davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-04-09
Shipbuilding Recovering
Output at Rate of 100000
Tons a Year

WASHINGTON, April S-American
shipbuildlng has recovered largely
from the temporary declre caused by
the armistice in November.
In the first quarter If this year, it
was announced to-day, the Bureau of
Navigation officially numbered 1856
steel seagoing vessels of 5SO648 gross
tons and lot wooden ships of 227,44O
tons, making total seagoing tonnage
for three months of 808,O8S gross tons,
or at a rate of more than 100000
tons a year. The non-seagoing YES
sells numbered 210, with tonnage Of
1858
Steady increases in the numbers>al-
lotted by the bureau were seen three
months Of the quarter, 255,756 tons
being numbered in January, 264,2O1
in February and 2S6,141 in March. The
best record ever made was last Novem-
ber, when 900 tons were numbered.
During the twelve months ended
March 81 a total Of 2,O56 merchant
vessels of 3,225.52 gross tons, includ-
ing small tonnage for foreign owners,
were built in the United States and Of
ticially numbered. Seagoing steel
vessels aggregated 53S, of 2,178,939
gross tons; seagoing wooden vessels
1856, Of 916,637 gross tons, and he re-
mainder were non-seagoing craft.
Five concrete ships of 4,419 gross
tons were numbered.
New-York tribune., 1919-04-09
RelevantCO1n1nent
The A. ]. G. Puzzle

The Street is still puzzled to find an
adequate and suitable explanation for
the sensational strength Of American
international Corporation shares On
Monday the stock rose 9H points. Yes
terday it added another 5Ss. G. A.
Morse, Of Clark, Childs g. Co.. had the
following to say yesterday apropos the
activity in the stock: at was i'm
pressed upon the stockholders who
heard the remarks Of the chairman at
the annual meeting that the American
International security interests are
not in any sense speculative holdings,
but they are rather carried with the
idea of the security to the corporation
of voice in companies whose business
is of a character to permanently pro-
mote the profits Of the proprietary con-
Germ. This is important because it is
improbable that American Interna
tional will ever be dcsrous Of dispos
ing of these stock investments, or at
any rnte until long after the return
of more normal taxes shall have ma
tcrially cut down the proportion of the
price realized that would have to be
accounted for as excess profits"
New-York tribune., 1919-04-09
Pacific
Earns $8.ll a Share
1918 Profits Show Sharp De-
crease; Large Increase in
0nprafino Revenues

The net income of the Northern Pa
cfc Railway Company during 1918
was equivalent to s8.11 share on the
$2a8,0 100000 capital stock, compared
with $11.S0 share earned in 1917.
Last years surplus, made public in the
annual report issued yesterday,
amounted to $40, 0,129,331, a decrease
Of S0,373,351.
To the compnnys Federal compensa-
tion of $30,0S9,60l there was added
$s,l32,Gl6 other income, bringing the
total income for the year up to $685.
222,307, loss of $4.705,624 Interest,
taxes, depreciation and other charges
aggrcgating $18,092,972, increased $4,-
66T 1928.
Total operating revenues in 1918, ac-
cording to the Federal income account,
were $102,908, 8,259, an increase of $14,-
682,533. The gain in gross, however,
was moro than wiped out by an in
crease of s1S,218,A41 in operating ex-
pcnses. Railway tax accruals totalled
S6,499,71s, an increase of s477,415. The
loss in operating income was S4,009,79
New-York tribune., 1919-04-09
Grading Offices Opened
Will Obviate Necessity of Send
ing Samples 10 Washington

Offices have been opened by the Bu-
reau Of Markets of the United States
Department of Agriculture in the New
York Cotton Exchange for the purpose
of grading and classifying cotton, as
provided in the Lever amendment to
the cotton futures act This amend
ment was signed by President Wilson
on March 4, 1919, and reduced the
number Of grades of cotton from
twenty to ten.
The work will be in charge of
board Of cotton examiners, composed
of three members As the work in
ccreases the membership will be en-
larged. The work of the local board is
under the supervision of the chief of
the bureau of Markets.
The quarters taken by the board are
those which wers used for similar
purpose by the committee OF the Cot
ton Exchange which had this work IN
charge rrior to the. signing Of the
Lever. amendment. The grading and
classifying Will be dons on the top
New-York tribune., 1919-04-09
Curbites Fear $1,000 Tax

Brokers doing business on the Broad
Street curb market were much per-
turbed yesterday over the announce
ment that the Board of Aldermen had
been asked to consider rcsolut;on
calling for the imposition Of n vcarlv
tax of 81 900 on all curb brokers. Manv
said it was unjust that they should be
singled out, and declared that If the
proposed tax were made effective MANY
of them would have to quit.
James w. Ball, head of one Of the
largest curb commission brokerage
firms, said, however, that he would not
object to the payment of tax TO the
city provided similar levy were made
on all other stock brokers.
New-York tribune., 1919-04-09
Elliott and Bankers Discuss
Financial PrOhIcrns

Railroad financing problems were dis
cusscd at Luncheon at tho Downtown
Association yesterday given to bankers
by Howard Elliott, acting chairman OF
tho Association of Railway Executives
and chairman Of the special committee
appointed by the Director General Of
Railroads to cooperate with the rail
rond administration in it's efforts to
alleviate the condition Of the carriers.
All that Mr.. Elliott would say at the
conclusion Of the conference was that
there had been a general discussion Of
the situation. He regarded it as un-
fortunate that reports had been circu-
lated that bankers had agreed to finance
the bulk of the maturities falling due
between now and July 1. No such
agreement, he said, has been reached.
New-York tribune., 1919-04-09
FINANCIAL MEETINGS

TO THE STOCKHOLDERS OF WYOMING
or The stockholders of Wyoming United Oh
:, company VIII be held on Wednesday. April
43 Exchange Place. Borough of Manhattan:
CITY of New York. n. Y. for the election OF
directors and officers for the ensuing year,
1or the purpose of devising and approving
some financial plan for the development OF
the Company and its properties. for the civ
ing OF directions and Instructions 10 the
officers and directors of the Company for the
management Of the Company. and FOR the
sale, mortgage pledge or other disposition OF
the whole or any part OF its property. and
Tor sucn other business may lawfully
come before the meeting
Dated. New York, April 4. 1919
+. ID. HAMILTON. Secretary.
New-York tribune., 1919-04-09

floor Of the exchange, while the eS-
ecutive offices are Room 27, on the
second floor.
Temporary organization of the hoard
is as follows: II. c. Slade, chairman
X. J.. Francis and George Butterwor'h..
Ii Is expected that The board will start
work on classifying and grading In &C.
cordance with the new style delivery
contracts to-day.
Establishment ot the local office.
will do away with the necessity OF
sending ssmnlss Of cotton TO Washing
ton for grading, which has been :, i,efes is
sary sinee she Lever amendment be
came effective. All cf The work nv~
Will be handled here.
New-York tribune., 1919-04-09
J.K. Rice, Jr. & Co. Buy and Sell

= AcOlian Weber Piano & =. Com. 4 Pfd.
Aluminium Co. of America
American Alliance Insurance
American Chiclc Common
American Cigar Common
American CAananid Com. q Pfd.
Amer. District Tel. OF n. y.
American Meter
9 Bank of Manhattan Co. Stock
r.. w. Bliss Common
Childs Restaurant Com. g. Pfd.
Continental Fire Insurance
n Crowell & Thur.ow :. $.
4 Delaware. Lack. s. Western Coal
Empire steel s. Iron Com. e. pfd.
Famous Playcrs-Lasky
Farmers Loan & Trust Stock
Franklin Fire Insurance
Great American Insurance
4 Home Insurance
Imperial OIL. Ltd.
Kirby Lumber
4 Lehigh Valley Coal Sales
4 Lima Locomotive Com. & Pfd.
Lone Star Gas
1 Metropolitan Trust Stock
/ Midland Securities
4 Natl Park Bank Stock
National Fuel Gas
y. Y. Title d Mortgage Stock
4 Otis Elevator Com. & Pfd.
a Penn. Coal & Coke
4 II. j. REYNOLDS Tobacco Com.
4 Singer Manufacturing
Texas Pacific Coal a. Oil
Washington Steel & Ordnance
General Baking Com. & Pfd
Remington Typewriter Stocks
sJ.K.Rice ,eDr.&CO.
Phones 1000 to 4olo John. SO Wall ST.. N. z.
New-York tribune., 1919-04-09
Switching Suggested

Not all Stock Exchange houses be-
lievc that the market can keep the
pace set in recent weeks, faced as it is
by the prospect Of tighter money con-
ditions during the impending govern
ment loan campaign. Wrenn Bros. e.
Co. take the stand that it is not at all
likely that it would be possible during
the next few weeks to finance a bull
movement in stocks, even if banking
and investment interests felt uni
versal desire to do so. "The present,
then" they state, "appears to be the
proper time to exchange from the
stocks of industries which are in a
weak or inflated position into those
of industries which arc either strong
or else we'll liquidated. Upon this prin-
ciple one might suggest switching from
oils into coppers; from the minor
steels into the major from common
industrial stocks into the preferreds;
from the Northern rails into the West
ern and Southern; from the marine
stocks into the tobaccos; from the
chemical issues into the rubbers, and
from. the railroad equipments into the
fertilizer issues"
New-York tribune., 1919-04-09

the account of important interests.
The company is capitalized at S15,o0O,-
900, of which $14,647 200 is outstand-
ing. The stock sold as high as $32
only two years ago, while a decade ago
the shares were quoted around $40.
Dividends were paid on the stock from
1902 to 1915, inclusive, at rates rang
ing from n per cent to 3 per cent per
since"
New-York tribune., 1919-04-09
CHICAGO. SAINT PAr-., MINNEAPOLIS
AND OMAHA RAIlNAY COMPANY

NOTICE OF ANNUAL. MEETING
4 The Annual Meeting OF the Stockhoders
eof the Chicago. Saint Paul. Minneapols
and Omaha Railway Company will be held
Hudson. Wisconsin, on Wednesday. April
8, 1919. at 9 o'clock a. m. for the election
OF directors and the transaction Of such
meeting.
Transfer books will be closed on Friday
March 7. 1919. at the close of business
on that day. and Will be reopened %
Thursday. April 20. 1919.
Dated February 2s, 1918
JAMES T. CLARK. President
JOHN 4 CALDWELL. Secretary.
New-York tribune., 1919-04-09
The Dollar in Foreign Exchange

The foreign exchange market ycster-
day was the dullcst affair since the
peg was removed from sterling,
francs and Italian lire. Sterling rates
were steady and there was slight
advance in francs. Neutral exchanges
were quiet.
Closing rates yesterday, compared
with week ago, follow:
(Quoted dollars to the pound.A
New-York tribune., 1919-04-09
Money, Credit and Exchange

Call money yesterday opened and re-
newed at 5lz per cent for mixed COL
lateral, declining in the afternoon first
to 5A per cent and then to s. Loans
on all-industrial collateral were n Of 1
per cent higher
limo money is inactive. The most
interesting development has been the
preference which banks have been
showing for longer loans. This is
taken to indicate an expectation of cas-
lcr money during the coming summer
Yesterday. Year ago.
Per cent. Per cent
Call money:
On mixed collateral 51a 5H
On indus. collateral 6
Time money (mixed collateraD:
Sixty days ........ 5La@534 8
Ninety days ....... 5Ia@534 6
-Four months .534 6
Five to six months. 5aa 6
changed yesterday.
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per centPer cent.Per cent.
Eligible
member
banks -. .4n@4 44@4a 4h@4I4
Eligible
nonmem
Der banks..4is@4 4h@4A 43s@4h
Ineligible
bank bills.5A@4A 5A@4ta 5A@4s4
For delivery within thirty days:
Per cent
Eligible member banks. ...... ais
Eligible non-member banks. .... 4Ia
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., 1919-04-09

This news cannot have been COM
pletely discounted. 1t represents
perhaps the most important single
factor underlying our prosperity
and the present stock market. The
farmer will receive 1926 a bushcl
for his wheat in any event, and, un-
New-York tribune., 1919-04-09
parity, as calculated by the United
States Mint:

The above rates express the cost Of
foreign money in terms OF the Amcri-
can dollar. You buy an English pound
sterling, say, at s4.5S. The intrinsic
parity is $4.S6as per pound. Thus, you
say either that pounds are at 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.
New-York tribune., 1919-04-09
THE ANNUAL MrrrINC; or THE

THE ANNUAL MEETING OF THE
..ckholders of the Morris Park Estates wlli
ne ne,a at i's once no. 4s ENehanse r,a'et
New York, Wednesday. AprE 9th, 1919;
at e:2o o'clock +. NJ. for the election OF
Directors for the ensuing year and for the
transaction OF such other business as may
properly come before the meeting.
w. S HOOD. oecreta-y
New-York tribune., 1919-04-09
Finance Economics

like the situation in normal years,
it may be positively asserted that
the more wheat he has the more
money he is proportionately certain
to receive. But that is merely q
question in distribution. The larger
the wheat crop, the greater the ad-
dition to our real wealth, and the
greater our prosperity The more
wheat we grow the more we shall
sell abroad. Shipping will benefit
because it carries more. Railroads
will benefit. The farmer will bcne-
fit. And because the farmer bcne-
fits, every industry benefits that
caters to his needs. Also the farmer
has more money with which to think
about securities.
If this were a normal year, the
wheat crop would be more widely
appreciated. AS it is, we have got
into the habit of ascribing all things
to political events. We talk of war
demand and peace demand; of con-
version of plants; of delay over
peace settlements; of railroads
temporary financial needs; and we
slight the most important factor of
all, simply because every one is GER
tain of it.
The people of the United States,
condemned by the world and by
themselves as the most extravagant
people on earth, are not only en-
gagged at present in saving more
than the people of any other nation,
but the proportion Of their savings
to their earnings is probably higher
than most of the other principal ma
tions. The proof Of the statement
lis in our foreign trade. We are pro-
ducing so much more than we con-
'sume that we are sending hundreds
of millions Of dollars of it abroad.
Europe is consuming so much more
than it produces that it is getting
it's goods from US. Europe is going
into debt; we are extending the
credits. The rate at which foreign
countries are going into debt to
us was $41O,000,00O in January
alone, as indicated only by tangible
goods, and ir February, $685.
100000.
Volume Of money is no test Of
national saving. Currency consists
of about four-ffths credit instru
ments, which are not part of
wealth, but devices for swapping
wealth. Russia has demonstrated
anew that currency can be pro-
duced regardless. There are two
tests Of national saving. One of
them is the amount Of labor and
capital put into productive goods,
such as factories, machinery, rail
roads, as compared with the amount
put directly into consumptive
goods. The other is the extent to
which nation in its foreign trade
is running into debt to other ma
tions, or becoming their creditor
New-York tribune., 1919-04-09

:. The Federal Reserve Bank of New
York has put IN force the following
schedule OF rediscount rates which
apply ~ bankers acceptanees. Maturi-
t,ss. ~ ~ 10 days, per cent; Ia To
70 days. inclusive, AZ per cent. si TO
10 days, inclusive, ~ per cent.
bofDDN, Aptjl p bar silver, dsNd
ess ounss. hsnsy, ~ per cent Dis.
New-York tribune., 1919-04-09
Want> Traction Problem Studied

Many of the public utility bankers
recommend that President Wilson ap-
point Federal commission to inves-
tigate the traction situation. Although
such body would have no coercive
power, it is believed that it's findings
and recommendation would carry
much weight and lead to constructive
reforms within the various states.
Each particular traction problem of
course is state or municipal question,
the bankers say, but the traction issue
itself is national. The chief value of
the suggested survey, it is granted,
would be educational, but it is suggest
ed that it might point the way to fun
damental changes. Bankers feel that
public utility ideal, and they contend
that heavy taxation and fixed income
block the attainment of the ideal.
New-York tribune., 1919-04-09

Most important Of all the busi-
ness news of the day was the gov
ernment's report Of winter wheat.
The indicated condition of 99.8 sur
passed any of the estimates from
private sources. 1t is the highest
April 1 condition reported in thirty-
six years and the second highest on
record. 1t compares with 1876 on
April l last year, and with ten
year average of 1928 per cent. The
condition entirely reversed the nor
nal tendency by improving, instead
of declining, from the figure of De-
cember l last year. The indicated
winter crop of 837, 100000 bushels
compares with 559,449,0O in 1918,
and with 685, 100000, the previous
record crop, in 1914. The average
condition Of rye on April / was 9O.6
Fer cent, compared with the ten
year average of 88.6. A record crop
of 100000 bushels is indicated.
New-York tribune., 1919-04-09
One To IXatri,

"A low-price Industrial issue which
will bear close Watching" in the opn-
ion of Markoe, Morgan & Co.. ais But-
terck Company, at present selling
around $2i.b0. The stock has within
the past week or so sold up to around
s24. and there has been evidsnce Of
steady accumulation OF this issue for
New-York tribune., 1919-04-09
Recommended as Peace Stock

In circular reviewing the activities
and prospects of the National Acme
Company Edwin S. Hooley e. Co., mem
bers of the Stock Exchange, conclude
by saying: Eve consider this security
desirable investment" Prior to that
conclusion the circular states: "This
company is one of the few industrial
concerns in this country able to do
capacity business for the past three
years (without soliciting any United
States government business) without
either borrowing any money from
banks or selling any bonds, notes or
preferred stock to the public This
company has consistently paid per
cent dividends on it's stock, and, in ad-
dition to this, has built and paid for,
out of earnings in the last two years,
the largest plant in the world for pro-
ducing duplicate metal parts In addi-
tion to this the company has added
substantial amounts each year to its
surplus account. In addition to maxi
ing parts for the automobile trade the
National Acme Company is deriving a
large and growing business from CON
Germs manufacturing farm tractors and
agricultural implements Of al kinds
New-York tribune., 1919-04-09
No Relief Since Armistice


No relief has come to the traction
companies generally since the signing
Of the armstce, although in few in
stances fares have been increased
Bankers assert that many out flown
companies will fall into bankruptcy
unless they are aided. The power
companies have been relieved, how
ever, by higher charges. They deal
with large consumers in most cases
and their bills arc settled once
month, instead of several times "A day,
as carfarc is. The companies which
supply only light are not doing so
we'll, particularly whore they deal with
homes, where fixed notions regarding
charges obtain.
"UF" Makes Conspicuous Debut
Distillers Securities made its debut
on the Stock Exchange yesterday un-
der its new name Of United States Food
Products Corporation, and judging
from the advance Of over 2 points, tho
change was regarded as favorable. The
ticker abbreviation for tho new stock
Is UF, but whether this will be made
permanent still to be seems in doubt,
as the stock Of the United Fuel Gas
designated by the same letters. The
Stock Exchange committee on securi-
ties has ruled that transactions in
United States Food Products may be
settled until June 6 by delivery Of
either certificates of stock Of this cor
poraton or by Distilers' certificates.
After June only United States Food
Products certificates will be delivery.
Burns Brothers Up 13I2 Points
Burns Brothers stock furnished the
sensation on the Stock Exchange yester-
day by opening with an overnight ad-
vance of 5ia points and subsequently in
crcasing that gain to 1874 points at the
closing price of 1881 After the close
of the market the directors announced
the usual quarterly dividends of 21a
per cent in cash and 2ia per cent in
stock Solomon M. Schatzkin, vice
president and director, answered
inquiries concerning the sudden out
burst of activity in the companys
stock by giving it as his opinion
that present market quotations did not
even yet reflect the real value behind
the shares Mr.. Schatkn said that
tho profits for the fiscal year ended
April /, to be reported shortly, would be
greater than in the preceding year.
despite larger reserves. for taxes.
New-York tribune., 1919-04-09

count rates, short and three months
biIls, 3Hs per cent Gold premium ut
Lisbon, IS.
BOMBAY, April 8.-The rate of dis
count of the Bank of Bombay was fixed
at per cent.
CALCUTTA. April 8.-The rate of
discount Of the Bank Of Bengal was
fixed at 8 per cent.
New-York tribune., 1919-04-09

Copyright 1919. New FORK Tribune Inc.)
In another day Of transactions
compares with 558,449,0OO in 1918
market surpassed it's performance
of Monday. On top of its 8 u point
advance on Monday. American In
tcrnational Corporation stock added
another 55s points to it's price, and
again it was the market leader in
point of volume, exceeding Steel
common and constituting 10 per
cent Of the total market activity.
Instead of "hurting" the rest of the
market, the advance in this issue,
though comment ascribed it to rea-
sons peculiar to the purchasers,
seemed to be the signal for pretty
demonstrations in half dozen
other specialties, among them Burns
Brothers, which gained 1872 points;
United States Industrial Alcohol, 5
points, and United States Rubber,
AS points. Bethlehem Steel issues
were strong and Steel common
steady, in the face Of statement
put out by one Of the news tickers
that the dividend would be cut from
the present 5 per cent regular and
d per cent extra basis at the meet
ing on April 20. The general mar
kct was firm, but the railroad and
copper stocks Jagged.
New-York tribune., 1919-04-09

Sub.Treasury - The Sub Treasury
Monday.
Silver--London, 4SNd, up sd; New
York, 101bc, unchanged; Mexican dol
lars, 77hc, unchanged
New-York tribune., 1919-04-09

Bank Ciearings.-Bank clearings yes
terday were:
Exchanges. Balances.
New York -. 1904, ,s2o, ,943 $71 1896, ,o4o
baltimore .... 11,334,050 4,33o,631
Boston ....... 62,258,381 12,7a2, ,979
Philadelphia -. 59,687,475 13,746, ,671
New-York tribune., 1919-04-09

1t is interesting to recall that so
long ago as Monday, when the stock
market was advancing, the general
explanation offered was that the
morning papers had indicated pros
poets of agreement and an early
peace. The Paris dispatches of yes
terday spoke Of disagreement, dis
sension, delay, resignation; but the
stock market went up just the same.
New-York tribune., 1919-04-09

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., 1919-04-09

'Nominai.
Below is given the current exchange
value uf foreign money In dollars and
cents, tVHslhsf With the intfihsio sold