hand.
F. w. Kelsey, a stockholder, pre-
sented resolution calling for an in.
dependent committee of preferred and
common stockholders to conduct an ex-
animation Of the company's condition
and make report. The resolution.
which was seconded by C. J. Harris.
was defeated. Mr.. Strauss explained
that an agreement had already been
made with large preferred shareholder
to have an Independent audit of tho
company and an investigation Of all de-
partments by sugar experts.
About 55 per cent of the proposed
bond issue will be retired prior to
their maturity through a sinking fund,
according to intimations made at yes.
terday's meeting An "acceleratiye
sinking fund" calling for percentage
Of profits to be applied to bond retire.
ment, after allowing for interest de.
probation, preferred dividends, ad
after setting aside further fund q
S3,000,O00, was also said to be under
advisement
New-York tribune., 1919-02-12

The market advances on very
bad Steel tonnage report and ad-
vances again on a very bad Amer
ican Can Company annual report.
The American Can report could
certainly not have been better than
that generally expected. 1t showed
only $7.55 earned on a share of
common stock, against $21.84 in
1917, and tax and inventory and de-
probation reductions were not large
compared with year ago. Such
incidents reveal the type of mar
ket it is. 1t has been declining for
nearly four months, and it will take
news of very unexpectedly bad
character TO make it decline much
further. hey reveal also that too
many persons have sold stock that
they do not own. They sell in an
ticipation # bad news, and when
the bad news appears, though it is
as bad as they expected it to be,
they find that they are compelled
to buy more stocks than actual
holders of those stocks are fright
ened into selling.
New-York tribune., 1919-02-12
New Financing for
American Can Co..
Wheeler Indicates
Money Needed for Large
Tinplate Requirements
Earnings on Common
Stock Fall Heavily

New financing by the American Can
Company was forecast at the annual
meeting yesterday when F. S. Wheeler,
president, informed stockholders it
would probably be necessary for the
company to borrow money to finance it's
enormous tinplate requirements. He ex-
planned, however. that contemplated
financing would probably be in the form
of bank loans. Consideration of diyi-
dends Oil the common stock, he said,
would not come up before next August,
at least. he declared that conserya-
tlsm regarding cash resources would be
practlsed until receipts began to flow
from the trade during the canning
season.
A surplus after all charges and Fed
eral taxes amounting to $6,OOO,S27 was
SHOWN III the annual report. After de-
duction of the regular per cent divi-
dend on the preferred stock the bal
ance of $3,11l,496 was equivalent to
S1.55 share on the Sal, ,233 300 common
stock. In 1S17 the company reported a
balance afte- charges of S11,S92, ,859,
which after payment of the regular 7
per cent preferred dividend was equal
TO S2l.o1 d share on the junior stock
issue. In addition to the regular pre-
1erreo dividend requirements the COM
pany IN 1917 paid off an accumulation
OF S9I per cent on that stock, or to-
tai OF S6,5S3, 1856. A detailed comparison
OF the 1913 ard 1917 earnings follows:
1918 1917
Net earnings. =. .$17,076,335 $21,995, ,o42
Bond interest. 575,508 6O2.183
Federal taxes. 80. 100000 5000, 900
depreciation 49,. 100000 3.5OO,00O
Surplus ........ 3,114,496 5,3O9,674
The balance sheet showed falling
on IN cash holdings from $7,562, ,43O in
period accounts and bills receivable
jumped fro,u S1O,64O,O57 70 S13.317883
Inventories increased from $24.136,484
to 35,4S4 ,zC2. Accounts and bills paw
able advanced from $11,215,651 to S16.-
633, ,24O. YA0'
There was expended for new con-
structlon ord equipment last year S4,-
766.374, Mr. Wheeler said. He added
that no new work beyond urgent neces-
sites will be undertaken until building
and machinery costs become more nor
NAL. He continued:
"Contracts already taken and tt lade
reasonably assured promise a volume
OF business for 1919 which should COM
pare favorably with 1918, last year be-
ing the largest in the company's his
tory for the number of cans and pack
ages made and Delivered"
Owing 70 the uncompleted state of
some government contracts only a por-
ton of the profits expected have been
included in the 1918 report. Mr. Whee-
ler stated. Since the armistice, he said
the companys major contract with the
government had been equitably adj
justed by a supplementary contract
which fully protects the ccmpany's in
terests and assures a fair profit to be
realized in 1919.
New-York tribune., 1919-02-12
Loan Amortization
Committee Named

The committee on amortization OF
mortgage loans of the American Bank
ers' Association, which has launched q
national campaign to attain the pur'
pose its name implies, yesterday an
nounced the personnel of the commit
tee which will manage the campaign in
this state. Similar committees haVs
been named in every other state.
The New York committee is COM
posed Of the following: James H. Man
ming, president of the National Say
ings Bank, of Albany; Samuel Il.
Beach, president of the Rome Savings
Bank, of Rome, N. Y; Russell S. Walk
er, president of the Dime Savings
Bank, of Brooklyn; c. H. Kelsey, presi-
dent of the Bond and Mortgage Guar,
antee Company. of New York, ana
Frederick II. Ecker, treasurer of the
Metropolitan Life Insurance Company
New-York tribune., 1919-02-12
N. ]. Zinc Earnings Decline
Company Earned $6.6l Share
on Capital Stock

The report for the quarter ended De.
cember 81 last of the New Jersey
Zinc Company discloses income, in
Guiding dividends from subsidiary
companies. of S2,973,969, or $9,611sA
less than for the same quarter Of the
preceding year. Reserve put aside for
interest, etc. amounted to $115,OOO, the
same as for the sponding months
of the year before. Federal taxes ag-
gregated $545,000, a decrease of ST.
549, ,224. Balance was S2.313.969, or
equal to 6.61 per share earned on
$35,000,000 capital stock, compared
with $3.926,428 for the December quar-
ter of 1917. Dividends totalled S1,4OO-
600. leaving a surplus for the quarter
of S913,969.
The estimated surplus for the year
1913 was placed at $4,094,759. Addition
al Federal taxes were S1,611 ,49l. The
employees of the company will share IN
the profits to the extent of S35O,OeV
through the profit-sharing plan.
New-York tribune., 1919-02-12
Unlucky Shorts In Can

Traders VINO sold American Can
common stock short on Monday paid
yesterday for their timerity. The an
nuai report, while showing q sharp
drop III earnings, was not in keeping
with the bearish outgiyings Of the pre-
ceding day. Moreover. the directors
did not write off for depreciation any
ouch large amount as unofficial reports
In circulation on Monday had led many
people 10 believe. The stock. which
had displayed such weakness the day
before, rose sharply yesterday, mount
ing from 42T to As. 1t closed IL
points up at AN on a turnover of
1900 shares, making It, next TO Steel
common and Mexican Petroleum, the
most active stock on the list.
New-York tribune., 1919-02-12
Mexican Loan Discussions

Rafaelo Neto, the Mexican financial
representative, now in New York dis
cussing with bankers the possibility of
obtaining loan on behalf Of the Car
rama government, continued his tex
petition OF inquiry" yesterday. He
lunched with officials of the Equitable
Trust Company and talked over the
prospects Of refunding Mexico's debt
as we'll as other topics intimately con-
nected with the rehabilitation of the
republics finances. 1t was learned
that within the last year relatively
small Mexican purchases in the United
States have been financed by accept
ances secured by American securities.
New-York tribune., 1919-02-12
Meeting Called to Discuss
Smaller Acreage of Cotton

DALLAS, Feb. 11.--A call for gener-
al meeting to be held in New Orleans on
February % to plan an effort to re-
duce by one third the cotton acreage
in all Southern states was issued to-
day at a meeting of representatives of
agricultural, commercial, financial and
industrial interests of Texas. The
governors of all cotton states will be
asked to issue proclamations setting
aside February % as pledge cay and
themselves to reduce their acreage one
third.
New-York tribune., 1919-02-12
Raise United Fruit Dividend
Stock Returned TO 10 Per Cent
Basis-Extra Declared

Directors of the United Fruit Com
pany put the stock on a regular an
nual dividend basis of 10 per cent yes
terday by declaring quarterly
dividend of 21A per cent. In addition,
they voted an extra disbursem ment to
TIE stockholders of y of l per cent.
Ihls action resulted in point rise
in the stock to 164.
Previous dividends of the company
have been at the rate of s per cent
year for the past decade. In 1908
the company declared a stock dividend
of 10 per cent, extra dividends of 10
per cent in the years 1909, 1910 and
1911. and in 1913 paid an extra
dividend of per cent.
New-York tribune., 1919-02-12
Deemed Unnecessary

Secretary Glass has suggested that
authority be granted to the War Fl
nance Corporation to permit it to make
loans in aid of our commerce. While
the opinion was expressed in local
banking circles that such step might
prove beneficial to our foreign trade
the point was made by one interna-
tional banker that the Federal Reserve
banks are already in position to as
sist in financing foreign purchases
here, inasmuch as they are permitted
to rediscount acceptances arising out
cf foreign trade.
New-York tribune., 1919-02-12
c ON M o dities S
In q striaIs
Cotton

The cotton market was better in
tone yesterday with May deliveries
selling up to 21.24, or II points above
the closing price of Monday and more
than 81 per bale above the low price
of Monday morning. More foreign
buying was reported. but disposition
among recent sellers to take profits or
reduce their commitments in advance
of to-day's adjournment was chiefly
responsible for the improvement. Fur
ther scattered Southern selling was
reported during the day, and the close
was several points off from the best,
with the tone steady, net 81 points
higher to points lower. Old crop
months were generally % to 81 points
higher The new crop was relatively
easy during the day, closing at a net
decline of to points, notwithstand-
ing the continued talk of. reduced acre
age.
The prospect for a smaller plant
tive selling of these later deliveries
curing the past week, and the absence
Of a more active demand for such
months yesterday was considered due
to a relatively smaller short interest.
Rumors were circulating during the
day that the French government was
to modify restrictions on the cotton
trade and would permit private firms
to import at \the rate of 100000 bales
per month for five months, beginning
with May. These rumors we're not
officially confirmed, but they were fol-
lowed by reports that buying orders
for May contracts were being received
from Havre and were probably fac
tor of considerable Importance on the
advance.
An increased demand was also re-
ported from Italy and Spain, while
houses with Liverpool connections
were active buyers of March during
the earlier trading. 1t is said that
liverpool interests had been sellers
here some time ago against purchases
in the English market, expecting the
two markets to work further apart,
and yesterdays buying was supposed
to reflect disposition to close out
these accounts, with March here 900
points below the same position abroad.
a further increase was noted in the
low grade discounts, which may have
led to some buying of the near month,
but the demand for May was relatively
more active.
The market opened unchanged to 1s
points higher, but met heavy Southern
selling and soon sold some 10 to Is
points net lower. These offerings we're
absorbed by the Liverpool buying and
scattering local demand which sent
prices some 40 to 63 points net higher
before the end of the morning. A
sharp reaction reflected further South
ern selling and realizing during the
carly Tfternoon, but the market firmed
up again, reaching the highest points
"t tn day in the later trading on re-
ports of more active spot demand,
chiefly for export. Exports for the
day We're 21,921 bales, making 2.613,144
so sc Tar this season, against 2,509,418
last year
The local market for spot cotton
was quiet and 20 points higher at 25.35.
compared with 25.15c the day before
The market was closed a wear ago
because of Lincoln's Birthday.
Inc range of prices follows:
New-York tribune., 1919-02-12
More Silver for India

The New York Assay Office yesterday
shipped s1,100,000 in silver bars to
India, making approximately $27, 900 900
forwarded 10 date IN the current move
ment. The Philadelphia Mint is also
making similar shipments, cts latest
consignment 10 India amounting TO
$1,000 800. The silver bars are being
obtained in the melting down Of Ameri-
can dollars and are Roing 10 India un-
der an arrangement entered into be-
tween the United States and British
governmental.
New-York tribune., 1919-02-12
Buckeye Pipe Line Earns Less

Net profits of the Buckeye Pipe Lans
Company for the year ended Deceinpssa sa
81, 1918, amounted TO S1,71s,S6l, or s .ss
equivalent of ss57 per share, on sns
$I0,000,000 capital stock Of S5U dSa ga
value, which compares with S2,Seo.voSs,
or $11.90 per share. earned the yes.
before, Dividends paid to the s'osH
holders during tho year tossiieaa ssa sss.
100000, leaving deficit OF sss'.Sss, m
precedinv wear. Profit and loss eu'
plus was nut et e9,S26.S5A
New-York tribune., 1919-02-12
Regular Declarations
Copper Wages Fall

The wages of labor in the Western
mining districts continue to fall. Yes
terday advices received in Wall Street
from Salt Lake City told Of cut of
% cents day in the wages of en-
playes of the American Smelling and
Refining Company, the International
Smeltlng Company and the United
States Smelling Company.
New-York tribune., 1919-02-12
Cables Still Bother

Wall Street bankers are still COM
planning about the delays in transmits
sion of cables to and from foreign
countries. They claim that the British
censorship ls more strict now than
ever and that messages are at present
subject to greater delay than durino
the height Of the war.
New-York tribune., 1919-02-12
Dividends
Extras

Extras
Gillette Safety Razor Company.-Ex-
ira dividend of 81 per share in addition
to regular quarterly dividend Of 50 per
share, both payable May 81 to stock
holders of record May l.
United Fruit Company.-Extra divi
dend of Il of l per cent has been de-
clared in addition to regular quarterly
dividend of 21s per cent, both payable
April Is to stockholders of record March
%
New-York tribune., 1919-02-12
nge of prices follows:
Cottonsecd Oil.---The.

Cottonseed Oil.-~The market was in
active with underlying conditions un-
changed. Government allotments for
export form about the only feature in
the situation, as the domestic demand
IS of very small proportions, as a result
Of the prevailing price, which Is out of
line with other oils and fats
New-York tribune., 1919-02-12

now decreases, credit and currency
should decrease accordingly. The
Federal Reserve system, with its
issues of notes against commercial
paper, makes this both possible and
probable.
New-York tribune., 1919-02-12

largely demoralized by the war.
CORN-The corn market developed
firmer tone and prices closed at about
the best of the day, with net gains
of ~ to 3 cents. Cash markets in
the West were 2 to cents higher, and
a more confident feeling prevailed
throughout the trade. There seemed
to be a division of opinion as to
whether the advance was simply
rally for technical reasons, or whether
1T marked d elimination of the down
ward readjustment. At any rate, bears
were less aggressive, and those who
sold corn found better market. The
strength in hogs and hog products
was considered bullish factor, as it
is generally conceded rnat farmers
will not sell their corn at present
prices Aif they feel assured of main
tanned values for hogs. The move
ment at primary points was slightly
when at this time corn was moving
freely.
Yesterdays Previous Year
Corn. No S'' yellow SIZE s1.4ss4 Closed ise;
Ms5eh f1': ::::::: :5oH 1.7sM eIoss$ Closed
May ........... 1.15as 1925 Closed
Oats.-The oats market also showed
a firmer tone, in sympathy with corn
and on further evidences of export
buying. Export sales were estimated
at about 100000 bushels to a neutral
country. Part of the business was
believed to be on old contracts, but the
fact that neutral countries were be-
ginning to buy was thought to show
that the obstacles which have recently
been in the way of business are being
gradually removed.
Yesterdays Previous Year
New York: close. close ago.
Oats. No white. 67 66 Closed
Chicago:
February ......... .5eZs .55Ia Closed
March Mar ... ~ 5zsss .5s7s 5sis Clos Closed ed
Rye.-Market steady.
Yesterdays Previous Year
Cash. HsT NO. Sors West sGss s4o so4s classd ass
Flour and Meal-Quotations we're:
Yesterdays Previous Year
New York: close close ago
Flour. Mimi. sp pat.$1o65 S1oe5 Closed
GOrnsal Cor meal sa yellow gos s5o 50 ~ $50 Closed
Bran, 100-lb sacks. .47.oo 47oo Closei
New-York tribune., 1919-02-12
Hay and Straw
Yesterday
Coffee, Sugar and Tea
Current A year
Coffee Futures Tho

Coffee Futures.-The market was
quiet throughout the entire session, al
though the undertone continued steady.
On the call prices were z to 9 points
above the previous close. Europe was
a moderate buyer of December, with a
leading trade and commission house
offering this position. Prices closed at
net gains of to IL points.
The range Of prices follows:
New-York tribune., 1919-02-12

I'VE have no currency problems" "
says the annual report of the Fed
eral Reserve Board, "and conditions
are not comparable with those
which existed at the close of the
Civil War. True, the purchasing
power of money has declined, but
this is due to the urgent and alb
normal demand for goods and SER
wees and the accompanying cx-
pansion of credit and currercy."
l. will be noted that the board
speaks of the demand for goods and
services, and not of the supply. An
expansion of credit and currency
does not lead to imitation, which is
to say either higher prices or lower
purchasing power, if there is an in
crease in the supply Of goods and
services commensurate with that
expansion. 1t is when the supply
Of credit and currency increases
faster than the supply Of goods and
services that imitation steps in. If
The supply Of goods and services
New-York tribune., 1919-02-12

The above rates express the cost of
foreign money in terms of the Amer
lean dollar. You buy an English pound
sterling, say, at 4.75A. The intrinsic
parity is S4.S69s per pound. Thus you
say either that pounds are at dis
count or that dollars are at premium,
which is owing to the fact that in Eng
land the demand for dollars with which
to settle accounts in this country is
greater than the demand in this coun-
try for pounds with which to settle
accounts in England.
New-York tribune., 1919-02-12
Bank Acceptances.-Rates were staad

Discount Rates.-Thc following table
gives the current rates of the twelve
Federal Reserve banks on commercial
paper for all periods up to ninety days:
New-York tribune., 1919-02-12
Butter, Cheese. Eggs

Butter. - Receipts were 9,718 pack
age. Creamery, higher than extras,
ID, 5012 "a sic; extras, 92 score. 491a "a
Soc; frsts, SO to 81 score. 450481ac;
seconds, 83 to 81 score, 41044c; lower
grades, 38@40c; unsalted, higher than
trsts, 461a q, 12c; seconds, 42M46c;
state dairy. tubs, finest. 47h@48Ac;
good to primo, 42@4613c; common to
fair, 37@41c; renovated, extras. 43c:
flrsts, 40(ol41 &c; lower grades, 800
39c; imitation creamery, frsts, 39@
4Oc; ladies, current make, firsts, 37M
5ec; seconds, 35036c; lower grades.
o2G34c; packing stock, current make,
No. 1, 34E@ Soc; No. 2, 33&@34c;
lower grades, 29@33c.
Cheese--Receipts were 2,202 boxes.
State whole milk, fresh flats. colored
or white, specials, lb, 3O1a M31c: aver
age run, 29Q soc; lower grades. 29G
2S7sc; twins. specials, 3O1@@ Bic; aver
age. run, 29@30c; lower grades 2sM
2S12c: flats, held. 33M36c; twins, held,
800 35c; Wisconsin whole milk twins,
32@35c; single daisies, held, 34@36c;
34M SO 1ac; Young Americas, held, 37G
S7Ec; fresh, 31@ 33c; state skins, spe-
Gals, 2OM22c; prime to choice, 17d
l9c;. fair to good, 12@16c; lower
grades, 4011c.
Eggs.-Rcceipts were 1850 cases.
Fresh gathered, extras, dozen, 1870
49c; extra firsts, 4715 @48c; 4irsts, 46d.
47c; seconds and poorer, 42@46c;
dirties, No. 1, 43@44c; No and
poorer, 40042c; checks, good to choice,
dry, 41@42c; under grades, 38M4Oc;
state, Pennsylvania and near by, West
crn, hennerY whites fine fo fancy Kim
5sc; ordinary to prime, 520, SEC; gath
cred whites, ordinary to fine, 5Od57c;
Pacific Coast whites, extras, 56(d SIC;
ordinary to fine, 48@55c Western and
Southern, gathered whites, 4Sd 55c;
state, Pennsylvania and near by, hem
merry browns, 50W54c: gathered, brown
and mixed colors, 47(o. Acc
New-York tribune., 1919-02-12

Galveston quiet, unchanged at 2S.25c;
sales, 624 bales. New Orleans steady.
unchanged at 25.5Oc: sales, sos bales.
Mobile steady. 80 points higher at
23.50c; sales, 668 bales. Savannah dull,
unchanged at 27c; sales. 13O bales.
Charleston quiet, cents lower at 25c;
sales, nil. Norfolk quiet, 80 points
higher at 23.50c; sales. 279 bales.
augusta quiet, rs points higher at
I4.boc; sales, 81 bales. Memphis
duIl, unchanged at 275Oc; sales. 1000
bales. Houston nominal, unchanged
at 27.50c; sales, 473 bales. Little Rock
quiet, unchanged at 26.25c, sales. 1,44S
bo1oc -