davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-10-11
New Company to
Acquire Stock of
American Tobacco
Holders Get Right to Ex-
change One Share in Old
Company for Four Shares
in the New Concern

The A. T. Securities Corporation,
which proposes to acquire the common
stock Of the American Tobacco Com
pany through an exchange of securi-
ties, completed its organization yester-
day at a meeting at the Guaranty
Trust Company George A. Harder was
elected president, Angler B. Duke vice
president and Robert A. Norriss treas
urer. In addition to Messrs. Harder
and Duke the directors will include
C. NJ. p Murphy and Harold Stanley,
vice-presidents of the Guaranty Trust
Company; John B. Cobb and Thomas
Yuille, former vice presidents or the
American Tobacco Company.
In announcing that the latter conf
pany is the only concern engaged IN
the making or selling of tobacco prod
ucts in which the a. 7. Securities Cor
poration will acquire or hold any
stock, Mr. Norriss stated shares of A.
T. Securities stock would be issued in
exchange for each share Of American
Tobacco common, Of which 402,4
shares are outstanding. This would re-
quire l 1,609 .696 Of the total 100000 no.
par-value shares authorized by the new
company, which has been formed under
the laws of Delaware.
Arrangements have been made by
which holders of American Tobacco
common stock may accept the offer OF
the A. 7. Securities Corporation be-
tween October IS and November IA by
depositing their holdings with the
Guaranty Trust Company. There is
also under consideration the making of
an offer which will entitle holders of
American Tobacco dividend scrip or
certificates to participate III the pro-
posed readjustment.
Organization of the A. 7. Securities
Corporation is believed in the financial
district to presage other important
developments in the plans of the Duke
Whelan group to establish a stronger
community of interest between their
several properties. In this connection
it was reported yesterday that stock
holders of the United Retail Stores
Company will soon be offered rights
to subscribe to the stock Of a new COM
pany.
New-York tribune., 1919-10-11

TO make inquiry concerning Consol;-
uated interstate Callahan Mining Com
pany' Particularly desire to learn
what present earnings are and also its
past Is stock considered as spccula.
tlvS or safe investment? WHAT *
luture prospect for zinc, lead and
SILVER? 1t is predicted that twill in
crease 90 per cent in value soon DO
you think there is any foundation for
such prediction? Can you furnish mo
the compan5's last statement? M n
Answer-For year ending December
~ 1918, company earned 81 cents n
share on So 198,930 stock, against S. a
share for IS months ending Decemner
81, 1917, and S6.67 share for wear end.
ing June 30, 1916. Net working canitai
on the first named date was S254552
against $55l,94l the previous year. Last
dividend was paid October 81. 1918.
payments that year being S1.75, against
S2 in 1917 and Sc in 1916. Stock is
speculative, as is almost every mining
stock. Cannot say that we believe tho
value of zinc, lead and silver will in
crease 90 per cent soon, but last named
metal shows signs of maintaining n
high price for some time. We know
nothing of the brokers you mention.
New-York tribune., 1919-10-11
Suppressed

The Stock Exchange yesterday dis
continued the practice, inaugurated at
the beginning of the week, of issuing
daily figures on transactions in the ex-
change call loan market. Certain bank
ing institutions, it is said, objected to
the innovation and brought pressure
upon the Exchange. resulting in its dis
continuance. 1t is understood that the
banks held that the practice Of giving
fall publicity to each days transac-
tons in call loans might lead to criti-
clsm from the outside public and Gre
ate the impression that too large a
proportion of banking credit was being
used to aid stock market speculation
1t was also held that individual bor-
rowers at the banks who for some rea-
son or other might be refused credit at
the banks would be inclined to question
the standing taken by the institutions
in their particular cases, pointing out
that large sums of money are avail
able for Wall Street purposes but are
not forthcoming for business pur-
poses On the average between $780,
100000 and S45 100000 in call loans
have been placed daily on the Exchange.
This, however, does not represent new
money, but represents only the daily
turnover, as there is big offset in
loans called.
New-York tribune., 1919-10-11
Untitled Steel Orders Larger
Mills Now Have Five Months
Business on Hand

The policy of the United States Steel
Corporation in refusing to accept new
business during the steel strike and
even while trouble was threatening,
was reflected in the company's monthly
statement issued at noon yesterday,
showing an increase Of only 1855
tons in untitled orders on September
30. The total bookings as of that date
amounted to 6,2SA ,63S tons. The aver
age gain in untitled tonnage the three
preceding months was in excess of
100000 tons.
1t was estimated that untitled orders
now on the books of the Steel Corpora
tion are sufficient to keep the finishing
mills operating about five months. A
heavy increase in new business is ex-
pected to follow definite announcement
of an ending Of the strike. as con-
sinners supplies are running low.
Untitled tonnage is now less than
100000 tons under the total at the
end of last November when the ar
mistice was signed. Then it was 8,124.-
663 tons, but in the following May it
had dropped to 4,2S2,31 tons.
New-York tribune., 1919-10-11
Industrial Stock
Average Climbs
TO High Record
Many Issues Go to New
Peaks in the Broadest
Market i'll Weeks; Steel
Shares Are Still Strong

A new chapter in stock market his
tory WAS written yesterday when the
wh!rl of speculation carried the aver
age price of thirty standard industrial
stocks to the highest point on record.
The average at the close stood at
li6.46. On the rise that ended in
July the average price of the same
stocks touched at 11440.
W hen stocks were at their lowest at
the beginning OF the current year be-
fore the sustained rise began the aver
age OF the thirty industrial stocks was
1920. year ago the average was
around 10.
Yesterdays market was the broadcst
In weeks. In all 3O4 different stocks
were bought and sold. compared with
296 on Thursday. Heavy realizing
sales forced prices off from the top
but the tone remained strong at the
close.
Transactions Totalled 1867, 300 Shares
Numerous stocks established new
high records for the year, while some
sold at the highest prices in all time
Motor stocks were conspicuous for
their strength, four OF the group soar
ing to record figures on active trading
The folling table gives the principal in
dustrials which went into new high
ground for the year, with a comparison
with the low prices of phe year and the
day's net gains:
New-York tribune., 1919-10-11
Four Big Companies in
Equipment Export Combine

combination for the development
of American export trade in railway
equipment has been formed by the
American Locomotive Company, Bald
win Locomotive Works, American Car
and Foundry Company and the Stand
ard Steel Car Company. Each of these
companies has subscribed s5,0OO,0OO
toward fund to be used in the exten-
sion of credits to foreign purchasers.
Large banking interests are also re-
ported to be Interested in the project.
which will have a total capital Of
500 600. 900. Rumors that the Pull
man company would be included in
the combination have been denied By
reliable authority.
New-York tribune., 1919-10-11
Sinclair Oil to Finance
Mexican Seaboard Co.

Arrangements have been completed
by which the Mexican Seaboard Oil
Company will be financed by the Sim
clair Consolidated Oil Corporation and
Ogden Mills. Permanent officers and
directors have also been elected. They
arc Harris Hammond, president; A. +.
Watts and F. N. Watriss, vice-prcsi-
dents; j. A. Murphy, secretary, and R.
- Hanna, treasurer In addition to
the officers the directors include K. c..
bulger. Ogden Mills, Theodore Schulzc.
jr., and Mark L. Rcqua.
AN advisory committee to the board
Of directors has been created. consist
ing of John Hays Hammond, Mr.. Mills.
Harry Payne Whitney, II. f. Sinclair
and Harris Hammond The companv's
Mexican holdings approximate 100 900
acres.
New-York tribune., 1919-10-11
Vacuum Oil Rumors

Vacuum Oil officials said yesterday
they had no knowledge of reports that
the company had secured valuable oil
rights in Czecho-Slovakia. They stated
that one Of their representatives had
been in Europe for the past four
months trying to ascertain the condi-
ton of the foreign properties, but so
far had made no definite report. Be
fore the war the company had a large
refinery in Silesia, then part Of Po-
land. In its 1913 report Vacuum Oil
charged about s5,500,00O to profit and
loss covering losses on investments
in Russia
New-York tribune., 1919-10-11
Financial Items

w. F. Ladd & Co. announce that
the $4,000 shares of common stock
of the international Products Company,
offered at 50. have been sold and books
closed.
The Guaranty Trust Company Of New
York has been appointed transfer
agent of the capital stock of the Man
haitian Oil Company
The. Pierce Oil Company 6 per cent
notes. due December 81, 1920, all out
standing, have been called, payable Mt
100 and interest, by the Equitable Trust
Company Of New York.
New-York tribune., 1919-10-11
New Chandler Motor Listed

The new Chandler Motor stock will
be traded in on the Exchange to-day
for the first time. Formal recon-
mendation that the issue be admitted
to list was made yesterday at special
meeting of the listing committee.
There are 10000 shares of the stock,
without nominal par value, issued in
exchange for 10000 shares of the old
stock Of par value of 500 share in
the ratio of three shares of new stock
for one share of the old. The old issue
developed vigorous strength on the
Exchange yesterday when it rose 35
points net to 335. The new stock
traded in on "whcn issued' basis on
the Curb rose 13 points to 116 and
closed at 115. Completion of the ex-
change of the old stock for new will
leave only the one class of stock out
standing the new issue which will
have its formal introduction to deal
ingS to-day.
New-York tribune., 1919-10-11
Wall Street Barren of Rails

A prominent brokerage firm advised
Its clients yesterday that it had made
inquiries at many big Stock Exchange
houses as to the amount of rail stocks
in their vaults. The replies received
indicated that such stocks have to a
large extent been taken out of Wall
Street, which led to the conclusion by
the inquiring firm that the situation
IS getting ripe for big rail market.
When it STARTS" said the firm, 1--WE
look for big rises. Watch Southern
Pacific, Union Pacific, st. Paul, Atch-
ison, Norfolk, Canadian Pacific, Ches-
apeake &. Ohio-these stocks have the
value behind them and are our favor
ties"
New-York tribune., 1919-10-11
Railroad Financing

If the equipment trust plan worked
out by bankers here should fall
through, as seems probable, the bank
ers themselves would not be gSeatly
disappointed. The programme would
involve the sale to the public Of $780,
100000 of bonds, and, in the opinion Of
bond men, this would be exceedingly
hard to do at present. Moreover, there
is some doubt as to whether the rail
road administration would agree to the
usual underwriters fee, because the
government would be a party to the
transaction. The preference Of Senator
Cummings and others seems to be to
take care of the floating debt of the
individual roads to the railroad ad-
ministration by funding operations
which would obviate the need of bond
offerings to the public.
New-York tribune., 1919-10-11
Questions and Answers

Note.-In This don,r+,x
tnIdne Hrloune viii throw the light OF sunS inS
tho i1pi'a, a ,lon as Is at its command on
I,ic o Investment problems Of its renGors ps'
snecnint,au a'iaot undertake to give advice on
,,' ou'ntiiUh; Questions of general ~
Sn,'9 ,aia' WI pc answered IN this COLUMN
S,hiy initials will be used. Otbnrs u,ii;
DC answered by mail. VIZ
s,a,nnnd dSs an queries, inclosng
FINANCIAL EDITOR. TIN Tr;h,,
1oa Nassau Street. New York Titv
New-York tribune., 1919-10-11
l9le Han

steel shares displayed vigorous
strength throughout the trading ses-
sion. making a further response to the
favorable news bearing on the strike
situation. United States Steel common
rose to 1l2ia, which was the highest
level reached since the recovery set
in. When ;he strike began last month
Steel dropped to around par. The un-
filled tonnage statement of the cor
poration. issued yesterday, disclosing
an increase of ,o00 tons in untitled
orders during September, was better
than had been generally expected, and
served TO stimulate fresh buying IN
all steels. The speculative activity
extended to the copper group, which
developed the strongest tone in weeks
Railway issues were steady.
Continuance of tight money did not
appear to bother the speculative ele-
iment. for the rise in the market to new
heights occurred with renewal rate
on call loans OF per cent, and a high
of 10 per cent
New-York tribune., 1919-10-11
In Wall Street

what Do You Think of the Market"
A vice president Of leading Wall
Street national bank. which is a large
lender of call money: 81 don't pretend
to be stock market expert, but so far
as l personally am concerned l would
not touch it with a ten-foot pole. With
call money being maintained at stiff
rate. | fail to see why prices should
continue to advance"
New-York tribune., 1919-10-11
Investors Almanac

CAR TRUST-A corpora ton formed
|or INC especial purpose of purchasiro
ro'frood rolling stock and leosi,,o tho
sumo 10 operating compauies.-Monov
and Investments. '
New-York tribune., 1919-10-11
Municipals Strong

Heavy buying of municipal bonds was
reported yesterday, and prices Of the
standard issues moved slightly upward
The strength of these issues is at
tributed by bankers partly to the
operations of wealthy security holders
who are selling their taxable securities
and putting the funds thus obtained in
to these bonds.
New-York tribune., 1919-10-11

.: Questlon-Pleasc publish informa-
uon regarding Burns Bros. common
s'ocA' is there q possibility of it's 10
pIr , cent dividend being decreased ?
w, nat IS prospect of stock adyancino
W h"u Is your opinion Of Allied Oil nav.
ing ) per cent quarterly, par ST an1
selling at rs ?-T A. G. ~ '' =
Answer-Latest available ;n.ono
account of Burns Bros. was for two
months ending May 81. 1919. This
showed net profits for the period of
sloo'i'1, at rate of 1920 per cent g,
year on $7,7O4,1OO common stock. which h
is not large margin over 10 per cent
ulVldends being paid. What the present
"perations are We are unable TO state.
'oec answer below on Allied OLD
Question-ln several ways I am in
terestcd in the Allied Oil and Tcvas
oii proposition. What can YOU tell me-
regarding these companies at thc
present time ?-R. w.
Ans"er-Company owns 1000 acres
OF oil and gas leases and II. 900 acres
undivided half intercst) of oil and gas
leases in Texas. Owns Is miles of nine
INES. AS of February, 1919, about e
3oo,ooo feet of gas was being marketed
ual'y at from to Is cents per thou
sand cubic feet. All the oil is sold Mt
S225 per barrel to the Prairie Oil and
Gas Company. Company also manu-
features and distributes about $4,000
cubic feet of artificial gas daily under
franchise at Weathcrford. Tex, at
rates from Sl.5O to 81 pen 1000
cubic feet. Present dividend rate is II
per cent. payable quarterly January /.
Par value of S2.0OO,O ,O3O stock 81. On
November 30, 1918, net assets were
S4O9,724. If you have reference to Neg-
Texas Oil Company we have no record
of company.
Question-Am Interested in zinc.
lead and silver mining stock and desire
New-York tribune., 1919-10-11
Yesterday. Year ago
The Dollar in Foreign Exchange

French and Belgian francs, lire and
marks became still weaker yesterday
The movement for the day was slight
and turned on no new factors. Sterling
exchange was shade firmer.
Yesterdays rates, compared with
those of week ago, follow:
Quoted dollars to the 2ound):
New-York tribune., 1919-10-11
London Money Market

LONDON, Oct. lO.-Money > rs per
cent. Discount rates: Short bills 4 3-S
per cent. Three months bills 1 So per
cent. Gold premium Mt Lisbon 149.
New-York tribune., 1919-10-11
Bank of France

PARIS, Oct. l0.-The weekly state
rnent of the Bank of France shows the
following changes from the preceding
week In francs:
Gold 5575, ,G83 900 Inc. POI ,006
Silver 29OS03. 900 Dec. 9s4sGT
Notes in cir
culation 3s.73e,22s, 900 Inc. 47o, SAG, $40
Treasury
dep. G6,G89, 900 Dec. 8,5553s4
bills dis. 1866 0s9 900 Dec. 1929, ,495
Gen. dep. 2762 5l1 900 Inc. 8,846.2s3
Advances 1,3ls05s, 900 Inc. 3S,958A11
New-York tribune., 1919-10-11
'36,22s,0Oo Inc. 47o,s4s,s4o
Dividends

LaHmAn Kodak Company extra
S.Y'H~nn o' ~ per cent hsp been ne
r'sftd on common stock paymbls Deccrn-
her 70 r'ocbhoidefs os record October IT,
New-York tribune., 1919-10-11
Money and Credit

Call money opened and renewed at 8
per cent on the Stock Exchange yes
terday, where total loans placed ap-
proximated $35,000,000. The high rate
was 10 per cent.
The Stock Exchange discontinued the
assurance of detailed figures of the
daily transactions in call money.
The ruling rates for money yester-
day, compared with Il year ago, were
as follows:
New-York tribune., 1919-10-11

The United States Mortgage and Trust
company has been appointed depositary
Tor the capital stock of the American
Exchange National Bank in connection
with the organization of the American
Exchange Securities Corporation.
New-York tribune., 1919-10-11
Transactions Yesterday in Listed Stocks
Summary of Stock Exchange Dealings
January I 70 date

Copyright. 1912 York Tribune 1nc)
New-York tribune., 1919-10-11

Question-Am interested in zinc.
lead and silver mining stock and desire
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
Every Section of the Country
Contributing to the Modern
Miracle
By John Cook Brigham

brings wolframite into the list Of air
plane essentials. Just iron might do,
but when the tungsten, which comes
from wolframite, is combined with it
it gives the magnet the remarkable re-
tentivity that keeps the compass needle
correct.
The tungsten must be lured from the
wolframite by other and very power
full magnets, which are used during the
smelling process. The bit of this metal
which goes into the steel to give the
compass magnet it's retentivity is lit
tie like the ore which was originally
mined in either Of the widely sepa-
rated states of Connecticut, North Car
DINA or Nevada, the three from which
our principal supplies of wolframite
come
Tungsten is not required in the mag
nets used in engine magnetos, for in
their case the electric current is be-
ing made and broken continually with
a speed that bewilders the eye. The
current must be broken in the mag
neto for every explosion in the CYL
inder. An explosion takes place in
each cylinder once in every two revo-
lutions of the propeller, which means
that the current is broken and spark
generated 5000 times minute in a
twelve-cylinder engine running at full
speed
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
1@ @&@1@A@

Since then the vital parts of Amer
lean planes have been armored. The
care that must be taken to have the
steel of which the armor is made such
that 1t will not defec. the compass
needle brings in another element.
Tungsten will not make a steel hard
enough, and there must be a mixture
Of manganese. The process by which
manganese steel is made Is long and
expensive, but has to be gone through
with.
Less weight always has been the cry
of the aeronautical engineer, since the
speed of the airplane depends so large
ly on the load which the engine must
carry. The motor must lift itself as
we'll as the rest of the load, and SO
every effort is made to lessen it's ton
mage by minimizing the weight of all
the metal parts.
This brings US to aluminium. the re-
fined product of bauxite ore, which is
the lightest metal hard enough to be
adapted to general use. The trimmings
of the plane, as they are called,
though really essential parts of it, are
aluminium, and in every place where it
may be substituted for a heavier metal
this is used. The Instruments which
appear on the pilots dashboard are, as
far as possible, manufactured from
this metal. 1t is for this necessity Of
lessening' the dead weight of the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
Years of
Air Drying

In order to get the greatest strength
from the spruce it should go through
years of air drying, but the demand
quickly ate up the supply of air-dried
wood and soon it was necessary to use
kiln dried spruce This forced the
improvement of the kiln process and
the struts which appear in to-day's
planes are the result of no little
mental effort and experimental ton by
leading lumber authorities.
While King Spruce is securely on
his throne, as far as airplanes are
concerned, recently steel has come to
dispute with wood its supremacy as
material for the framework of wings
and tails. The adherents of steel as
sert that the metal is considerably
stronger than wood, with only a slight
increase in weight, and experiments
at the government airplane expert
mental stations would seem to bear
out this claim in their results.
The long ribs of wood, which an
uncovered airplane tail reveals, are not
made Of spruce, for, unlike the struts,
they must be able to bear a twisting.
straining pressure to which spruce is
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-05-11
Even the
Gentle Cow

Even the gentle cow has her place
IN the makeup of the heavier than-air
machine. Casein, a milk product, is
essential in the manufacture of the
glue which is used wherever two pieces
OF wood join. Scientific methods have
SO perfected this glue, which has for
Its foundation bones and hides that
make glue factory so Objectionable
as nelghbor, IS to make it possible to
spread the tenacious composition so
thinly that it hardly is visible.
Rubber, produced in the tropics but
made suitable to mans uses in Amer
lea, is used in one important way in
the shock absorbers, which are the
springs of the plane. Even a slight
bounce when landing may be disas
trous to the plane.
Mention castor oil and the hearer
doesn't think of airplanes-unless he
happens to know that Texas has be-
come the greatest producing centre of
the castor bean in the world, because
OF the suddenly increased demand for
castor oil which followed the perfec-
ton of the Liberty motor. When the
necessity for this oil was carried to
the Texas farmers, they responded so
generously that often huge farms are
devoted exclusively to raising the
bean.
The smooth, heavy castor oil is
much better adapted to the Liberty
motor and similar types than is min
eral oil, which has been almost dis
carded for this purpose. Yet every
spot where friction develops must, of
course, be fabricated and those which
are not connected with the intricate
oiling system must be oiled by hand
before the ship leaves the ground.
This is where Americas oil wells play
their part in the airplane, for mineral
oil is best suited to this purpose, and
the same petroleum which yields the
gasolene to drive the powerful motor
is distilled and refined to give lubri-
cation when that is done by hand.