davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-03-28
Good Outlook for
Iackawanna Steel.
Says Mccullough
Company Prepared for Re-
adjustment, He Tells
Stockholders; Earned
23.70 Per Cent in 1918

Stockholders of the Lackawanna
Steel Company may look forward with
confidence to the future and with the
assurance that this concern will hold
its place through the period of recon
struction of industry which the coun-
try is now facing. That, at least, is
the opinion of c. II. Mccullough, prcsi-
dent, as expressed in the annual report
issued yesterday
Mr.. Mccullough said that when the
war suddenly ended last November and
1T became necessary to face the Every
serious condition" of turning war
production back into its pre- war chan
nels the Lackawanna corporation
found this more easy Of accomplish
mcnt because early in the war policy
had been determined to apply its steel
to those commodities for which its
mills were suitable as against enter
ing new fields requiring additional
equipment
This policy he added, "resutcd
then in the satisfactory situation at
the close of the war of having no prop
critics designed for purely war work,
but with an improved plant capable of
greater tonnages than before in its
regular lines and at relatively lower
costs"
On gross sales of ss3,438,135 the
company III 1910 returned net earn
ings of $23,41S,9 ,9O4 AS the result of
operations after the full allowance for
depreciation of $2,767,842 and all taxes,
including full provision for Federal
income and war profits leves amount
ing to S12,546, there was surplus of
$8,348.354, equivalent to 23.79 per cent
on the $35, ,097,5OO stock outstanding
compared with 45.99 per cent earned
in 1917, when the full effect of the
company's war earnings was felt
Referring to the rising costs Of pro-
duction which the company has cncoun-
tered, Mr.. Mccullough stated in the
report that so-called common labor has
had its earning power enhanced 1870
per cent since 1915. In comparison he
said that wages paid last year alb
sorbed $20,503,737 of the company's
earnings, taxes sl2,546, 1899, while stock
holders received in the form of divi-
dends only s2,9S3,2S7.
The report revealed that the com
pany in 1918 shipped 1,777,985 gross
tons of steel. decrease of only 204
per cent, contrasted with the preced-
ing year. The balance sheet showed
cash balance at the end of the year
Of $5.45S. OPS marketable securities
valued at $4S02,79O and an investment
IN Liberty bonds amounting to SABA
150 Current accounts payable and
rolls totallcd $7,141,191.
New-York tribune., 1919-03-28
Wealth rkets-Inv vestm ents
Proft.Sharing Speculation

THIS is what one market OBJ
Il server thinks: eve are going
to have an enomous market this
year. You can figure it out from
the income tax schedule. A man
Will use more money to speculate
than formerly he did, because the
government has become a partner
in his profits and losses and shares
both with him. A man with an in
come of 100000 year, for in
stance, whose tax undcr the present
schedule is so per cent, ought
theoretically to trust twice as much
money to the stock market as he
would ordinarily feel justified in
doing. For if he makes profit
the government takes half of it, so
in order to get the same profit he
will have to deal in twice as much
stock. And if he makes loss he
can deduct the amount Of the loss
from his income, so saving half Of
it that the government would other
wise have taken"
New-York tribune., 1919-03-28
Another Receivcrship?

Banking interests in close touch with
the financial affairs of the Brooklyn
Rapid Transit Company, it was re
ported ycstc rday, expect the appoint
mcnt in the near future of a receiver
for the company's surface lines.
Should this action be taken it is be-
licved that Lindlcy NJ Garrison, re
ceiver for the parent corporation, will
also be named receiver Of the sub
sidiary lines. Practically all their
stock is owned by the B. r. 7.
New-York tribune., 1919-03-28
New York Banks
Oversubscribc Quota
Only q Counties Out of n
Attain Goals; Local Figure,
$I.767. 10000

Banks in the New York Federal Re
serve District have subscribed to ST.
767,i89, 900 of the eight issues of GER
thcates Of indebtedness issued by the
Federal Treasury in anticipation of the
Victory Liberty Loan. The total quota
OF al the banks in the district was
81 .575 100000
The banks in Manhattan accounted
for $1,343, $685. 900 of the district sub
scriptions, oversubscribing their off
cial quota Of $l130, ,463 900 by S213,O75,-
600. The eight issues sold since De-
cember last aggregated S4,920,4l5,-
900 for the whole country.
The figures for this district were
compiled by the Federal Reserve Bank
or New YORK; which also prepared the
following table, showing what the lead
ing banks Of New York City did, Civ
ing their actual subscriptions and their
total quotas:
New-York tribune., 1919-03-28
Finance Board
Seeks to Improve
Cash Position
Would Raise $1,000 900
by Sale of Securities TO
the Banks; Many Export
ers Applying for Loans

Eugene Meyer, jr., head of the War
Finance Corporation, is sounding bank
ers in various parts Of the country on
plans for strengthening the cash posi-
tion Of the corporation to enable it to
provide for needs of the railroads and
to put into operation the scheme un-
der which it viii be able to loan up
to 81 l,000,000,000 to bankers and cX-
portcrs for financing foreign trade.
According to information obtained in
Wall Street yesterday Mr.. Meyer
would like to raise between $3.50 600,
600 and S300,000,000 in cash by the
sale of securities to the banks, thus
relieving the Treasury Of the burden
of furnishing these funds. SO far the
plan for such financing has not taken
definite form, although the issue Of
short term certificates of Indebtedness,
obligations of the War Finance Cor
poration is being tentatively discussed.
Since Congress passed the Victory
Liberty Loan law. which authorizes
the War Finance Corporation to lend
up to $1,000,o0O,O0O for financing for
cign trade of the United States, Mr..
Meyer has received hundreds Of appl-
cations from various parts of the coun-
~ .io'h pdHherS ana exporting nrms
which are anxious to avail themselves
of the opportunity afforded to place
the financing of their foreign business
on permanent long term basis.
The machinery for making such
loans is yet to be devised, although
plans are already taking form, and it
is expected that within a few weeks
arrangements will have been com
rletcd whereby actual advances will
be made. Mr.. Meyer is understood to
be in favor of allowing American firms
to borrow from the War Finance Cor
porat'on to finance the purchase Of
foreign securities for their sale in this
market. Under the law the corpora
tion is permitted to loan direct to ex-
pOrtcrs or to banks
New-York tribune., 1919-03-28
RclevantCOnrnent
Steel BuNing Expccted

AdYiccs from Pittsburgh to the
financial district yesterday related that
the general sentiment in that section
had been much encouraged by the
optimistic statement of Judge Gary on
rent business and the outlook. 1t was
stated that buyers of steel products
are now believed to be ready to enter
the market on an extensive scale and
that within the next few days there
Will be a marked movement toward
placing long deferred orders and con
tracts Purchases resulting from the
downward price revision are expected
to arrest the decline in the rate of
production at the mills
New-York tribune., 1919-03-28
Exchange Seats in Demand

Predictions that transactions on the
Stock Exchange over the next few
years will surpass all previous records
find a reflex in the mounting quota
tons for memberships A scat sold
yesterday for 900, the highest price
since the latter part of 1916. This
compared with $4,000, the last pre-
ceding sale Another seat sold ycster-
day brought $7A,5o0. The buyers were
r. S. Adams, T. II. rockingham and
Maurice W. Newton. Charles H. Mar
shall was elected n member of the ex-
change.
New-York tribune., 1919-03-28
The Dollar i'll Foreign Exchange

Exchange on Paris broke sharply
again yesterday in the local market.
Franc checks sold as low as to the
dollar compared with low of 500 the
day before. There was heavy pres
sure against Italian exchange also and
lire fell to around to the dollar,
which compares with recent "pcev
of 6.35 lire to the dollar.
Sterling exchange developed weak
ness and for time demand sterling
ollls sold at S4.5Sl2 with later re-
covery.
Neutral exchanges quiet with an
irregular tone.
Closing rates Yesterday. compared
with a week ago, follow:
(Quotcd dollars to the pound)
New-York tribune., 1919-03-28
A Broker in the Making

Delaware and Hudson, preferred,
made its appearance or the board
yesterday when new member, who it
was thought had not been given a
proper initiation, was given orders to
buy few hundred shares of this non
existent stock. He made the trades,
reported the same in regular fashion
and then was given orders to buy
ZOO shares at the market After he
had bought several thousand on n
surprisingly steady market and col
lectcd the quecrest collection of names
seen on the floor in years, rough
house started, in which the eager
buyer lost his collar and his en-
thuSinSm.
New-York tribune., 1919-03-28
Finance a Economics

was to build up large commercial
business for their countries. The
idea of the American manufacturer
is to build up a domestic business
for himself, running snuggly and
smuggly, and then we have a de-
preston and there is a wild scram-
BILE for foreign business. When the
domestic business improves he for
gets about the business that he has
tried to create in the foreign mar
ket."
New-York tribune., 1919-03-28
American Mutual Liability

Charles +. Hodges, president Of the
American Mutual Liability Insurance
Company, says in the annual report
issued to policyholdcrs yesterday that
premiums written during 1918
amounted TO $6,2l5,69S. compared with
S3,696,44S in 1917. The company now
has about sixty mutual insurance com
panics writing workmen's compensa-
ton, employers liability and other
branches Of casualty insurance.
New-York tribune., 1919-03-28
Quicksilver Prices Firm

The market for quicksilver holds
irm. Virgin American, in small lots.
Is selling from $68 to $40 a flask of
10 pounds. Large quantities can be
bought for SGT flask Mexican quick
silver, recovered after use in mining
operations by process of distillation
is quoted at from 81 to s. below the
market price of Virgin American.
New-York tribune., 1919-03-28
s'Casolenc War" i'm South

MEMPHIS. Tenn, March 27.--Ac-
cording to reports reaching here. gaso
lenc prices have been reduced generally
the South. Chattanooga.
Tenn, quoted IS cents gallon. Knox
Vile Ia and New Orleans 10. while the
ruling price in this city is IS cents. 1t
is said tho reduction is duo to efforts of
tho various companies to undcrscll each
0lhHr
New-York tribune., 1919-03-28
Repercussior,s

The speculative fever appears to have
largely spent itself.-Painc, Webber
& Co.
We have capitalized speculatively Q
good many of our fond hopes.-Clork
Childs G Co.
Probably for many years to come the
rate of exchange will operate against
Europe-Hirscl, LiLienthol &c Co.
New-York tribune., 1919-03-28
Locomotive Orders

The American Locomotive Company
announced yesterday the booking of
an order for twcntysix dccapod type
engines for the South Manchurian
Railway. An order has also been
received from the kajima Railways of
japan for two small tank engines.
New-York tribune., 1919-03-28

The above rates express the cost of
foreign money in terms of the Amcri-
can dollar. You buy an English pound
sterling, say, at s4.67 The intrinsic
parity is $4.S63s per pound Thus, you
say either that pounds are at a dis
count or that dollars arc 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., 1919-03-28
RanA

The record of the district as a whole
shows that out of total of "a coun-
ties in this district only 27 equaled or
exceeded the quotas.
New-York tribune., 1919-03-28
Money and Credit

All call loans on mixed collateral
were made at 5la per cent on the
Stock Exchange yesterday, compared
with ruling rate Of per cent and
closing quotation of per cent on
Wednesday. Industrial loans were
made yesterday al per cent.
Signs of preparation for the coming
victory Loan are noticed in the firminr
OF time money rates. No money is
offered below 5a4 per cent for sixty
and ninety days; renewals are made at
that figure.
Yesterday. Year ago
New-York tribune., 1919-03-28

Frecport Texas Company-For the 5a'
ended November 30 1918, total income o' 'l'
company and subsidiaries was placed -
S4.03.950. Taxes. depreciation. amorltiIs,'ol.. ,.
etc. amounted to 81 00i col. and div'de''
payments aggregated 1864 oi3 leaving
surplus Of s3,069 OBS Total surplus vs.
Sc 9Sf444
New-York tribune., 1919-03-28
and three months bills, ga per cent
Gold premiums at Lisbon, 5000.

Bank Of France. March %
Inc weekly statement Of the Bank Of
France follows, in francs:
New-York tribune., 1919-03-28

San Joaquin Light & Power-Ths COMPANY
reports gross for 1913 of - eiJ, 9<5. an ~
crease Of 1851 54S over 1871. Net an
expenses was 81. .l22 a33 After al dedoe
tions. surplus was SfS0.3
New-York tribune., 1919-03-28
Nominal.

Nominal.
Below is given the current exchanre
value of foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune., 1919-03-28

Canadian Westinghouse Company-ops
ating earnings for the year ended pcemps.
81 last we're 81 ,622 o4S, compared WIZ
1857. 1879 for the year before After q,
penses. etc. of s6l7. 1853, balance ~: va
l004 $50 Other income aggregated ,s zoe
S38. bringing the gross TO slV4..,:, V.,,n ,t'
Dividends totallcd $500 $40, leaving WV
or surplus for the year.
New-York tribune., 1919-03-28

Owens Bottle Machine Company .-Kepe,'
for the fifteen months ended December 81
1918. shows net profit after charges Az
Federal taxes. Of 3.7a5.5 OIL
New-York tribune., 1919-03-28

London Money Market.-LONDON
March 27.-Closing rate for money,
3ls per cent Discount rates: Short
New-York tribune., 1919-03-28

Discount Rates.-The 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., 1919-03-28

The Federal Reserve Bank of New
York has put In force the following
schedule OF rediscount rates which
apply to bankers acceptances: Maturi-
ties, up to Is days, 4 per cent; 1s to
so days, inclusive, AZ per cent; 81 to
80 days, inclusive. 4 n per cent.
Bank CIearings.-Bank clearings yes
tcrday were:
Exchanges. Balances
New York ..... $65s,64o,612 $63,s56,6oo
Baltimore ...... 14,45a157 5,348,oe5
Boston ........ 44,524,31o 12,77e,o3e
Philadelphia -. 72,373,442 1851, ,645
Silver.-London, 47Isd, an increase of
I'd; New York, 101 &c, unchanged;
Mexican dollars, 77iac, unchanged.
Sub-Treasury. - The Sub Treasury
gained s4,709,00o from the banks on
Wedne sday.
Bank of England nd.-LONDON. March
27.-1he weekly statement Of the Bank
Of England shows an increase of
81 Al 900 in note circulation, which is
now at high record. Proportion of
the banks reserve to liability this
week is 1911 per cent; last week it
was 1890 per cent. The report com
parcs as follows:
New-York tribune., 1919-03-28

Bank Acccptances.-Rates were un-
changed yesterday.
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per centPer cent Per cent,
Eligible
member
banks -. ..4h@4 44@4h 4A@4H
Eligible
nOn-mcm-
bcr banks 4h@4 4A@4l4 4ss@4A
Ineligible
bank bills.6A @4La 5A@4Ia 5I4@474
For delivery within thirty daYs:
New-York tribune., 1919-03-28

Havana Tobacco Company.-Repor,.
for 1918 shows gross earnings o. o.
1924, ,3l6, a decrease of $74,962 from 'h'
preceding year. After operating ei'
penses Of S398,7s5 and interest amount
ing to $4,000, deficit for the yssf
was S519, 400.
New-York tribune., 1919-03-28

Several steel concerns in the
West and Middle West, upon re-
Gently receiving inquiries for steel
for export, made answer that they
were not interested in the export
business. This led one Of the in
quirers, a good enough friend of
one OF the steel company officials,
to tell him what he thought, to
write him this; ut is the same
story all over again, American man
uiacturcrs slipping back into the
same position they were in prior
TO the war. When the domestic
demand is good, to b with the
export business. When the domestic
demand falls off a wild scramble
Tor the export business. Surely it
does not seem to be the policy fol-
lowed by our European compcti-
tors. The English mills arc after
as much Of the export business us
they can obtain Mt all times. The
same thing WIS the case with the
Huns prior TO the war. Their idea
New-York tribune., 1919-03-28
Corporate Returns

Cities Service Compsny.-FebruaU
gross earnings were S1,767,276, OF
S82 1874 less than those of the CORE
spending month of last year. This de-
cline is ascribed to unusually poor
operating conditions in the mid-con-
tinent field which hampered opera
tions of the Empire Fuel and Gas Com
pany. Balance applicable for dividend'
amounted to S1,559, ,08l. Gross for the
twelve months was $22,019,86S, an IN
crease of $2.432 $40. After operating
expenses, net was $21 ,443,05l.
EIkhorn Coal Corporation. - Gross
earnings for the year ended December
81, 1918, aggregated s4,95l, ,92l: Ihm
represents an increase OF S4o4spu
over 1917. Net after expenses. taxes,
depreciation and depletion was sl,7l2-
$50, a decline of S533, ,139. Interest
charges during the year amounted to
$780, 1903 A reserve of $l0l,3 1902 was
put aside for Federal taxes After pre-
ferrcd dividends of 1895, 558 and sllg-
27S common, surplus was $lS6sos.
Profit and loss balance was placed a.
.54S329.
New-York tribune., 1919-03-28

Silver-London, 47Isd, an increase o.
"a; New York, 101 &c, unchanged;
Mexican dollars, TIE, unchanged.
New-York tribune., 1919-03-28

Sub-Treasury. - The Sub Treasury
gained $4,7o9.o0o from the banks on
Wedne sday.
The Washington times., 1919-04-20

and an especial effort is being made
TO carry things through here with a
rush.
Not only are the women folk busy
with the preliminary work. but in
Washington drawing rooms during
the Quiet-more or less-days OF Holy
Week. driving was the principal topic
OF conversation. The Victory loan
drive opens officially tomorrow. but
much of the hard work has already
been done. For instance. Mrs Wesley
Martin StOneT. chairman OF the Dis
trict of Columbia wOman's Victory
loan committee, has selected the chair
men for her thirty-two " working com
mittecS. and most OF the committees
are organized and ready for action.
Mrs. Woodrow Wilson is honorary
chairman OF the committee. and so
are Mrs. Charles s, Hamlin and Mrs
Blaine BeaIe. each Of whom was
active chairman Of the womans com
mittee in one OF the former Liberty
Loan drives Mrs -Stoner is a splendid
organizer, and has learned something
of the technique of driving" from
having served on previous Liberty
loan committees. Moreover. she has
been leader in Democratic wOmen's
organizations for years. and bad the
distinction OF leading the band OF
women who marched in the parade at
President Wilson's second inaUgurG-
tion.
The Washington times., 1919-04-20

family in Pittsburgh. and for two
years she witnessed-and shared
the agony of Belgium She nurse0
in an improvised hospital in a town
where there were but three doctors
and no trained nurses. worked in a
canteen where 400 or 500 half-starved
men and women were fed each day.
and underwent many months OF
strenuous and tragic experience. On
one occasion she was pursued by a
hungry mob and only escaped by
clambering over a sixteen-foot wall
and all because she was carrying un-
der her arm loaf of the hard, almost
uneatable black bread upon which the
pOpulace was subsisting.
This - the sort OF thing she can
tell US sheltered Americans from
first hand experience and IL Is
as a speaker before gatherings at
churches. clubs. etc. that she is do
ing her bit for the loan that is 20
finish the job of making such things
impossible.
Washington will come in for many
of the spectacular Stunts. the "three--
ring circus stuff" TO which the whole
country is to be treated by way Of
the loan. Tanks will
shoot up the town, the lis Belgian
sOIdiers-all honor men. who went
the siege of Liege-will pa
rade here. with a famous machine gun
dog team used in the attempt to step
the Germans on their first steam
The Washington times., 1919-04-20
Easter Week
GfUes Promise
Of Festivities
- EAR SUSAN:

n EAR SUSAN:
Holy Week and nothing do
IL ing." may describe IL in other
places, but not in Washington when
Holy Week is also D. A. r. week!
Each year the Daughters gather here
for the week in which the 18th Of
April-Lexington Day-falls, and this
year. Easter being very late. It
chanced to fall Immediately before
that festival Consequently the activ-
ities Of the Daughters served TO en-
liven an otherwise quiet period, and
instead OF the prOverbial sackcloth
snd ashes. handsome gowns prevailed.
with pins and ribbons, not only OF
the d. A. r., but OF sundry other pa
triotic organizations. which quite
made our heroes, foreign and domes-
&c. in all The bravery OF their decora-
lions and war crosses, hide their di-
unfinished heads.
There were all sorts OF parties for
the Daughters individually. Apd a
number Of festivities at which they
appeared collectively. And their ban
ouet at the Willard on Tuesday night
was the biggest the hotel has ever
served. There were SeS seated at the
various tables, and fully double that
number shook hands with the presi-
dent general. Mrs. George ThaCher
Guernsey. entering upon the last year
Of her three-yeGr term, at the reCep-
tion afterward.
The Washington times., 1919-04-20
Other Prominent Women
On Loan Committee.

Mrs. Archibald Hopkins. a wonder
ful woman over seventy years young.
who has a finger in almost every for
ward looking movement launched in
Washington. is one OF the vice chair
men OF the committee and one OF
Mrs. StOner's ablest assistants. AnOth-
or is Mrs. John Lord OBrian. wife Of
the special assistant to the Attorney
General for war work. She has
charge OF the important committee
which canvasses the hotels. a task
undertaken last year by Mrs. Nicholas
LongwoFth. who got away with II in
fine style.
Mrs. OBrian is woman OF de-
lightful personality, blessed with
The Washington times., 1919-04-20

Boughton Wood and Mrs. Arthur
Graham Glasgow will receive. assisted
by Nancy Lane. Frances Hopkins.
Ruth Wilson and Lillian WashbUrn
Newlin. Masks for the ball may De
obtained by applying at the free milk
for France headquarters. 140l F street.
The first Revue of the Follies"-
which is TO be the piece de resistance
Of the evening-will begin at II 80
o'clock and the second revue at l. 80.
Among those who will take part are
Margaret Harding. Eleanor Johnston.
Mildred Bromwell. Margaret Decide,
Betty Burnett, Kathleen Lester. Polly
Brooks. Anna Hamlin. Virgi ala
Eckles. Leila Gordon, Theresa James.
Ruth Wilson. Ruth Hitchcock. Ade-
laide Tuttle and Frances HampsOn.
The Ziegfeld Follies are sending do Rn
quantities Of the little hammers with
which their patrons make. and there
will he ,favofs. serpentiDes and other
foOlishness to work up carnival spirit.
The weekend will be taken up
with festivities in. honor of Brooke
Russell and John Dryden Kuser,
whose marriage on Saturday will be
the crOwhiRg event OF the week.
On Saturday. too. there are to be
several important benefits. The fash
ion fete for the benefit OF the restoTa-
tion fund for SOmme-Py, a devas-
tated French village, will be held
that evening under the able direction
Of Mrs. John Allan DoughteTy; and
DR.. and Mrs. Duncan McKim have
loaned their house that evenig for
lecture in behalf OF French war
orphans.
The Washington times., 1919-04-20
Saw Active Service in
Belgium Early In War.

Resina Hubert. of Pittsburgh. is one
Of the youngest women 10 be selected
for an important post. In l9lf-shc
was then barely eighteen-she was
in Belgium studying. She was caught
in little town near Brussels when the
Germans came. could neither get
away nor communicate with her