davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
Finance Economics

Copyright. 1919. New York Tribune Inc.)
Yesterdays break in the oil
shares, with no specific news to
account for it, any more than there
was any specific news to account for
the recent ecstatic upward whirls,
could not be said to have come as a
surprise. Commission house letters
before the opening of the market
were replete with just such warn
ings. "Such a setback comes," said
one, when there are no bears left,
even among the professional ele-
ment." eve expect very heavy
proft-taking to-day in the issues
that have been commanding most
attention." remarked another. "Too
many professional traders have
more stocks than they care to think
about paying for on Monday" 1t
was pointed out that when the first
real selling came along it would
certainly make a reaction on the
same grand scale as the speculation
on the long side. Yet it was note
worthy that with oil shares dropping
right and left, to 10 points, the
whole market did not decline. There
was notable strength in the motor
group.
The fall of 629,887 tons in the
orders on the books of the Steel
Corporation, not announced until
after the close of Saturdays mar
ket, brings the total remaining on
the books to 4,800,685 tons. The
statement may have little market
effect. 1t is overshadowed by the
collapse of the Industrial Boards
plan to stabilize prices.
Some folk in Wall Street NAV
have had their notions a bit logged
when the government on Thursday
reported winter wheat condition
of 1905. They had come to look
at the figure 100 as representing
perfect. How could condition be
better than perfect. What 100
actually represents is normal"
This normal is somewhat fictitious
and does not represent the average.
which for ten years has been only
1914 at this time. 1t is arrived at
IN this way: Most farmers know bv
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
A Satisfactory Reaction

In stock market circles, where it has
been felt that the rise in the oil stocks
has been too rapid for the general good,
yesterdays reaction was viewed with
considerable satisfaction. The violent
break in Sinclair Gulf on the curb
was pointed to as a striking example of
the dangers lurking in too Jealous spec
ulation. The decline in that stock,
which at one time amounted to 20
points, probably precipitated the sell
ing on the "big board" with resultant
pronounced heaviness in Texas Com
pany, Mexican Petroleum and the Royal
Dutch shares. 1t was significant that
the stocks which suffered the sharpest
declines were those that have been bid
up most rapidly during the last week.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
Switzerland Gets Fertilizer
From AIsace-I 1orraine

The Journal d'AgricuIture Suisse
announces that the importation Of pot
ssn fertilizer into Switzerland from
nnisacs-i<orraine was recommended in
IlfsDruary. Unless unforeseen difficult
sss turn up, IL will be possible to fur
H l9 swiss farmers With potash fer
u'Szer for the spring planting. The
ssry.ee for the increase OF agricul-
ssras production, which IL branch of
~ Federal food bureau, will furnish
~ tsrtIiizsr, ~ In the past, TO the
lee buyers and users. The announce
ment IL " Importance 70 the swiss
sgrleulturaI industry, az this country
III nsss large quantities Of foreign fer
na'zsfs and these products have been
x1Inost unattatnabIe during the war
Senusrcs Reports.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
Dodging the Tax

Buyers abound, stocks are gobbled
up at any old price, and where the
most danger lies those stocks seem to
be preferred, which have advanced
the most. Such a situation has
naturally been taken advantage of by
those who were wise enough to buy
cheap few months ago, when pessi-
mism prevailed, to sell dear now, when
optimism abounds. This distribution
while enormous has been largely in
the shape of hedging profits by short
sales, rather than actually taking
them, so as to avoid paying the heavy
income taXs thereon-an ingenious
plan which both protects and saves
This selling has had no appreclable
effect SO far, any more than to put
lot of stocks into weaker hands. G. /.
Hudson & Co.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
The Technical Position"

Many stocks have had large ad-
ments should be made with discrimina-
ton. 1t should be remembered that the
stock market has reached point where
the technical position is much weaker
than three months ago. This country
is going to do big business for many
years and our exports must continue
large. But marketwise level has been
reached where one must expect fire.
quent reactions. On the other hand,
we believe that large earnings for some
corporations will ultimately be re-
Elected in higher prices for their Sc
curities.-Anderson, Bruins g. Co.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
Omaha Railroad Earned $500
A Share ON Stock i'm 1918

The annual report of the Chicago,
St. Paul, Minneapolis g. Omaha Rail-
road Company for the year ended De-
cember 81, 1918, shows net income
after charges and taxes of $2406,180.
equivalent to $500 a share earned on
the $29,81s,945 combined common and
preferred stocks. In 1917 the net in
come was $2,118,5 500, or $71O share.
Compensation received by the company
under the government control plan
amounted to $4,934, 7S9. To this
amount other income of $65,581 was
added. making $5,000370 total. Hold
ers Of the preferred stock shared $685.
151 in dividends, while the common
tribution. Surplus after all charges
and expenses was s690.194, or $287 500
larger than that for tho preceding year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
Wea1th-Markets- Investments

| experience what their fields Fought
to produce, with the usual method
of farming, normal weather, and no
unusual losses from disease, insects,
and other hurtful influences. The
yield estimated under such favor
able circumstances is higher than
the average, but lower than the
maximum possible yield. The con-
dition which would produce such a
normal yield per acre is 100 per
cent condition.
1t is no secret that the present
railroad "defcit" is deficit not of
the railroads but of the railroad ad-
ministration. and that the taxpayer
and not the railroad stakeholder is
suffering by it. Also it is no secret
that it is not deficit at all; even
the railroads are more than earning
expenses. There is merely a differ
ence between the comfortable aver
age earnings of the years 1915.
1916 and 1917 and earnings of the
present year. And the taxpayer is
paying that difference to the rail-
road stakeholder.
But you would think, from the
tone of comment on present railway
earnings, that all this was a secret.
Perhaps it is thought that present
earnings indicate similar earnings
when the roads are handed back.
Those who think thus should reflect
upon the indications of business re-
vlval and the results of carrying the
greatest American wheat crop in
history. Further, vast difference
may be effected in cutting down ex-
penses by economies under private
operation. There is now no incen-
tive for economy. If your road
earns more than the government
guarantee, the government will take
1t away; If less, the government
will make it up. Putting the rail-
roads on their own feet would re-
store that direct incentive to econ
omy, that constant supervision.
which probably far exceeds any gain
from the joint use of terminals and
ticket Offices and other facilities.
desirable as it is that such joint use
be continued.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
Little Prospect
Ut Early Payments
On St. Paul Stocks
Annual Report Shows Gov.
eminent Far Behind on
Cuarantee-Is Forced to
Borrow to Pay Interest

Ihere Is little hope of early dividend
payments on either the preferred or
common stocks of the Chicago. Mil
waukee & st. Paul Railway, according
to statements by R. M. Calkins. presi-
dent, in the company's annual report for
1913. Net earnings, after all deductions
except interest on floating debt, last
year were $6,241,509. President Calkins
estimates that the surplus was about
$4,9OO,O0O, but this is not available for
distribution to stockholders, as only S..
275,ooO of the government compensation
of $27,946,771 had been received un 70
December 81.
The 1918 net earnings after charges
were equivalent to $50 per cent on
the S116,274,900. outstanding preferred
stock, compared with 1856 per cent
earned in 1917. Other income added
S2,477,0o5 to last years Federal rental.
bringing the gross income up to $780,
42S'776. Interest charges, taxes, etc.,
absorbed $24,1s2,267. The 1918 Fed
eral income account compares with the
PASScuIIS year dS IOlIOWS:
OPERATING 4s4 s11a as71 2o2
operating expenses. 1922, 1961O5 S5195' 964
Net revenue. 1o,6e8,34s 2s543, 23s
lakes 6,1S5 935 6517 oto
Operating income. 4,512.414 22.o2e' OPS
The report disclosed that the COM
pany last year was forced to borrow
1885,, 900 to meet its interest obliga-
tons. OF this amount $8,50O,O0O was
supplied by the War Finance Corpor-
alton, $4,000 by the railroad admins
ttratlon and $4,500,O00 by New York
banks.
The intimation that dividend dis
bursements will be deferred indefinite
~ is contained in the following state
ment of Mr.. Calkins:
III the amount due from the rail-
road administration to the company.
$21,671 I'll, is not materially changed
by the adjustments which NAV be
made, there will remain balance
of approximately $4,9OO,oOO, which
when received will be available for
working capital, surplus and dividends.
but until these adjustments are made
1t will not be proper for the board
under the provisions of the articles
OF association of the company, to take
action respecting the disposition Of
whatever balance may remain"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
Money and Preferred Stocks

The long outlook is for cheaper
money. If money becomes permanent
ly cheaper the price of bonds and of
assured dividend-paying securities
must go higher. This is one reason
why the preferred stocks Of old-estab-
lished industrials, most Of them paying
7 per cent cumulative dividends, seem
SO attractive to buy and hold. Such
stocks do not relatively receive much
attention in bull market. Their rise
does not depend upon the current up
ward movement, which is induced by
competition in buying and hopes of a
quick profit. S. Bache & Co.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11

PARIS, May 1o.-Prices were Arm
on the Bourse to-day. Three per cent
rentes were quoted at 63 francs 10 CEN
times for cash; exchange on London at
% francs 81 confines and the s per
cent loan at So francs rs centimes.
The dollar was quoted at from francs
IA confines to francs 10 confines.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
United States Smelling

The United States Smelling Refining
& Mining Company should get the
largest benefit from the rise in the
price of silver because it is the
greatest producer. Besides this, it is
profiting by the improving political
conditions in Mexico. It's silver output
in 1918 was 1887 ,456 ounces out of
the total American production of about
100000 ounces. It's silver sales
greatly overshadow those of copper,
lead Or zinc-which is not true of our
other largest producers. Hence with
this company the high price of silver
is much of an Offset to the slump in
other metals-so that it's earnings
should hold better than those of other
smelling and copper companies. Last
year the common earned $3.50 and
this year it ought to earn from 50 to
s12, according to the present outlook
Wrenn Bros. & Co.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
Silver Stocks Strong

In sharp contrast to the weakness in
the oil shares was the strength dis
played by the stocks of those COM
panies that should benefit from rise
in the price of silver. In this class
were Anaconda, American Smelling
and Refining, Cerro de Pasco and
United States Smelling and Refining.
The latter company is credited with
having the largest body of silver ore
in the world.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
Wall Street Items

williams, Folsom & Strouse announced
yesterday their association with Camp
bell. Flaherty Turner for the general
practice of law. under the name OF Camp
bell. Flaherty, Turner 6 Strouse. at
Rector Street The personnel of the new
firm consists of William Alexander Camp
bell Thomas Grinnel Flaherty, Henry
Cushman Turner, Louis H. Strouse, Wash
ington Irving Taylor and Lazarous Gold
stone.
The Corporation Trust Company has
been appointed transfer agent for the Sui
Ivan Packing Company and registrar OF
the stock of the Mother Lode Coalition
Mines Company.
Application has been made TO the Stock
Exchange to list the SIS. 900. 900 capital
stock OF the Caddo Central Oil and Re-
filming Company. which is now being traded
in on the Curb.
William r. Compton Company have pre-
pared for distributor booklet giving the
text of the new income tax law OF the
State OF New York.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
Market Opinion
Loans and Prices

Throughout the Street the commits
sion houses to-day are borrowing from
the banks anywhere from 25 to SO per
cent more money than they were a few
months ago. And there are, just ahead,
1t must be remembered, heavy demands
on the money market. Merely to carry
along the business Of the country with
requires an abnormal amount of money,
besides which we have just ahead Of
US an immense volume of new financing
which must be done. Where the money
is to come from to carry along con.
tinued speculation on any such scale
as we have recently had, it is hard to
see.-Odd Lot Review.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
Cost Of one dollar
Represent Commercial Congress

BuENOs AYREs, Friday. May g.
Dr.. Tomas A.. L. Breton, Argentine
Ambassador at Washington, will rep
resent Argentina at the Pan American
Commercial Congress to be held soon.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
The Dollar i'm Foreign EXCHANGE

1hoH III Ore1Sn Exchange
=, d Durrlng the week exchange rates
moved sharply against Paris in this
aaa an1 Franc checks went to 6.17 to
d "a aollar, new low record on the pres
Several governments have been in
lending to place short time cred;ts IN
TINS country similar to the $4,000 oon
Belgian acceptance credit recentlv ~.
ranged here. This borrowing has been
held up pending the final signinp Of
the peace treaty. With that apparently
soon to be out of the way, the extent
OF this borrowing, and its effect on ex0
watch W
Quoted dollars 70 Tho ,\
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
M aturinB-

The Federal Reserve Bank Of New
York has put in force the following
schedule Of rediscount rates which
apply to bankers' accep,ances; Maturi-
ties up to 10 days, per cent; 18 to so
aayss inclusive. AZ per cent; 81 to
W days. inclusive. AZ per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11

bills, 3ss per cent. Gold nrem;un,s 49,
Lisbon, 100. p1oi'iuins al
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
Silver at Sill
Prices Goes to New Record in
the Local Market

Removal by the British governm ent
of silver export restrictions resulted in
another sharp advance Of the metal in
this market yesterday, bar silver rising
to. Sill an ounce, against Fridays
price Of $1.05% and $1.011A the be-
ginning Of the week, when the Federal
Reserve Board lifted the ban against
exports from this country.
Metal brokers reported a very I'M
settled market in London, due mainly
to heavy purchases of silver for India,
China and the Scandinavian countries.
In the Orient silver is used mainly
for coinage, but in Northern Europe,
where the supply has been very small
since the outbreak of the war, its chief
use is for commercial purposes.
L. Levenson has been mustered out of
the government service, and has resumed
his former position with the stock ex-
change firm of Merrill, Lynch G. Co.
The National City Bank of New York
has opened q sub branch of it's main office
in Havana.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11

London Money Masxet.--LONDoN
May 10s--Closing: Money, 81. per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11

The above rates express the cost of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
parity is $4,68sb per pound. Thus, you
say either that pounds are at a 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
II you calculate the cost of the dol
lar in terms Of foreign money at cur
rent exchange value-that is, if you
we're buying dollars with pounds,
marks or francs-its value at the close
of last week, as compared with year
ago, would be about as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11

German Bank Observation-Disclosures
via London, MGy 1o.--The weekly state.
ment. Of the Imperial Bank of Germany
Tor the wee kcnded April 30 shows the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11

Below is given the current exchange
value Of foreign money in dollars and
cents, together with the intrinsic gold
party as calculated by the United
States Mint:
The evening world. [volume] (New York, N.Y.) 1887-1931, 1919-02-22
DANIELS
TALKS TO WILSON BY
WIRELESS TELEPHONE
Continued from First Page)

tons and questions concerning the
Peace Conference for the occasion
when he will discuss these matters
with members OF the Congress. and
that he will confine himself in Boston
to speech appropriate TO the well
coming ceremonies.
The President is being constantly
advised by wireless Of the situation
as to the legislation OF the closing
days of Congress. Thus he will be
fully informed and prepared to act
On several important questions on
reaching Washington. He hopes to
be able 10 clear away all the most
pressing business speedily and be
ready to take ship for Europe again
on March S.
The weather is turning consider
ably colder as the George Washing
ton steams closer to the American
shore. in contrast with the balmy
weather OF the last few days. The
troops on board have begun coming
out with their overcoats on and the
President and the other passengers
are taking their exercise in windy
blasts, reminding them OF the usual
February weather at home.
The evening world. [volume] (New York, N.Y.) 1887-1931, 1919-02-22
1.23O,0a1 OFFICERS and MEN
DISCHARGED FROM THE ARMY
Figures Show Fewer Soldiers Re-
leased Last Week Than Any
Period Since Nov. 3.

WASHINGTON. Feb. 22. - The
weekly interview with Gen. March
was deferred because OF the holiday,
hut the War Department made pub
hc to-day the usual statistical review
OF rehabilitation showing that 4
total Of 74.si3 officers have either re-
signed or been discharged from the
army 70 date. while 1,l64,5ls men have
been released.
Orders issued up 10 Feb. 20 provide
for the damobilization Of approx
mateiy 1886. 900 additional men. 2I9, 600
of whom are those returned from
oversees.
The table Of discharges showed that
IN the basis OF early returns from the
tmps fewer men were released dur
the week ending to-day than In
week since Nov 20. The dis.
ged totalled 23,OO9, against 81, ,OoC
se preceding week and 900 the
record week. Dec. IL.
The table showed that the 2ts, ,OOt
men listed as returned from oversea
did not include 5000 Commissioners
oficers. but did include $500 cllssed
as sick and wounded.
The evening world. [volume] (New York, N.Y.) 1887-1931, 1919-02-22
COMMITTEES RUSH
WORK ON PEACE;
REPORT MARCH 8
New Armistice Terms Expected
TO Reduce. German Army
Below IS Divisions.

PARIS. Feb. 22 (Unitcd Press).--
All special committees OF the Peace
Conference will be asked TO submit
their reports March s. under plans 70
speed UP work which are expected
TO be adopted soon by the supreme
war council.
The now additional armistico terms
were not ready this afternoon, but
the council was 10 take up other sub
jects connected with the preliminary
peace settlement.
The new conditions, however. were
expected to bd discussed Monday. II
is understood they provide for further
reduction Of the German army from
the original forecasts. (Preyious re-
ports said the German standing army
would be reduced 10 about twenty
Ave divlslons).
The evening world. [volume] (New York, N.Y.) 1887-1931, 1919-02-22
MURDER EVIDENCE GIVEN
AGAINST 70 U BOAT CHIEFS
Seven Have Particularly Bad Rec
ordS and Trial by Allied
Tribunal Is Urged.

LONDON. Feb. 22.-Reuter's Linn
tied says It learns that the commits
sion which is inquiring into German
submarine excuses has now sufficlent
evidence to convict OF murder some
twenty submarine commanders. near
ly all Of whom at present are In Ger
many. Seven commanders In particu-
lar hayeApa records, and the opinion
is expSessed that their surrender and
trial. possibly by an Allied naval tri-
bunal. should form a clause In the
armistice terms.
The evening world. [volume] (New York, N.Y.) 1887-1931, 1919-02-22
BABIES BORN in 1918 BRING
MORE JOY TO THEIR PARENTS
WHEN INCOME TAX is FIGURED
Varying Exemptions, According to Month of
Birth of Child Are Allowed Under New,
Law-Other Changes in Filing Blanks.
WASHINGTON. Feb. 22.

n ABIEs 1918 will bring varying income tax exemptions
their depending the month Of their BIRTH child
born gives 5000 exemption in addition to the
$4,000 allowed married but child born in July the
entitled only 500 the Infants
II the child allowed only
$50 exemption fourth of the 500 normal exemption
This explained by the
Internal Revenue Bureau a follows:
III entitled foregoing exemptions. $1,000 for
single $4,000 married family and 5000
additional for each dependent chdduring Of the only
claim twelhs the exemptions there
months such Of the part OF month be
counted a month"
This applies marriages and divorce death figures mex
orably marriages births in counting the
This Is years policy. Then the
Under another regulation the Revenue
community, acting principal
head OF family
$4,000
The evening world. [volume] (New York, N.Y.) 1887-1931, 1919-02-22
U. S. NORTH RUSSIA LOSSES
TOTAL ONLY 4 Per CENT.
Most of Men Listed as Missing
Are Now Counted as
Dead.

WITH THE AMERICAN FORCES
IN NORTH RUSSIA, Thursday, Feb.
90 (Associated Press).--While vague
reports have reached the American
forces on this front indicating that
there perhaps may be a few American
soldiers held captive at Vologda or
Moscow, II appears that the majority
OF the thirty-five Americans. which
Is the total number listed as missing
in action since the beginning Of the
campaign, must be counted as dead.
One American Captain, who COM
manded the force operating neab
Shenkursk. said that the Bolsheviki
apparently had conducted their cam
paign on the basis OF making no
prisoners.
Although the American casualties in
the field during late December and In
the month OF January were heavier than
those for all the other months combined.
the total losses in killed, died OF wounds
of disease, or missing. for the entire
expedition up 10 to-day are only 1872. OF
which number eight were officers. This
is less than per cent Of the forces in
yoiyed
The evening world. [volume] (New York, N.Y.) 1887-1931, 1919-02-22
DIED.

EyAEs.--HEERY EVANS.
Services at CAMPBELL FUNERAL
CHURCH, broadway. osth ST.. sunday,
l.3O p. NJ.
GRONQUIsT.-GusTAF GRoNoUIsr.
Services at CAMPBELL FUNERAI,
CHURCH. Broadway. Goth ST., satur.
day, Z. NJ.
KENNEDY-At her residence, 81 nsia
ware Avenue. Jersey City. MARGARET
KENNEDY. beloved wife Of James Ken.
nedy. and daughter OF Christopher and
Margaret Murphy.
Dublin. ireland, papers please oouy.
TRAINOH.-On Feb. 81, rEI,ix
TRAINoR. beloved husband Of Ro.s
(nes Aulligan),
Funeral Monday from his late ,,.,.
denoe. No. 25t W. 37th ST., thenea =.
the Church OF the Holy Innocsnts. Mas.
10 o'clock.
VAN ALSTYSE.-wILHFLN
Services at CAMPBELL FUNERAI.
CHURCH. B'way, Goth st.. Saturday. g
T.. NJ.
wILLIAMs.--MARY WILLIAMS.
Services at CAMPBELL FuNERAI
CHURCH, Broadway, seth st.. SUNDAY.
2.so p. N.