davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
Rail Administration Acquires
Control of n. Y. Property

WASHINGTON, Feb. 1S.-Control of
the Locomotive Superheater Company
OF New York, has been acquired by the
railroad administration through .pur-
chase from the Alien Property Custo-
dian of 81 per cent of the stock. for
merly belonging to German interests.
In announcing this to-day Director
General Hines explained that George
H. Bourne had been reelected president
and that the policy OF the company
would not be changed materially. The
purchase viii prevent the concern from
passing back to German control. This
is the first manufacturing enterprise
OF the kind acquired by the railroad
administration.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
Union Oil Co. of California
Shows Net of SO.O23.130

The Union Oil Company of Califor-
mia reports for the calendar year of
1918 gross profits of $14,364, an in
crease Of $193,64l over the year 1917.
After expenses, taxes, etc, amounting
to $l,36S,077, net earnings were SIP
996,617, an increase of $278,155. A re
serve of $560,S53 was set aside for in
tcrest. Federal taxes totalled 1850
600 and depreciation was $4SG2 .625.
leaving net profits of $6.o23, 1870, which
IL equivalent to Sl3.S2 per share
earned on the $40, 1867 500 capital stock
IN 1918, compared with $7.642.2Si. or
Sl9.34 per share earned on the $50 So
100 stock in 1917.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
Kahn Would
Put Roads ON
Own Resources
Guaranteed Earnings Are
Stamped as Inconsistent
With Private Initiative

Otto H. Kahn, in paper read yester
day at the annual meeting of tn
Brooklyn Chamber of Commerce, de-
clared for private operation of the
railroads, under carefully regulated
government control, without the elimi-
nation Of state railroad commissions.
BY winning the good will and conf
dence of the people, he declared, the
railroads will get square deal.
'If there is one thing less desirable
than outright government operation"
ne said, at is government control so
minute hampering and all pervasve
as to be tantamount to government
operation without responsibility"
This was the trouble with most of
the plans recently submitted, he ex-
planned. "Their authors start by de-
claring themselves utterly opposed to
government operation. and then devise
a set of provisions which, to all intents
and purposes, are equivalent to govern
ment operation or would necessarily
lead to It,"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

For the year ended December 81 last
the Weyman-Bruton Company reports
net earnings of 81 ,4S7, 1884, which, after
the deduction of all charges. Federal
taxes of S1,4S79S4 and preferred divi-
dends of $323.554, was equal to sci 90
per share earned on the $500, coo
common stock, against 81 ,A71. 528, or
S2499 per share earned on ST 500 900
common stock in 1917. Common divi-
dends, including a stock dividend of
20 per cent, aggregated S1,O5S 900, an
increase of s13S,000. Surplus of $1O6,-
430 was added to former surplus, max
ing a profit and loss balance to date Of
81 0S3113
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
Kennecott Dividend Nav Be Cut

The recent action of Kennecott Cop
per Cooperation shares is said by trad
ers to suggest that any reduction in
the 81 annual dividend rate at the next
meeting of the directors has already
been discounted. At 297s, yesterdays
closing price, the stock showed yield
Of approximately 10 per cent A state
ment yesterday attributed to a director
Of the company expressed the belief
that the rate would be cut Ordinarily
the board would meet on March for
the purpose of acting on the dividend,
but it was intimated that action prob
ably would be deferred for another two
weeks in order to determine more ex-
actly the trend of the copper market.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
Argentina Credit for Great
Britain Under Negotiatio,

PARIS, Feb. 1s.-Negotiations are
under way between Great Britain and
Argentina for an arrangement under
winch Argentina would make credit
ioan TO Great Britain, to be expended
in Argentina in the purchase of food
stuffs and raw materials. The amount
involved is not known here.
IL is understood that similar projects
are under discussion between Argentina
and others of the Entente Powers.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
Wall Street Items

r. H. Raymond has been elected
director Of the United Verde kXtenseA
Company, succeeding ". j. Reld.
Subscriptions are being offered io'
the new issue Of the S1.300.OO0 Mon.
real Tramways and Power Comps";;,'
Limited SIC per cen. secured go.u
bonds due 1924 at par and interest ~
yield 81 per cent. A Hicks Da"TeA''
is handling all subscn2 tions.
The National City Company and
Spencer Trask & Co. are offering lo'hE
~ the small unsold balance OF 'ns
S2.500,0G0 first mortgage . per E ceA'
bonds Of the Clevelan Electric l'.D
mlnating Company at 81 Z per cent anu
interest, to yield about 5.45 per cent
At the annual meeting Of the Ma
tional Enameling and Stamping SoS
pany, held yesterday, George H. N.'e,
ringhaus was elected TO the board v
directors. succeeding +. q. Aiedri"s
haus, res gned.
The directors OF the old Ooiga.
Trust Company have voted to o. on.
81 GOO 600 stock AZ par TO stocknoiue,,ss
Of record February D. This VIII m. -,
the capitalization 100000 ana '"'
surplus 100000.
The County Of Norfolk. Mass
has sold a s200,0 600 temporary i0Sa
maturing November y. 1917, y
the Boston Safe Deposit and iIr ss.
Company at per cent discount Pr.
, per cent premium.
A temporary loan Of S5oooao o., aSs
been sold by the City Of Fall hl n,n,
Mass, to bankers at 4.04 per cent p's.
So premium. The loan natures V'
November 7, 1919
f. D. DER. of the firm Of Hughes '- !
DER, and ". W Wilson left New w.,
Yesterday for Arizona and MeN'ss'
They VIII be away SIX to elght ven 'on'
during which they viii visit ire M ~
per and silver mining districts !" -"
southwest
The interest due on the prior NE ne
mortgage $40 per cent bonds OF ps 'sl
Toledo, St Louis & Western AZ, a. =
road Company, due January l. i''''
now being paid.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
Other Cities

Charged With Violating Clayton Law.
-WASHINGTON. Feb. With no
tice that it has reason to believe that
The American Sheet and Tin Plate
Company of New York City. has dis
eliminated in prices between different
purchasers of its products, in viola
ton of the Clayton antitrust act, the
Federal Trade Commission issued a
formal complaint to-day. citing the
corporation to appear April 2 to de-
fend itself
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
Divid en- q S
Extras

Ohio Oil Company-Extra dividend
of $4.75 per share has been declared
in addition to regular quarterly divi-
dend of SIPS per share. both payable
March 81 to stockholders of record
February rs.
Quaker Oats Company.-Extra divi-
dend of per cent on the common stock
in addition to regular quarterly divi-
dend OF per cent, 9th payable April
10 to stockholders of record April l.
The regular quarterly divden. of y
pc cent on the preferred stock was
also declared payable May 20 to stock
holders Of record MAY T
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
White Motor Stock Up

Although many in Wall Street pro-
fessed disappointment that directors of
the White Motor Company declared
only the regular quarterly dividend of
81 share at their meeting Monday,
the action of the stock yesterday did
not register that feeling. A new high
price of So Is for the year was reached
in the days trading, and the closing
quotation of 52A showed a net adj
vance OF 2 points over Mondays last
sale. According to w. IT. White, presi-
dent the indications are that the fut-
ure of the truck business is bright.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
Investigation Proposed

WASHINGTON, Feb. 18.-Investiga-
ton Of the cotton exchanges with a
view to determining whether manipu-
lation caused decline in prices was
urged to-day by Representatives
Caraway, of Arkansas. and Hefln. of
Alabama, before the House Rules Com
mittee. No action was taken by the
committee.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
News Digest
New York

Transfer of Funds to Black Sea
Ports Allowed. Fred I. Kent, director
of the division of foreign exchange of
the Federal Reserve Board, announced
yesterday that dealers "as defined un-
der the executive order Gf The Presi-
dent of January 26, 1918, until other
wise instructed, may make transfers of
funds to persons not enemies or allies
of enemies resident in Bulgaria, Tur-
key in Asia and Turkey in Europe, and
all Black Sea PORTS
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

Interest yesterday centred mainly il
Swiss francs, which we're in demand. In
other directions the market was ne
elected, and rates remained unchanged.
Closing rates yesterday, compared
with a week ago, follow:
Quoted dollars to the pound.)
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
Nebraska Leads i'm
War Stamp Sales

WASHINGTON, Feb -Nebraska's
per capita sales of war savings stamps
in 1918 were S21.18. greater than those
of any other state, the war savings
organization reported to-day. The
states aggregate sales were S27 .45O. 900.
Ohio, with SS6,244,0 900 aggregate sales,
ranked first in volume. but second in
per capita sales, which were 1868
South Dakota came third in per capita
records, the District of Columbia
fourth and Iowa fifth.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
Officers Elected

The reading of Mr.. Kahn's paper
came after the annual election of the
Brooklyn Chamber which resulted in
the choosing of the following:
Pres dent, James Sherlock Davis;
e-presidents, Edwin P Maynard
Adolph Mollenhauer, and Walter Ham
mitt, and treasurer. Charles L. Schenck.
One of the points made by Mr. Kahn
was that railroad labor got last year.
in the form of wage increases alone,
an amount within $1000OO,oO0 of the
total received by the owners of all the
railroads in the country for the rental
Of their property. This increase,
amounting all told to $80OO0OOOO, he
said, equalled the interest Of the tota!
that one years experience had demon
strated that government control meant
only poorer service and the interposi-
ton of politics in such matters as
wages and betterments, and offered the
following programme, which he said he
believed was gaining support steadily
Offers Programme
ssI Let the government exercise
10 strong and comprehensive cor.
troll, but fair and constructive, not
punitive or strangling
so Let those features of operation
which under government man.
agement have proved advantageous
and convenient to the public, be pre-.
served and those features of legisla.
ton and administration, which expert
ence has shown to be unduly and un.
wisely hampering, be abolished
ss2 Without eliminating state com
missions, let their functions be
so adjusted as to avoid conflict with
the Federal commission in matters of
rate making and security issues.
"a Let railroading then be thrown
open to private initiative and
enterprise and competition in service
make it an attractive field for capital
and, above all, for men of ability and
vision"
Mr.. Kahn went on to say that farm
ers and other shippers had about
reached the conclusion that govern
ment ownership or operation was not
wanted, but asserted that all the alter
native plans recently offered contained
the fatal defect OF providing for a per
manent government guarantee of min
mum earnings.
"Iwo things. e., private manage
ment and permanent government guar
antee Of earnings are simply not rec
oncilable," he declared.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

here to-day at a conference Of grow
ers, bankers and merchants from the
cotton producing states. The resolu
tons were submitted by a committee
6 which former Governor Richard |.
Manning. of South Carolina. was chair
man.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
CaU for Reduction
OF Cotton Acreagf

NEW ORLEANS. Feb 18.-Resolu
tons calling upon Southern planters to
curtail cotton acreage one third this
year and to hold their present stocks
until consumers were prepared to paw
"remuncrativc prices" were adopted
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
International Trust COMPANY
- I0IIIl"Ts ana F'Vp0sIt0rf =
INTERN AIIONAI TRI-SV (oSfp,~v

T------T- 7TI T7-T71-T--- 4
NIERSAiEONAL TRUST COMPANY
ou are hereby notified tc present ,e-
pawn mt ans claim which You may have
oince OF its attorneys Messrs Beoknag
Nenken & Griscom. Nos 52-54 william
street Borough OF Manhattan. city. County
ana state OF New York. on or before ths
Isl day of April 1914 Claims should te
duly verified
The foregoing notice is given pursuan. t,
an order OF the Supreme Court # N,
State of New York cntaroi {n Inc oea,,
of the Clerk of the Co-nty Of New Yor,
ON lhe l4th day Of February. 1914
Dated. New York. February 18TH. 1918
INTERN tTEoNAI TRUST COMPANY
PETER j. COLHOUN. President
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
American Agricultural Chemica! Syn

UTCaIt SIOCK SO1d.-Lce, HlgglNSOn d
Co. and Hayden, Stone & Co. man
ayers Of The syndicate which last De-
cember offered stockholders of the
American Agricultural Chemical Com
pany the right to subscribe to about
SO 100000 Ct additional common stock
at par, announced yesterday that the
entire amount held for the account Of
the syndicate had been sold.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

After rising every day for more
than week, the stock market may
perhaps be excused for one day of
irregularity. Men like occasionally
to take profits, and to turn the
quoted prices on brokers' boards
into actual cash in the pocket, even
though they have not lost conf
dence in the markets ability to
rise. The declines yesterday were
mainly in those shares which had
enjoyed the largest previous adj
vances. Firmress continued else
where, notably in railway shares,
influenced by news of the approval
of the House committee Of the ap-
preparation of S750,000,00O re-
quested by the Director-General,
and the refusal Of the House Inter
state Commerce Committee to con-
slider the five-year control plan.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

ANDREW J. MCCORMACK. Auctionesr
ADRIAN Il. MULLER 4 son VIII ssll at
Goth. 1919. All 49, O'Clock. al The *
Cnanse Sal sroom. Nos. "a and IS Vesey
Street. \ Y
For Account If Whom 1T Nay Concern:
50 shs. Ode!l Realty co
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
G. Mp. Murphy Back at Desk

Lieutenant Colonel Grayson Mp.
Murphy, senior vice-prcsident Of the
Guaranty Trust Company, is back at
his desk after being in continuous
service of his country from practically
the outbreak of the war When the
war broke out Colonel Murphy went
abroad to organize the American Red
Cross service in France. He did this
so we'll that General Pershing decided
be wanted him on his staff, and the
ending of the war found him in charge
OF the American aviation service in
London. Colonel Murphy also did ex-
cellent work in Italy in helping to re-
organize the Italian forces after their
last great defeat on the Piave by the
Germans.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
Money and Credit

Finnncas continued yesterday in the
call money market. and though the rate
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19
RelevantCOnlnnent
Traction Issues Show Strength

Traction Issues Show Strength
Traction issues we're stronger yes
terday owing to reports Of favorable
legislative developments relative to
higher fares. Inquiry among bankers
who are interested in the reorganiza-
ton Of the Brooklyn Rapid Transit
Company did not bring to light any
thing that would indicate any definite
action in the near future It was
stated, however, that the call for de-
posits Of the S57,735 900 three-year
per cent notes had met with q salts
factory response from the noteholders
and that deposits were still being re-
ceived in substantial volume
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

opened at per cent, and renewals
were made at per cent, most Of the
days loans were made at 51a per cent
Loans made against all-industrial col
lateral were one-half of 1 per cent
higher. Firnness is mainly due to in
creased government Withdrawals from
the banks, and an increase in the vol
ume of Stock Exchange trading.
Little money is lending for fixed peri
DDS. Some funds are offered for sixty
days at 5i2 Per cent on all industrial
collateral, with borrowers bidding "a
per cent.
Yesterday. Year ago.
Per cent. Per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

Some commentators have du
bious way of looking at the recent
upturn in the market They object
to the "churning" Of certain spe-
cialties, and say that under cover
Of rises in Tobacco Products, Stude-
baker, Mexican Petroleum and
other oil stocks there has been
feeding out" of Steel common and
the issues that really make the
stock market in the long run. But
others are not so skeptical They
contend that a sharp advance in a
speciality is not necessarily q dem
onstration. 1t is very often stock
of which there is a small floating
supply, and little buying accom-
plishes a great deal. Its violent
advance is no reflection on the gen.
uineness of the rest Of the market.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

The above rates express the cost Of
foreign money in terms of the Amcr-
can dollar. You buy an English pound
sterling, say, at sf.75M. The intrinsic
parity is 1.S69s per pound. Thus, you
say either that pounds arc at n dis
count or that dollars are at premium,
which is owing TO the fnct that in Eng
land the demand for dollars with which
to settle accounts in this country il
greater than the demand in this coun-
try for pounds with which to settle
accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

Nominal.
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. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19


in fairly active market yesterday.
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Fer cent. Per cent Per cent.
Eligi b e
member
banks -. .4A@4 4l4@4a 4h@4N
E igi b e
non-mem-
Der banks.4h@4 4H@414 4sa@4!s
Ineligible
bank bills sI4@4Ia 5I4@4Ia 5I4@4s4
For delivery within thirty days;
Per cent.
Eligible member ks.......... Ais
Eligible non-member banks..... 4Ia
Ineligible bank bills. s
Discount Rates.-The following table
gives the current rates Of 1.-THE twelve
Federal Reserve banks on commercial
paper for all periods up to ninety days:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

The Fed raj Reserve Bank of New
York has put in force the following
schedule of rediscount rates which
apply to bankers acceptances: Maturi-
ties up to 1t days, per cent; 16 to
60 days, inclusive, Az per cent; 61 to
90 days, inclusive, Az per cent.
Bank Clearings.-Bank clearings yes
terday were:
Exchanges. Balances.
New York 49,. sos, 639,891 S56,S72, GOA
Boston .... 57,591,192 1905 1872
Chicago $500. 93216.252 7,533,245
Philadelphia 60. 68,444, 635 16,157, 800
Pittsburgh -. 16,o2s,181 3,7oo,42e
Sub-Treasury. - The SubTreasury
gained $167 900 from the banks on
Monday.
Silver-London, 477sd, unchanged;
New York, 1o1 Hsc, unchanged; Mexican
dollars, 771ac unchanged.
London Money Market.-LONDON,
Feb. Disclosing! Money 3s per
cent; discount rates for short and
three months bills, 1872 per cent;
gold premiums at Lisbon, 67.00.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

Consolidated Exchange

limit of trade this exchange. 10 sharesl
iransactions and prices Yesterday for the
more active shares follow:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

plishes a great deal. Its violent
advance is no reflection on the gen.
uineness of the rest Of the market.
Whether the securities to be is
sued by the government this spring
be called "bonds" or "notes" is a
matter of Indifference to the pur-
chasers, but it may make a great
deal Of difference to the holders of
the present Liberty 3 1-2 per cents.
Those bonds are convertible into
any subsequent issue Of "bonds"
during the war, but not into "short-
term" obligations, among which the
Treasury certificates of indebted
ness, which run for only a few
months, are specified. The CONVEX
sion privilege endures until the ter
mination of the war with the I'M
perial German government, and we
are now technically only at an ar
mistice. The government would pre-
sumably like to escape this obliga-
ton, if possible, especially if the
new issue carry high rate, for
'bonds issued upon such conversion
shall be identical with bonds of
present series as to maturity of
principal and interest and terms of
redemption" That is to say, if the
Treasury were now to issue "bonds"
running for five years at as high a
rate as per cent, it would be COM
PEELED to pay that rate for at least
fifteen years to those who converted
their 1-2 per cent bonds. 1t is
not believed that the government
would attempt to issue anything
under the present remaining au-
thorization of $4,000, 100000 Of
bonds at only a IA per cent. 1t
is, therefore, brought to the issue
of one to five year "notes" as ten
tatively decided by the House Ways
and Means Committee. The 3 1-2
per cent bonds yesterday revealed
scant concern about the news, de-
Ginning only tenth Of a point.
The copper folk are in an I'M
pleasant position. They may be
wishing they had never reduced the
price of the metal. For several
months after the signing of the ar
mistice they stuck to their figure of
% cents pound, even though no
body believed them and nobody
came to buy. Their idea may have
been that nobody wanted copper
anyway, no matter what the price,
and they might just as we'll ask a
good price as any. But one day a
few weeks ago they found a chance
to sell really 100000 pounds or
so of copper if they would only let
1t 90 for IS 1-2 cents, and they for
sock their 23-cent price for the
sale. Then they found that no
body else was anxious to buy at
IS 1-2 cents. They reduced the
price to Is cents, then to II IL,
and the little dealers will let a buy
or have a little bit at Is 3-4, if he
wants to buy it. And the market
remains dull. And the accumulated
stocks, equal to a years peace time
production in this country, continue
to pile up. 1t is no new thing for
reductions in prices of any com
modify to fail to stimulate bust
ness. Every time the price is cut
buyers become more afraid to buy
for fear the price viii 90 to almost
, nothing at all, and there they will
be with the stuff. After a period
OF this the usual sequel is that
somebody begins to BUY; the price
rises; it goes further; and Of sud
cen consumers from everywhere
with an accumulated demand, begin
, bidding frantically against each
- ft Ipr for fo.r IT,, ,..:1l
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

r. H. Raymond has been elected
director Of the United Verde kxtensio"
Company. succeeding ". j. Reld.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

The interest due on the prior ' .ss
mortgage S's per cent BONDS o. psS.
Toledo. ST. Louis & Western o,a =
road Company, due January l. iS'''
now being paid.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

At the annual meeting Of the Ma
tional Enameling and Stamping con CON,
pany. held yesterday, George Il. A'ee,
riMghaus was elected 10 the board v
directors. succeeding +. g. Niedrins
haus, res signed.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

Eank Acceptances.-Rat were steady
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

The directors Of the old Coon.
Trust Company have voted to , o..
81 GOO 600 stock at par TO stocknoiusl.s
of record February D. This viii H'. az
the capitalization 100000 ana Tx
surplus $4,000 OC0.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-19

prices include interest.