davidaulloa/AmericanStories huggingface dataset:
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
BANKERS APPROVE
THE CALDER BILL
Would Admit Mutual Savings
Banks to Federal Reserve
System.

In q statement given out yesterday
afternoon the American Bankers Assoc
citation announced that It approved and
would support the bill introduced in the
Senate by Senator Calder which would
permit mutual savings banks to become
members OF the Federal reserve system.
The statement reads:
Tho bill has the approval Of and Is
being urged by the American Bankers
Association and Ia the result of the sug-
gestion or the savings bank section of
that association. which has made a very
careful study OF the matter that the bill
contains. 1t will undoubtedly have the
full support Of the savings banks Of the
country and II passed will tend to add
another bulwark Of strength to the
mutual savings institution"
The reason for the proposed change Of
the Federal reserve act to admit institu-
tons OF this class to the system was
outlined by an official Of the association,
who declared that the plan will mako
available to these banks plenty of cash
IN an emergency and will establish a
greater confidence among the public, IL
that be possible
He pointed out that the proposition is
very attractive for the banks and proves
a greater protection to depositors There
are IN New York city alone, he said.
= o
depositors and total of $1,000, 900, 900.
In the Unitad States there are s22 banks
OF this class with about SIS 900 600, 900
resources and about $40. 900, 900 de-
post accounts.
The bill provides that a mutual saw
ings association may become a member
Of the Federal reserve system upon ap-
prevail Of its application by the Federal
Reserve Board. In lieu OF subscription
to stock OF the Federal Reserve Bank
the savings association applying for
membership shall deposit and keep de-
posted with the Federal Reserve Bank
IN it's district 8 per centum of It's surplus
fund. to be adjusted annually. and an
additional sum of not exceeding 3 per
centum upon call. upon which 1t shall be
paid IA per cent interest"
The bill further provides that any such
institution desiring to withdraw from the
system may do SO upon six months
written notice. ''Two-thirds Of the per
cent" the bill continues. "of time de-
posits required TO be maintained as re-
serve by subdivisions a, y, G thereof
may consist in the case OF savings &C
counts only OF bonds of the United
States issued since April 4. 1917. de-
posted with the Federal Reserve Bank"
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
B. G. M. PLAN Is SUBMITTED.
Consolidation scheme Is Worked
Que by Roads Omcials.

Boston, Feb. 2o.-Hearings before the
Public Service Commission on the petit
ton for perfection OF the plans for re-
organization OF the Boston and Maine
Railroad in this State began to-day.
Counsel representing the Boston and
Maine Minority Stockholders Association
said long legal cattle over the pro-
posed consolidation of the leased lines
might be expected. He requested that
the hearings be postponed for two weeks,
as he said the railroad was 'tn comfort
under receivership." The commi ssion
refused the request and counsel for the
road began the introduction OF evidence
in support OF the reorganization plan.
Counsel for the Boston and Maine
presented n plan for consolidation which
he said had been worked out by officials
OF the road. Stockholiers of the leased
lines surrendering their holdings would
get preferred shares in the Boston and
Maine. with the stipulation that the in
terest rate should he the same in both
cases The unfunded debt OF 5000, 900
would be cared for by an Issue OF bonds
to be taken up by the Government
through mortgage proceeding.
Operation of the lines under Federal
control would be upon the standard rates
OF the last three years. For n period
OF five years preferred stockholders
would get so per cent OF their dividends
and holders OF the common stock would
receive nothing. The net income above
the preferred dividends would create a
trust fund through which the bonded
debt would be cancelled. The commits
sion took the proposition under advise
ment
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
COTTON FUTURES STEADY.
Market Closes Day With Net Adj
vance of 10 to At Points.

The feature in the cotton market yes-
terday was the absence OF March notices
and the consequent strength OF the near
position. Comparatively few notices
had been expected, but the failure Of
any to appear in the Street was evil
IDENTIFY a surprise and raised question
as to whether contracts were not too
low compared with middling cotton In
the South to attract deliveries OF low
grades at the extraordinary discounts
now prevailing. March sold up to 229
or SIS points above Mondays closing fig
ures and closed at 22.Sj, with the gem
eral list closing very steady at n net
advance OF is to AZ points.
The market showed considerable ir-
regularity at the start. The cables were
about in line with expectations and there
were over night selling orders from the
South After opening points lower
to 81 points higher. prices sagged off
several points under the Southern SELL
ing. but the decline was soon checked by
the demand for March from Liverpool
and local shorts.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
sUB-TREAsURIEs TO REMAIN.
Not to BE Abolished Until at Least
July L, 1920.

WAsHISGroN. Feb 25. - Sub-Treas-
uries at Baltimore, Boston, Chicago, Gin
cinnati, New Orleans, New York, Phila-
delphia, st. Louis and San Francisco
viii be continued at least until July l.,
1920. under an agreement reached to-
night by Senate and House conferees on
the legislative executive and judicial ap-
propriation bill, The House managers
yielded to the Senate demand
The House had voted to abolish the
sub-trensrries hextJuly l. As agreed 10
IN conference the NJ, carries about sos. =
100000. including the provision for a
pay Increase of s240 annually TO Gov
ornmcnt employees TO meet the increased
cost OF living.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
LoosE-wnEs PROFITS OFF.
Report shows Only s35.45 n Share
on First Preferred.

The annual report Of the Loose-Wiles
Company. covering the operation for the
past year. shows, after deduction of
taxes. charges and contingency reserves,
net income of s1,058,222, equal after
the deduction of dividends on the first
preferred stock to s35.45 a share earned
on the second preferred. which compares
with 1891 share earned on the
second preferred In the preceding year.
The balance sheet shows notes and &C.
counts payable in excess of $4,000, 900
which Is explained by President ]. l..
Loose In his remarks as follows:
The necessity for increased working
capital together with the great growth
or the business, has made It necessary
Tor the company to carry a larger noat-
Ing debt than your directors deem de-
arabte and II is their purpose to reduce
this debt to q most conservative amount
as soon as possible. When this Is done
ana earnings permit, the second pre-
ferred dividends will be resumed and
accumulated dividends discharged. Until
the foregoing has been accomplished.
dividends on the common stock cannot
be considered"
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
Plan TO Meet Dencit.

The outstanding facts are that war
conditions have established wage rates
which the Interborough Rapid Transit
Company has been obliged TO meet, and
the Government has set prices for most
10 pay On the other hand. the rate Of
fair, or the price which 1t receives for
service, is limited by Governmental reg
ulation.
I'm place Of earning the returns CAL
culated large deficits have arisen and
larger ones are in sight. Provision
must be made to meet these deficits.
They are tho outgroWth OF abnormal
conditions and being an emergency
should hSsSnet by an emergency meas-
ure--an Increase in the fare
THE Interborough Rapid Transit
Company had accumulated a cash sur
plus Of more than $4,000. 900 out OF
which 10 take care of operating losses
during the lean years heretofore men
toned. This, however. Is no longer ade-
quate. and 1t Is rapidly being exhausted.
The investments for surplus ac-
count have OF course suffered along with
all other securities and while the sur
plus on the books OF the Company on
June 80, 1918. was S1S,662,977.95 that
sum could. not be realized In cash at this
time. A considerable portion OF 1t rep
resents advances TO other companies TO
keep them. in condition to render SER
vice TO the public. Those companies
can not repay at this dime because they
have no means OF raising the money"
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26

CORN-The corn market was nrmer and
while prices failed to hold all OF the
advance, the close showed net gains OF !,
10 &C. In the local cash market No :
yellow and No. ? white corn were quoted
at 3l.53, cost and freight, New York.
OATS-Prices in the oat market were
little changed for the day. The local
cash market was steady: standard quoted
at sec; No. whit. ssHc; No. 3 49,
6S1 to $40: No. white bSc: fancy
clipped white, 69h to T0Hc: ordinary
clipped white, 6s to csc, all elevator.
RYE-The market was strong in sym
patty with the West and further talk o.
export demand. No. /? Western was
quoted at N.5G, cost and freight New
York
BARLEY-Market barely steady. Feed
ing. IS 20 pc; mating, 800 to lO7,
cost and freight New York.
NEUTRALITY-SUSPICIOUS. dull. Sound
milling, |2.65. cost and freight New York.
HAY-Market arm. No. I. $3.50 20
N,6o; No. :. 'lsS to 1l.i5; No. ,, ,l..O
sTRAw-Markst easier, No, rye, SIS
ton.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
PAPER EARNINGS INCREASE.
Report VIII show $1,000 n share
on Preferred.

The surplus of American Writing
Paper Company for the year ended De-
cember 81. 1918. will be equivalent 10
$1,000 share on the preferred stock
after all charges, taxes etc. according
to an estimate made yesterday by Presi-
dent George A. Galliver at the annual
meeting OF the stockholders. This COM
pares with surplus OF approximately
$1.20 a share at the end OF 1917.
Current liabilities at the end of De-
cember, Mr.. Galliver said were s2,s1S,-
0i6 to offset these are current assets of
$9,111,266. The business has shown a
considerable decline since the signing
of te armistice, he said. but expressed
hope that there would be a revival of
buying within the next couple of
months
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
NORTHERN CENTRAL REPORTS.
Very Little Change shown in
Roads Net Income for 1918.

Northern Central Railway Company
reports for the year ended December 81,
1918, net income after expenses and in
terest Of s2.166,3ss. which compares
with $2,167,2O6 in 1917.
Total income was virtually unchanged
at little more than S2,50O,00o and in
terest. expenses and dividends were
slightly higher than in the previous
year. The surplus for 1918 was but
s1s6. as against 1904. Some OF the
company's holdings OF Southern Pacific
stock were sold during the year to pro-
vide part of the funds necessary for
capital purposes.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
DIVIDENDS AND INTEREST.
REPUBLIC IRON 4 STEEL COMPANY
PREEERRED DIVIDEND NO 60


At a meeting of the Executive Commit !
tee OF the Republic Iron a. Steel Coml
pauy. held February Iath. 1913 the re,gulH 4
quarterly dividend Of l.co on the Pre-
ferred stock was declared payable April
ist, 1919. to stockholders OF record Marclf
goth, 1919
tn" ANNUAL MEETING Of the Stock !
holders Of the Republic IroD * Steel Com
pany VIII he held at the Office of th5
company. 10 EAChange place. Jersey City.
New Jersey. on Wednesday,, April 18TH,
1913. al II o'clock in the forenoon. for tho
transaction OF any ana all business that
may properly come before the meeting.
transfer books Of the Company. both Com !
mon and Preferred. vii be closed at 4
O'Clock p M. March Goth, 1919. and re-
opened at 10 O'Clock \. u. on April 18th,
1919.
COMMON DIVIDEND NO. 10
AZ a meeting Of the Executive Commit :
tee OF the Republic Iron q steel Company.
held February 18Th, 1917 a dividend IL
! q e on the Common Stock was declared
payable May LIST, 1919 to stockholders Of
record April 2lst, 1919. Books remain open!
RICHARD JONES, JR, Secretary /
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
OREGON SHORT LINE RAILROAD CO.

iNNohE Ii bONDS.
In pursuance OF the provisions VI the In
dentuTe dated March LIST, 1897, between
the oregon Short Line railroad Company
and the State Trust Company as Trustee,
Guaranty Trust Company OF New York AS
successor Trustee hereby gives notice that
general meeting OF the holders OF the
above bonds Will he held at the Office OF
the GUARANTY TRUST COMPANY OF
NEW YORK, 40 broadway. New York
City, on March eth. 1919, at twelve o'clock
noon, for. the purpose OF nominating two
directors OF the Railroad Company
GUARANTY TRUST COMPANY OF NEW
YORK, Successor Trustee.
BY CHARLES II. SABIN. President.
Dated, New York February 18th 1919
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
BRAZILIAN COFFEE STATISTICS,
No d., L. and w. Annual Report.

For the first time in many years W. -.
Truesdale. president of the Delaware.
Lackawanna and Western Railroad Com
pany. was unable to present 10 stock
holders an annual report at their meet
Ing yesterday. 1t was explained tina
the rental contract has not been signed
az YETI While the stockholders. received
no reIS-t, they we're no. d!sheartenca,
as the contract when 1t Is signed will
be large enough to insure 20 per cent.
annual dividends with a comfortable
margin.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26

E. l. dupoNT deNEMouRs & COMPANY.

ltHiAs+but delaware
Notice is hereby given that the Annual
Meeting 81 tho Stockholders OF the r L.
DUPONT deNcmouTs and Company will be
held on MoUdav, III" 10Th day Of March.
1919, at tw"Ly" O'Clock noon at the principal
1ffic" II the company, No 1905 Mark
street fl the city OF Wilmington. In tho
County o. New Castle, state Of Delaware
To- the purp4s" of elcct!ng a Hoard Of u, :
rtctors and receiving and acting upon ths
report. OF the o'hocrs, and foT the transact
ti"n Uf such other business as may prop
erly rom" before the meeting Tho NEE, =
ing VIII D" hold In the Meeting Room In
e 4Pont Building
MEMS duPONT Se.retarY.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
COFFEE MARKET.

An early decline was followed by raj
lies in the coffee market yesterday, with
the close showing net advance of to
% points. There was a fair volume OF
business at the opening and little
furry of activity toward the close. but
otherwise trading was very quiet and
the fluctuations did not seem to be con-
nected with any fresh feature in the
general situation The spot market wal
reported quiet with quotations on the
basis Of l5lsc for Rio rs and 21Ac for
Santos As
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
CORN ADVANCES SHARPLY.
Market Closes Ia to 3-S Cents
Net Higher for Day.

CHICAGO. Feb. 25,--Corn advanced
sharply to-day helped by reports that
much land usually devoted to corn
would be planted with spring wheat
The market closed unsettled. II to ga
net higher. with May 1855 to 1925 and
July l21l2 to l2lS. oats finished un-
changed to 81 higher and provisions
varying from soc decline TO a rise OF &c
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
-----
Superior Steel's Report.

TIE annual report OF the Superior
t'tel Corporation for the year 1918
t1ows surplus after charges and Fed
era taxes Of ssS1 .S04, equivalent after
oe1ucting first and second preferred
dividends to 1890 a share on the 10000
e'ares OF common stock This compares
YIN the 1917 surplus OF s967.368, or
'Ts' a share on the common. Gross
sales declined about 81 o0O. 600 and MIN
ul'aeturing profit dropped little more
NAN 81 900. 900. Net income before
shF'rE fund provisions and the reserve
,'' excess profits taxes was 1889. 500. a
oecline Of about $500 900.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
COTTON STATISTICS.
New Orleans Cotton Market.

NEW ORLEANS. Feb. 25.-Extremely
uufavorable weather in the belt gave the
cotton market a good undertone to-day
and led to sufficient buying TO keep
prices at a small net decline during the
greater part of the session. closing quo
tations, however. showed net advances
OF 6 10 90 points over yesterdays close.
March, 2449c.; May. 22.63c.; July,
2L32c.; October, 1900 December.
1920, Spot steady and unchanged ::
middling, 2T25c
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
METAL MARKET.

Another cut in tho copper price was the
feature OF the market in the Metal Exchange
yesterday. contract for immediate ship.
ment OF copper WAS made ny one of the
smaller dealers At 10 cents a pound, which :
reduction from the previous days quota.
ton OF half cent. The larger dealers who
had previously quoted the red metal at -
cents pound reduced their price to iJia
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
February 18th. 1912.

The annual meeting ~ the stockholds =
~ the Washington ard New Orleans Tolo-
gun f,,, ,""' ,'nS WI W., o, - =" 70 -
on Wednesday. March 9TH. 1919. AZ (.
O'Clock p ", for the election ~ Directors
and Ofiicers and for tho transact on OF such
other business as may come before tho
meeting
ANDREW r BuRLTIGH, Secretary.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
Exports From New York.

Rye -four 3e.s27 bhls bacon. 1876
$50 lbs. lard, 35245O lbs. cottonseed
oil, 1000 lbs. cornmeal 7l9 bbls. beef
500 bbls tallow, 572,SOO lbs. lubricat-
ing OIL i<S~5 gals.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
The He ckir gVslley RaiIwsyCo

y HEpdhNAy, NeW 1ork, Feb. 70, 1919
Notice is hereby given that from and
after February %. 1919, the payment Il
interest coupons and transfers of stock and
Of bonds OF this Company Will be made 4 &
the Once Of the Company, Room 1912, :
Br9adway. Ne" York, instead Of at thu
once OF Messrs. J = Morgan & Co. q I
heretofore. \, TRENNETT, Treasurer
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
AMERICAN CAN co.

4 quarterly dividend Of one and three
quarters per cent. has been declared on III
Preferred Stock of this Company. pAyahl
Apr! lst 1919, TO stockholders Of recor,
A. the close OF business March l4th, 1919
Transfer Books Will remain open. Check
mailed.
Il. r. lsMON. Secretary & Treasutcr
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
London Money Market.

LONDON, Feb. 25.-Bar silver. AZ u d..
per ounce. Money, 3k per cent. Dis
count rates, short and three months
bills, 317-32 per cent Gold premiums
at Lisbon, $500.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
DIVIDEND ACTION
DEFERRED BY |. R. 7.
April 1 Interest Payment
Half Provided, Accord
ing to Report.
PREFERRED STOCK Is HIT
Condition Of Finances Now
p Causes Receivership Ru-
mOrs to Grow,

Another step IN the direction of a re-
ce!vership for the marlborough Rapid
Transit Company. which operates the
subway and elevated lines In this city
was taken yesterday when the directors
took no action regarding the quoarterly
dividend which was due for considera-
ton at the meeting. Such a step would
follow possible failure to pay on April 1
the semi-annual interest on t67,S25,0
lnterborough-M Metropolitan ~ per cent.
collateral trust bonds, amounting to
s1,526.062.5o. This interest has been
declared to be wholly dependent on the
dividends declared by the Interborough
Rapid Transit Company, and these diSi.
dehd payments apparently have been
stopped.
That a receivership, similar to the
predicament OF the Brooklyn Rapid
Transit Company. is far from a certain
~ was indicated yesterday by the state
ment OF an official that the directors
meet each week and that there is still
time for a dividend declaration and by
report circulated in banking quar-
tiers that the Aptil interest payment
was half provided for by the dividend Of
$2.50 declared three months ago and the
balance of $763,031 would be provided
from the surplus of the marlborough
Consolidated Corporation.
On the other hand despite the alb
sence Of an official statement, 1t was
said in authoritative quarters that the
operating company's dividend had been
definitely passed and that marlborough
Consolidated Corporations surplus of
s1,l34,163 was not large enough or liquid
enough to permit the payment OF the
balance Of the interest AS the matter
stands receivership Is not definitely
in sight, according to authoritative re-
port, but 1t is admitted that the In
terborough finances are in a precarious
condition.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
Affairs OF Com pany.

II the marlborough Rapid Transit
dividend has been passed II marks the
suspension of payments that have beer
large ever since 1906. Beginning with
1907 for four years the rate was 9 pei
cent per annum, an amount Just large
enough to pay the interest on INTERIOR
ough-Metropolitan ANS. In 1911 the
rate was 10k per cent. in 1912 Is per
cent, in 1913 IL per cent, in 1914 IL
per cent. in 1915 22is per cent. and
from the beginning of 1915 to the end OF
the first quarter OF 1913 20 per cent
On May IS, 1918, the rate was cut in hall
to 10 per cent. per annum and that rate
OF IA per cent quarterly was main
tanned until the present failure to take
action.
The inaction on the Interborough
Rapid Transit dividend, II Is held, wipes
out all possibility OF a distribution on
the S45.740.500 preferred stock OF the
marlborough Consolidated Corporation
or the 932.627 shares of common stock
without par value. 1t endangers II Is
said, the payment OF interest on the
Interborough-Metrop bonds but II
renders moro secure, II anything. the
payment Of interest on Interboroush
Rapid Transits outstanding $160,5s5,00O
per cent bonds and s39.416,ooo out
standing notes.
Tho conditions which lead the direc-
tors Of the marlborough Rapid Transit
Company to omit action on the dividend
have been repeatedly set forth by Theo-
dore =. Shonts. president of the Inter
borough Consolidated Corporation. The
most concise statement was given yes
terday in the annual report for 1918,
which says in part:
with our entry into the war the costs
OF everything mounted higher and
higher. 1t became necessary in order TO
complete the 1nterbrouogh's part OF the
contracts to raise about $40. 0Oo, 900 In
addition to the 316o, 900, 900 Originally
borrowed. This was done by the issue
OF short term notes, dated September /.
1918. aggregating s39.4l6.000, secured
by S6l $50, 600 of the first and refundng
mortgage bonds as collateral. This, OF
course. increased greatly the fixed
charges payable for interest and sinking
funds. and in addition operating costs
scared Wages and materials weEe on a
war basis in competition with Govern
ments having the taxing. power of the
world and ready, IN order 10 win the
war, 10 pay eXtravagant prices for labor
and material. These high costs continue.
They need not be detailed here beyond
saying that materials and supplies have
increased from so per cent to 500 per
cent. while in wages enormous In
creases have been granted. Tho total
amount of wages tfor operation and
maintenance) at the rates OF pay in
effect September 10, 1918, is $4,000 600
a year greater than the amount would
be at the wage rates paid at January
l. 1915
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
LOST. FoUSD AND REV ARDS.
81, 900 REV ARD

viii be paid for information loading TO the
arrest and ConNi lotion Of the person uhS
;,,a;; Armour r"- "en' Go'd pater..-c
Bonds Series p 40 75l9. No. 1920, No 1871
No f522 40. 1929. Information treated
strictly Conhdrutli. softly pDMNICK u
RILEY DETECTIVE BI'REAr. INC. ~
9TH Ave. Til Ma olson square 1eTl.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
NEW YORK TITLE AND MORTGAGE co,
NEW YORK TITLE AND MORTGAGE co.
To all Holders of Mortgage Participation
Certincates Seriea Al

In accordance with the agreement ma q q
between New York Title and Mortgage
Company and Columbia Trust Company!
under date of September 20, 1918, under
which the said Trust Company is acting as
Depository for the holders of such pare
tcipat!on certificates 7
YOU ARE HEREBY NOTIFIED that tn 4
said Trust Company has resigned as De
positary and that the Directors of the New
YORK Title and Mortgage Company have ap
pointed AMERICAN TRUST COMPANY To
act in It's place and stead.
NEW YORK TITLE AND MORTGAGE IN.