davidaulloa/AmericanStories huggingface dataset:
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1919-03-28

ent of Republic county, Kansas, recently walked
eight miles through snowstorm to visit coun-
try school when deep snow made it impossible to
drive use motor car.
OF the eight women who founded the Woman's
Foreign Missionary Society Of the M. E. church,
SO years ago in Boston, the sole survivor Is Mrs.
Lois Parker, widow Of Bishop E. w. Parker, of
India.
Lodge wants to know if we are ready to pledge
ourselves to fight the battles Of every nation in
the world. We have just finished shift at that
job.
At times we are inclined to think that most
of our near-statesmen nothing in the league
plan except chance to cuss the other party.
The American Federation Of Labor declares
that it favors organization of employers.
Wouldn't endorses" be better word?
We may have outgrown the desire to lick an
other nation, but we haven't outgrown the de-
sire to advise it concerning its own affairs.
The popular view is that the sleeping sickness
was caused by the flu, the flu by the war, the
war by the Hun, the Hun by the devil.
True, the league constitution pledges us to mix
in any scrap that may happen, but it pledges the
world to see that none happens.
Russian prisoners in Germany, now fed
by America, are clamoring for their inalienable
right to go home and starve.
We have bunch that air travel will never
become popular until somebody invents soft
way to hit the ground
A statesman is a man who knows whether to
cheer or groan when he reads that faction in
Russia has captured town.
The league constitution overlooked a bet when
it failed to prohibit hostile propaganda.
German expansion is booked for long siege
of that sleenin9 sickness
New-York tribune., 1919-01-10
Stockholders Approve
b. & M. Reorganization
Plan Is Carried by Almost
Unanimous Vote at Meet
ing i'm Boston

BOSTON, Jan. Stockholders OF
the Boston G. Maine Railroad voted by
large majority to-day to adopt the
plan for a reorganization of the sys-
tenn previously indorsed by the com
pany directors and by Director Cen
eral McAdoo of the Federal Railroad
Administrations
Only ten shares of preferred stock
and one of common voted iii the mega
tive, while the affirmative vote was
25,329 shares of preferred and 1872, 800
shares of common.
The action was on the adoption of
the agreement for the consolidation OF
Lowell, Connecticut River, Concord &
Montreal and other smaller leased lines
with the Boston g. Maine.
Conrad W. Crooker representing the
Boston G. Maine Minority Stockholders
Association, explained that he was in
favor of the merger in general, but
objected to the plan for the refunding
OF certain note issues and mortgaging
the reorganized roads property to Sc
cure the new issues.
Before the vote was taken Mr.
Crooker recorded his final protest
against the voting by Henry B. Day
of 225,000 shares OF the road on behal
of the Boston Railroad Holding Com
pany, of which Mr. Day is a director.
The Boston & Lowell stockholders at
their meeting unanimously approved OF
the merger. Stockholders Of the Con-
cord a. Montreal at meeting in Con-
cord, n. H., also Endorsed the plan.
New-York tribune., 1919-01-10
California Edison Gets Increase

An increase in rates recently granted
the Southern California Edison Com
pany by the California Railroad Com
mission will mean an annual increase
in revenue of approximately ST 100000,
according to John B. Miller, president,
who said Yesterday: "While this in
crease granted is gratifying to us, what
is even more gratifying is the judicial
spirit of fairness shown by the Cali
fornia Railroad Commission in it's rec
ognition of the difficulties of the ab-
normal conditions under which the
public utility companies generally
have been operating. The commission
frankly recognizes the large increase
in the costs of operation, an increase
which no amount of economy and ef-
hciency on the part Of the different
managemcnts can possibly overcome
New-York tribune., 1919-01-10

1t seems pretty definitely settled
that the McAdoo railroad plan will
fail Of adoption. The present. Con-
gress lasts only eight weeks longer.
The prospects of pamming through
bill for a five-year control in
these eight weeks is very slight.
There seems little doubt it would
arouse the most energetic opposi-
tion of the shippers associations
! and a number of other large inter
ests. With the opposition of the In
terstate Commerce Board to the
plan, there would probably be
enough votes in the House to aid
the Republicans to defeat the meas
ure there, if not in the Senate
There seems more likelihood of
some compromise plan naming a
definite period of not more than
two years or possibly only one year,
but this would scarcely have the
energetic support of the Admins
tration. The plain fact is that the
government does not want to hold
on to the railways unless they can
have a far greater control over
expenditures for improvements and
new equipment than is now pissi-
Bile.
Wall Street is agitated with the
idea that industrial companies and
corporations generally are fat with
concealed profits. They argue that
under existing conditions, it is but
natural that large amounts for i'm.
! provements, or requirements, or re-
pairs, should be charged to operat-
ing expenses. The temptation to do
this, it is urged, would be very
great. For corporations with high
excess incomes, improvements could
be made, so to speak, at the>rate Of
about soc. on the dollar, or some
where near the "normal' or pre-
war costs. That is to say, if the
money is not spent for extra re-
pairs and betterments, it will sim
ply-50 per cent or more of it-go
for Federal taxes. But an investi-
CATION in several instances fails to
disclose any such invisible fat. In
deed, some very large enterprises
have run along, especially in the
last year or ito, on the lowest pos
sible scale of betterments and re-
placements. One large Western
corporation will this year spend sew
eral hundred thousand dollars in
deferred tooling of their shops. In
some instances, funds for these de-
ferred expenditures have been set
up, out of earnings, and frankly so
stated 1t is difficult to see how
they can be objected to by the tax
authorities. The government could
scarcely step in to say that severe
operating economies should be
penalized by extra taxation.
New-York tribune., 1919-01-10
Changes in L. II. Act
Opposed i'm Senate
Charge That Proposed Amend
mcnts Would Cause Fur
fl,er Infai;

WASHINGTON, Jan. 9.-Opposition
of various Senators on the ground tina
1t would permit unsafe banking pre-
vented the Senate taking up for con.
sldera'i ZION to-day legislation introduced
at the suggestion of the Federal Re-
serve Board making certain changes in
the management OF reserve banks One
section proposed would permit the
banks to use their earnings TO in
crease their surplus until it reache d
100 per cent of the capital stock. in
stead OF 40 per cent, as now prescribed
while another would authorize the
board to permit reserve banks to dis
count notes with certain limitations to
the extent of 20 per cent of their CAPT
tai instead Of 10 per cent, as the law
now provides.
"Ihis seems to be another stop in
the progress of inhation," said Sona-
tor Borah of Idaho.
Senator Hitchcock, of Nebraska, in
charge OF the measure, replied that no
doubted that 'N
From casually reading the bill" in
terJected Senator Smoot, 81 think if
would proyida Tor very poor banking
business. | believe it would be unuis .
ana unsafe banking to allow a bank
10 loan 20 per cent of its capital and
surplus to any one individual or corr M
pOration." wa
Senator Swanson, of Virginia. favor
cd the placing of time Limitation On
'he measure so as to meet the present
emergency. Senator Pomerene, of Ohio
ueclared certain provisions in tbe
ing" 0"s oa''h-
New-York tribune., 1919-01-10
Northern Securities Renort

The Northern Securities Company in
its annual report, issued yesterday,
showed net income for 1918 of s225.-
465, compared with s246639 the pre-
ceding year. The chief sources of in
come were from stocks owned in the
Chicago, Darlington & Quincy Rail
r road and the Grow Nest Pass Coal
Company, Ltd.
+. T. Nichols, president, stated in the
report that the only changes in the in
vestments of the company have been
the redemption at their maturity of
United States certificates of indebted
ness and United States bonds held at
the close Of 1917 and the purchase of
United States Z per cept certificates s
Of Indebtedness.
New-York tribune., 1919-01-10
Stock Exchange
Declares War ON
Fake s.PrOmoters''
Members Asked to Combat
Swindlers by ADVERTISE
ments Pending Passage
of Protective Legislation

Ihe New York Stock Exchange yes
terday launched campaign against
the operations of unscrupulous "pro-
lnoters,' who recently have been ex-
traordnarily active in the exploita-
ton of worthless securities, to the
detrlment of Liberty Loan issues and
OF legitimate investment business in
general. Firms that are members Of
'he exchange were urged to include
IN their public advertisements warn
lhgs against stock swindling enter
prlses in the following communication:
All New York Stock Exchange
houses who advertise in the public
press are invited to join in a campaign
OF publicity to combat the growing
stock swlndllng evil. The utterances
OF both Secretaries McAdoo and Glass
and the report of the Capital Issues
Committee show widespread exploita-
ton by the unscrupulous promoters Of
the millions of new Liberty Loan in
NeStOrS.
The serious economic consequences
OF the situation, if uncontrolled need
nc elaboration here. They should be
suillclently obvious to rally every re-
sponslble and industrial institution to
support the Treasury Department and
Capital Issues Committee in their
efforts to suppress the evil.
Publicity and education are prob
ably the most effective weapons that
can be used against the stock swinder.
AS first step in this direction it is
now proposed that all Stock Exchange
houses unite in a series of warnings
TO Investors, through the medium of the
public press. These warnings will be
uniform. They will be supplied by the
Committee on Library and comprise
a few words designed to appear at the
bottom of regular advertisements with
cut cncroachng upon the advertisers
copy"
In a statement issued in explanation
cf the circular to the members of the
Stocl. Exchange H. G. 5. Noble, preai-
dent, said the campaign to wipc out
stock sNndlers had been launched
prior to the enactment of Federal legis-
iation because of the apprehension
that much harm might be done before
any laws were passed. Mr.. Mobiles
statement said:
"Whilc legislation is being prepared
by the Capital Issues Committee in
collaboration with the Administration
and other governmental departments,
the management of the Stock Exchange
is apprchensive that before adequate
protection is provided by law many in
vcstors may be irretrievably harmed
The action taken by the exchange, it is
believed, will be merely the opening
wedge in broad national campaign to
expose stock swindling operations and
in this way protect the security buying
public"
New-York tribune., 1919-01-10

A still larger item of deferred
maintenance exists on the railways.
The amount of absolutely necessary
expenditures to put the railroads
back in any kind of normal condi-
ton is estimated by some careful
Investigators as high as several
hundred millions. For double rea-
son the railroads have found it
very difficultin the last two years
to add much to their equipment and
plant. First, by reason of the lack
Of funds, and second, from the
actual dearth of materials, engines
and cars. The result has been that
equipment has been run and kept in
repair that ought to have been
scrapped. But this cannot keep up
much longer. All Of the railway
equipment companies, including the
rail rolling mills, ought to enjoy a
very profitable business this year,
and this should be true no matter
whether the roads remain under
government control of not. The
individual managements have still a
large control over expenditures of
this sort, and the Railway Admins
tration is only too glad to have
the expenditures made if the roads
will agree. AS soon as the present
deadlock in the steel, iron and kim
dred industries is broken, equip
ment orredrs should flow freely
New-York tribune., 1919-01-10

The Federal Reserve Bank of New
York has put in force the following
schedule of rediscount rates which
apply to bankers acceptanceS: Ma
turtles up to 10 days, 4 per cent; l6 to
SO days, inclusive. AZ per cent; III to
80 days, inclusive. u per cent.
Bank C'earings. s.-Dank clearings yes
tcrday were:
Exchanges. Balances.
New York . S7o0, ,240,48e $1,000, ,7O5
Suh-Treasury. The Sub Treasury
lost S23 900 to the banks on Wednesday.
Silver.-London, 4Siod, unchanged; ;
New York, 1ol sc, unchanged; Mexican
dollars, 771ac, unchanged.
Bank Acceptances.-This market was
fairly active, with the largest inquiry
for bills eligible Tor rediscount at the
Federal Reserve Bank.
Bank of EngIand.-LONDON, Jan 8.
The Bank of England in its weekly
statement shows an increase in gold
holdings of s544,110. The proportion
Of reserves to liabilities now stands at
17.12 per cent, against Hi last week.
The statement. with the changes from
foll
New-York tribune., 1919-01-10
Relevant Comment
A Tip From Inside

The annual report of Swift e. Co.,
the meat packers, makes reference to
the segregation of the South American
and Australian business announced
last year. In this connection L. F.
Swift, president Of the company, said:
"Thc segregations which have recently
taken place will not have any unfavor-
able effect upon the stock of Swift &
Co.. which I am sure will continue to
pay dividends of at least S per cent
per annum for some time to come, and
I wish to recommend the purchase of
Swift G. Co. stock as an investment at
about the present market price" The
stock is quoted in the Chicago market
around 125
New-York tribune., 1919-01-10
STATEMENT
ComptrolIer's Call, December 81 1918

due to the publication of estimates
that untitled orders during December
fell off over 100000 tons. The official
figures will be made public at noon
to-day. 1t is also expected that the
corporation will also make known to-
day at what price the common stock
will be offered to employees this year
At its closing quotation of 92h Steel
showed a reaction of is noints.
New-York tribune., 1919-01-10
An Unsweetencd Report

Cuba Cane Sugars poor annual re-
port for 1918 came out yesterday while
the stock market was in session and
caused a considerable volume of sell
ing in the common stock. The fact that
the company's balance sheet disclosed
an excess of current liabilities over
current assets Of nearly $1,000, 600 was
regarded as especially unfavorable
The stock closed at 291s, the low price
OF the session and a net loss of rs
points.
New-York tribune., 1919-01-10
Oiling a Sugar Stock

American Beet Sugar shares were
bid up quickly yesterday following pub
lication Of a report that the company
has been drilling for oil on some of
its California properties. After open
ing at 73. the stock advanced to II, but
in the afternoon trading when heavy
selling of the oil group seemed to be
i'll evidence. there was a setback of
nearly two points. Nevertheless, at the
closing sale of 1914 there was a net
gain of pa points.
New-York tribune., 1919-01-10
The Dollar i'm Foreign Exchange

Larger offerings of Swiss Exchange
resulted in a slight lowering of the
rate in this market yesterday. The
general market was dull with compara-
tlvely little business moving
Brokers generally complain of the
lack of business and attribute it to
the worldwide hesitation in the mat
ter of undertaking new business COM
ncltments until after the peace CON
ference.
Closing rates yesterday, compared
with week ago, follow:
Quoted dollars to the pound)
New-York tribune., 1919-01-10

certain. Country banks are the prin-
cipal buyers Of paper at the present
time.
Bank Acceptances.--Bills that are
eligible for rediscount command a
ready market Rates were unchanged
yesterday, as follows:
Thirty Sixty Ninety
Spot de- days days. days.
livery: Fer cent.Per cent.Pcr cent.
E e b e
member
banks ...4a@4 4h@4a 4s@4M
Ell G b e
non-mem-
ber anks.414@41s 4az@414 42s@4h
Ineligible
bank bils.5N@5 5H@5 5H@5
For delivery within 80 days:
Per cent
Eligible member hanks. Ais
Eligible non-mcmber banks. ..... Ar
Ineligible bank bills.
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., 1919-01-10
Hanover Bank Rumor Denied

Reports that the Hanover National
Bank would shortly increase its capital
stock were authoritatively denied yes
terday.. The present capitalization of
the bank Is 100000.
New-York tribune., 1919-01-10
French Lift Graphite Embargo

The French government has author
ized the Governor General of Mada-
gascar TO permit the immediate ex-
portation to the United States of~r5 600
tons of graphite during the first six
months or the current year.
New-York tribune., 1919-01-10
Money and Credit

Government Withdrawals from its
local deposit account with the banks
vas the principal influence in the
money market yesterday and resulted
IN higher cali rates. Ruling rates for
call money rose to 6 to 61a per cent, up
l per cent from Wednesdays level.
In the market for fixed date funds
offerings were limited. Some money
was available for sixty and ninety day
periods at 5la per cent. Prospective
borrowers continue to bid "A per cent
ana brokers report substantial de-
mand for accommodation. Renewals
OF maturing loans are being made on
IN per cent basis.
Ruling rates for money yesterday,
compared with year ago, were az
follows:
Yesterday. Year ngo.
Per cent. Per cent.
Call money:
On mixed collateral 6 a
On industrial c'I'tI 6Ls
New-York tribune., 1919-01-10
Cuba Came Sugar
Reports a Heavy
Drop in Profits
Earnings Cut by Rising
Costs; Balance She e t
Shows Current Assets Less
Than Current Liabilities

Lower operating profits of the Cuba
Cane Sugar Corporation during the tis~
cal year ended September 80, 1918, are
attributed by Manuel Rionda, pres-
dent of the company, to higher salaries
and wages; higher cost of general sup
plies; deterioration Of sugars in ware
houses; an increase Of 25 to 80 per
cent in Cuban railroad rates; Cuban
taxes OF 20 cents bag, and delay in
starting of grinding at the eastern
plantations in Cuba because Of the late
arrival of machinery. The 1918 oper-
ating profit was S7,39O,604 compared
with S11,095,531 the preceding year.
The surplus available for dividends,
after preferred dividend requirements.
was equivalent to SIPS share on the
100000 shares of common stock,
against S7.63 share earned in 1917.
In detail the earnings of the two years
compare as follows:
New-York tribune., 1919-01-10

London Money Market.-LONDON
Jan. 9.-Closing, money, 9 per cent.
Discount rates, short and three months
bills, 3 1872 per cent. Gold premiums
at Lisbon, 67.
New-York tribune., 1919-01-10

Tie above rates express the cost Of
foreign money in terms of the Ameri-
can dollar You buy an English pound
sterling, say, at $4.75S5. The intrinsic
parity is 4.S6ss per pound Thus yon
say either that pounds are at dis
count or that dollars are at n premium
which is owing to the fact that in Eng.
land the demand for dollars with which
to settle accounts III this country ia
greater than the demand in this coun.
try for pounds with which to settle
accounts i'm ENGLAND
New-York tribune., 1919-01-10
Commercial pancr

Commercial Paper. Business Is
moving in fairly large volume on a
5M TO 51s per cent discount, although
many commercial houses which arc
fegnlar borrowers on paper are holding
of until the future outlook is more
New-York tribune., 1919-01-10
The Steel Reaction

The reaction in Steel common yes
tcrday from 9i& to 90 may have been
New-York tribune., 1919-01-10

INC less favorable conditions prevailing
during the last fiscal year were also re-
nected in the company's balance sheet.
WhlSh showed current liabilities of
Sl9,2o9,]0 or an excess of S1.O35. 500
over the current assets on September
&c. last. The chief items in the liabil
lty column are bills payable, S12, ,0OO,-
900; drafts outstanding, S1,l09 4o7;
accounts payable and accrued charges.
so'o9a,b0I Current assets arc given
as cuItlvations, S2,771,S53; materials
ana supplies, So,2l 1883; advances, less
reserve for doubtful accounts. So o59 =.
40; advances to stores. etc. Se14 Ooo.
molasses on hand, S26l.l13; accounts
and bills receivable, less reserve for
doubtful accounts, S1,026,SS5; cash
$100,T12. N''''''
New-York tribune., 1919-01-10

Nominal
Below is given the current exchange
value Of foreign money in dollars and
GEMS, together with the intrinsic gold
parity, as calculated ty the United
States Mint:
New-York tribune., 1919-01-10
Wealth Markets and Commerce y
Finance = Economics

STREET OFFICE: Telephone
MhlS builohg 10 D1oaa 81 Hanover
New-York tribune., 1919-01-10
On mixed collateral 6
On industrial c'I'tI 6Is

Time money (mixed collateral)
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-09-08

out making the whole treaty void. ANY
such action as that viii spell renewed
Bolshevist effort throughout Europe.
spreading. as there II already evidence
to America; will moan continued chaos
among those newer nationaiities that
America has hepied establish; worse
than all else. will bring starvation this
coming winter over there, not to thou
sands but TO millions Of human bejngs
NO one will object to clarifying in
terpretations even though they are I'M
necessary. But II the United States in
sists to-day upon sending the treaty
back with changes and reservations we
shall certainly witness the caiamities
that / describe; and. furthermore, by
continued delay we shall probably post
pone action untn finally we shall have
the United States entering the League
Of Nations hand in hand with Germany,
novitiates together in this wonderful
enterprise that Is to SGT the world free
from the slavery of war
That may be what the American
people want, but don't believe It."