davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-05-26
The Markets
The Week in Stocks

The stock market opened last week
with less promise than it had given for
some time. There were two days of
reaction, Monday and Wednesday.
Partly these were the outcome of con-
ditions within the market and partly
the result of doubt on the German
action on the peace treaty. The week
closed, however, with the market re-
markably strong. Steel common ad-
vanced on Friday to 1O7, up points
for that day and the highest price at
which Steel common had sold this year.
On Saturday price of 1O7aa was es
tablished and the stock closed at the
high. This movement has encouraged
some brokers to predict much higher
prices. for the stock next week, run
ming TO ia and over. However, it is
we'll to recall a precedent. On Satur-
day, March %, Steel common went to
par for the first time for the year. On
the Monday following it showed q set
back of more than points from it's
Saturday high. Steel commons high
price in 1916 was 129A; in 1917, 1868;
in 1918, 1161s.
New-York tribune., 1919-05-26
Bank of England
May Renounce Profits
Will Turn Over 10 Government
Excess War Earnings,
Is Report

The Bank of England will turn over
to the British government the entire
amount of its excess profits earned dur
ing the war period up to February of
the current year, report in Com
mcrce Monthly" says. This would
mean that the bank will have done its
work in connection with war financing
at cost and thus will nullify charges
of profiteerng which have been made
against it.
1.-The earnings of the Federal Re-
serve banks in this country have like
wise been very much greater during
the war period than before" the month
ly declares. However, member banks
may under the plan share in these
large earnings only to the extent of
the 6 per cent cumulative dividend
With the exception of amounts passed
to surplus, which increase earning
assets, and thus in a sense guarantee
the payment of divider Is, the re-
mander Of earnings goes to the gov
ernment as a franchise tax AS re-
suit, the reserve banks, equally with
the Bank Of England, may be said to
have performed their services in con-
nectlon with war financing at cost"
New-York tribune., 1919-05-26
w e stingho ouse
Electric Earns
2O.86 Pct. on Stock
Net Decreases Slightly in
Spite of Large Expan-
sion in Gross; New Eng
land Plant to Make Motors

Record gross earnings Of $l60,379,-
942 are shown in the annual report
of the Westinghouse Electric and
Manufacturing Company, out to-day,
but the net income available for divl-
dends, $15,059,O ,O07, was less by $685.
684 than the surplus for the preceding
year. The causes for the falling off
in net were an increase of $40, 9,045,619
in operating expenses and $951,531
in fixed charges. In percentages the
company earned 20.86 per cent on the
S70,813,95O $3.50 par value) common
stock outstanding last year, contrasted
with 2135 per cent earned in the 1917
1918 fiscal year.
Operating costs last year were $780,
271,556 and the amount reserved for
Federal income and excess profits
taxes was $15,395,846. Other income
added S1,623,201 to the manufacturing
profit, which totaled $31 ,108,386,
against $500, ,469 for the fiscal year
ended March 81, 1918.
Untitled Orders Smaller
Guy E. Trip, chairman of the
board of directors, announced in the
company's report that, after the elm
ination of contracts and orders can
celled as a result of the signing of
the armistice, the value of untitled
orders on April I was $76,248,000.
This compared with untitled orders of
$147,857 $50 on hand at the close Of
the preceding year.
During the year." Mr.. Tripp in
formed stockholders, your company
acquired the Franklin Electric Manu-
featuring Company, which was en-
gagged in the manufacture Of incan-
descent lamps at Hartford and Mid
dletown, Connecticut. The equipment of
the Essington Works was completed
in the early part of the year and these
works have been wholly engaged in
the manufacture of equipment for
cargo and naval ships for the United
States government When this work
shall have been completed, the original
plan to remove the manufacture of
turbines and reduction gears from
East Pittsburgh to this plant will be
carried out, which will make available
much needed additional manufacture
ing space for the other operations
of your company at East Pittsburgh !"
Will Make Motors
The plant Of the New England West
lnghouse Company, Mr.. Tripp said,
will hereafter be devoted to the manu-
facture Of industrial motors and au-
tomobile starting and lighting appa-
ratas. 1t is expected that these op-
erations will begin at the Springfield
plant about September /.
Current bank loans, the report
stated, were reduced last year by
S7,420,000, leaving balance of S5,-
100000 on March 81.
New-York tribune., 1919-05-26
Creene-Cananea Report
Shows Revenue Increase
Income for 1913 Was $lO,80O,.
600; Big Reduction
i'm Deficit

In the annual report of the Greene
Cananea Copper Company and its sub
sidiaries for the year ended December
81 last, it is shown that the total rev.
enue was S1O,S01 ,765, compared with
$9,392,6 ,639 in 1917. After depreciation
and dividends there was deficit of
S565,38O, contrasted with $1,456,327 in
the previous year.
During 1918 the company mined
1,l69,998 tons Of ore. of which 3O6 1864
tons were concentrated copper ore,
855,862 tons direct smelling copper
ore, 3,113 tons lead ore and 4,O59 tons
Of zinc ore. The company made 52,-
694,731 pounds of copper from bullion
produced by the company ores and
654,912 pounds from custom ores and
concentrates, total Of SO ,349 SAB
pounds. Silver production amounted
to 1,698,000 ounces, of which ,666,9
ounces came from company ores, and
31,016 ounces from custom ores and
concentrates. The output Of gold was
14.741 ounces, of which 9.646 ounces
came from company ores, and 1850
ounces from custom ores and conccn-
trates.
Ore reserves at the end of the year
were practically the same as reported
for 1917, development of new ore hav-
ing kept pace with the extraction. The
recovery from the company's ores per
dry ton during 1918 was 4S.5 pounds of
copper, 1902 ounces of silver and .OOs
ounces of gold.
w. D. Thornton, president Of the
company, in his report to the stock
holders, says that the properties were
operated continuously throughout the
year, this, with the exception of 1916
being the only year that full opera
tions were continued without serious
interruption since 1912 The price re-
ceived for refined copper sold during
the year, he added, was 24.737 cents
per pound, and the cost, including all
expenditures, was 1902 cents pei
pound.
New-York tribune., 1919-05-26
Philadelphia Bank
Reports Record Year
Big Borrowings by Member In
stitutions Against ''War
PaDer',

PHILADELPHIA, May 25.-The loans
made to member banks in 1918 by the
Federal Reserve Bank of Philadelphia
were $1,986, 6,756,O42, according to the
annual report of the bank, of which II
per cent represented paper secured by
obligations of the government. The
largest amount of borrowing at any
one period occurred in connection with
the issue of the fourth Liberty Loan,
earning assets increasing from $118,-
694,530 on September 28, the opening
of the campaign, to 5000, ,449, TOT, on
December g. Total earnings of the
bank from investments amounted to
$z,23O,955, compared with $987,O57 the
preceding year. The average return
from all classes of investment was
Az per cent, against 3.32 per cent in
1917 and PAP per cent in 1916.
ut is difficult" says Richard l..
Austin, agent and chairman of the
board of the bank, "to estimate the
probable time in which members can
clear up all their war paper at the
Reserve bank. Not very much prog
ress can be made until the govern
ment has completed it's financing If
prior to the next bond issue con-
siderable liquidation in business should
take place, it would release funds for
investment in United States certificates
of Indebtedness and possibly prevent
material increase in the loans of the
bank. On account of the policy pur-
sued by banking institutions, loans
not essential to the prosecution of the
war were very largely curtailed, while
loans for war purposes were very much
expanded, and it is the latter class of
loans in which there is the possibility
of considerable contraction, owing to
the cessation of the war. In the mean
time. it should be the policy of the
Federal bank to use every effort to
bring about as rapidly as possible the
liquidation of war paper and al the
same time do everything it can to en-
courage legitimate business by ex-
tending as far as possible necessary
credit facilities"
New-York tribune., 1919-05-26
HARTMAN NATIONAL BANK
Fifth Avenue & Forty-fourth St.
New York
laaSIHG HOURS FROM 8 A. N. TO sP.M.
SAFE DEPOSIT VAULTS ga. N. TO MlON!eHT
New Coal Company Formed
To Develop Exporf Trad.

Weston Dodson & Co., Inc, of Beth
iehem, Penn, have formed the Dodson
International Coal Corporation, char
Is:sd In Delaware, through which th.y
expect to conduct their export business
IN the future. Officers Of the new corn :
pany ere Alan 6. Dodson, Of Bethle-
nems Chairman Of the board; Sterling J.
Joyner, president; John r. Morrow and
~. y. Coylc, yice-presidents; G. r.
Rsdford, treasurer; H. w. Kessler, sec
retary, and j. II. Dawson, manager.
Messrs. Joyner and Morrow have spe-
c'slized In the export Aeld, especially
in South America.
New-York tribune., 1919-05-26
Comparisons

The market has been advancing ff-
teen weeks without serious reaction.
No unreacting market can compare
with 1T in recent years save the seven
month market Of 1904, lasting from
May to December. At the close of last
week The Tribune's average price of
industrial stocks established new
high record for the year at 1O3, gain
of "a points since the low level of the
year on February 8; this compares with
total gain of 26 points in the 1904
market. Railroad stocks did not touch
the high record of the week before,
and at their close of n were up only
points from February s. In point
of percentage gain, fairer comparison
than mere gain in points, the rise of
lndustrials in the 1904 market was
nearly twice as great as that at pres
ent. We have had forty-tw million
share days this year, thirty-six of
them consecutive
New-York tribune., 1919-05-26
Approaching the Top

the character of the market The
spring rise began earlier than usual
and has continued longer than usual,
which, in itself, is an evidence of
strength. However, prices are now at
high level, industrial stocks having
gone up about twenty-one points the
early part of the year and rails nine
points. Besides this, yields are becom-
ing rather low. Stocks are doubtless
still a purchase on reactions, but as
the market gets closer and closer to
the top one must become increasingly
careful to take profits while they are
in ght-Wrenn Brothers e. Co.
New-York tribune., 1919-05-26
Wealth-Market ts-Inve ents

instalment on the Victory loan was
made mainly in certificates of indebted
ness which happened to mature on the
same day. The great volume of GER
tihcates now outstanding, approxi-
mately equalling in amount the total
of the Victory loan itself, mature in
series every two weeks on June 8,
June II, July 1, July 20. This is
precisely the opposite process from
that going on before the loan, when
the burden of the banks became
heavier every fortnight. These dates
now, unless the government decides
to issue new certificates of indebted
ness on the same dates, should mark
periods of increasing ease in the
money market. Against this may be
set the dates of Liberty loan install
ments: 10 per cent July IS; 20 per
cent August 12; 20 per cent Septem-
Der 8; 20 per cent? October Z, and 20
per cent November II.
New-York tribune., 1919-05-26
The Liberties

The enormous amount of the issues,
and the fact that many buyers took the
bonds from patriotic motives, disposing
of them soon afterward, inevitably
forced the price to a considerable dis
count on the open market. But the
very existence of this discount, and
the certainty that. barring the unfore-
seen, the bonds will gradually advance
in value, make them perhaps the most
attractive investment obtainable for
those who demand unqualified safety of
interest and principal, along with 3
generous income return.-Hcrrick &
Bennett
New-York tribune., 1919-05-26
VAN DYCK ESTATE.

Notice is hereby given that the annus.
meeting Of the Stockholders OF "a "a.
DYCk ESTATE Will be held at the of1v'
of the Company. 331 Madison Avenu.,
Manhattan Borough. New York city %
the 3rd day of June. 1919. at 1915 oc'ocs
a. NJ, for the election of Directo's -, ~,
the ensuing year and ror the transsct.v,ss ,s
of such other business as may prope"
come before said meeting.
WILLIAM j HENDERSON.
Assistant Secretary.
New-York tribune., 1919-05-26
FINANCIAL MEETINGS
ONnERDONk ESTATE.

Notice IS hereby given that the annuIs'
meeting OF the Stockholders OF ONDEns..
DONk ESTATE will be held at the onuo
Of the Company. 33l Madison Avenue,
Manhattan Borough. New York cny or ~
a Nj. for the election of Directors for tns
ensuing year and for the transaction M ..
such other business as may properly conn
before said meeting.
LANES WRIGHT. Secretary.
New-York tribune., 1919-05-26
The Weeks Ahead

The cumulative effect of the Presi-
dents message to Congress. the unms-
taxable evidence of cohesion in both
legislative houses on the most desired
constructive laws, and Judge Gary's re-
view of the steel industry will prob
ably keep the stock market in state
of buoyancy for another week.--E. l..
Wagner & Co.
New-York tribune., 1919-05-26

YER PLANCK ESTATE

Notice is hereby given that the a,.n annnsn,
meeting of the Stockholders Of 'En
FLANCK ESTATE Will be held at the
Office of the Company. 3Sl Madison Ase' Az.
nue.. Manhattan Borough. New York ~,
on the 3rd day of June. 1919, II W.
O'Clock a. NJ. for the election Of piFss.
tors for the ensuing year and for NV nv
transaction OF sucn other business ss nsS
properly come before said meeting.
WILLIAM J. HENDERSON.
Assistant Secretary.
New-York tribune., 1919-05-26

DIVIDEND NOTICES
UNION PACIFIC RAILROAD co,

4 dividend of $3.50 per share on ~, ms
Common Stock Of this company sas ,s~ ,n
"a. eeen declared, payable on o'ra at
T. Nj. on Monday. June .. 1919 -.
Stockholders who have not already 1sss 1.,ss
so are urgently requested IN rle diS'eu.s, -,
mailing orders with the undersigned, hui h'i
whom blank forms may be had upon apps
cation.
FREDERIC V. s. CROSBY. Trsasx
leo Broadway. New York. y. -
May s. 1919.
New-York tribune., 1919-05-26
Branch Bank i'm Burma

The international Banking Corpora
tion has been notified by cable that it's
new branch at Rangoon, Burma. has
been opened for business. This makes
the twenty-fifth branch of the com
pany.
New-York tribune., 1919-05-26
Speeches

1t was not without news that the
movement continued last week. The
PRESIDENTS address was/ favorably in
terpreted and Mr.. Illness attack on
the steel companies was thought by
some folk to be more bullish than
Judge Gary's remarks.
New-York tribune., 1919-05-26
Market Barometers
Stock Exchange Transactions

Stocks
Rail Other All
stocks. stocks. stocks
Last w'k 1,125, 500 6,642,8C0 7.768. zoo
Week bef. 1,642,9oo 6,9eo,5oo~ 8,623, 400
Year ago. 495,7co 4,2c4,70O 4,7eo, 400
January | to date:
1919. 12,7es,5oo e6,327 800 eeoo3,oo
1913. 7,4s5, 100 51,o13,ooo Sc, ,49s. 100
1e17.... 9,143,2o0 69,957 400 7o,10o, 600
Bonds
Week Year
Last week. before. before.
US g.s45,754 600 s42, 70 1 600 s2a, SOS, 600
R'Ids.. 7,813,000 7,317,c0o 2,5oe 900
Oth'rs. 14,312,ooo 21.381 600 3,oe5, 600
All kids 67,s79,ooc 71,43e,0oo 29,3o2, 600
January to date:
1919 1918.
L. S. govment. 1892, $4,000 S323, ,033, GOO
Railroads So. 86,99oCcO 93,494.OOO
Others ....... 288,437CcO 137,335,oco
All bonds. 49,. 1908 900 553,8e2, ,0c0
New-York tribune., 1919-05-26

Future Factors
The payment from the member
banks to the Federal Reserve Banks
last Tuesday of 10 per cent initial
New-York tribune., 1919-05-26
.c,r;t,. ,,.o ..;.

Security. rate, maturity. Bid Ask Yield
Southern Ry IS, 1922. 931s 99as 6i5
st. Paul Tn Dep 5}zs, 1928 80 991. $50
Stude baker Corp IS 1921 1904 1O1 625
Stude baker Corp rs, 1929. 80 903. 40
awinigin w & = 6s, 1919 109 1101a -
Swift & Co Gs, 1921. 1909 10l 5.36
Utah Sec Corp 6s. 1922 80. 81 92 835
W'house Eec Mfg 6s. 1920. 1O01s 1OO3S $50
Wilson & Co, 6s. 1928 99as 99ss 6lO
New-York tribune., 1919-05-26
The Bond Market

bOild transactions Tor the wear to
date have been nearly three times as
great as for the corresponding period
last year. Last week prices of nearly
all private corporation bonds advanced.
though the further gain of the govern
ment issues attracted most attention.
lhls movement reflects mainly the un-
satisfied investment demand which re-
vealed itself in the oversubscription to
the last loan; the growth of an army of
educated investors SURPRISING anythino
PRIOR to the war, and the belief that
heavy government borrowing has prac-
tlcally come to an end
Money
Money rates during the week again
moved contrary to certain surface in
dlcations. Stock market activity, at
the greatest pace for two years,
showed no abatement On Tuesday
the banks were called upon to pay
10 per cent as the initial payment
on the Liberty notes. Yet money did
not become scarce, the banks con-
tinued to lend generously, and call
money, from a ruling rate of per
cent, declined on Friday to per cent.
and closed at 3la, a remarkably low
rate. exceeded two weeks ago by a
rate of 3A, but otherwise the lowest
figure in a year. This surplus of
funds was ascribed by some institu-
tions to considerable stock market
liquidation which took place in the
early part of the week. That liou-
daton, however, was not extensive,
and could not have accounted for the
bank statement at the end of the
week, which showed an increase in sur
plNs of s4,439,76O and decrease in
loans of $133,1O9, 900, the largest de-
crease in loans for any week this
year. The factor which probably deter
mined this was the maturity on Tues.
day of an issue of Treasury certifi,
Gates of Indebtedness. Government
operations still have, and for con.
siderable time will continue to have
the greatest effect on the money mar.
ket of any single factor. They OBJ
scure the effect Of stock market and
commercial borrowing.
New-York tribune., 1919-05-26
Guaranteed Stocks

New York Stock Exchange closing quo
tations May 23:
The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1919-04-10

the government.
Japan is facing a great unelnploy-
ment problem by reason Of the closing
plants.
Because Of riots in Delhi. India.
this week eight people were slain and
twelve others were injured. Quiet has
been restored.
\ Paris dispatch says the $4,000
Polish troops in Northern France will
begin to move by train through Ger
many for Poland on the 18th.
The doctors Of London are organic
ing union with the object. 50 said. Of
;ltfiiliating with the Labor party and
Trade Union Congress Of Great Brit
ain.
Admiral Sims, who returned this
| week from Europe after an absence Of
two years. says that the conveying Of
merchant vessels by warships beat the
German submarine campaign.
Bavaria has become the third So
Wet republic in Europe. The capital
remburg. The Free state of Bava-
ria has declared its independence Of
Germany.
About 2I.OW Americans who joined
| being demohiliZed in London and
| given transportation to the United
| States as fast as ship room can he oh
tained for them.
| a Copenhagen dispatch says rioting
has already begun in Berlin, where a
general strike was called. and all
workers are expected to join in the
revolutionary movement against the
Ebert government.
\ dispatch from Dusseldorf. Ger
many. gives quotations Oh food as
follows: Meat, $1.2O per pound: but
ter. $1.N per pound: eggs. 20 cents
each: flour. ; cents per pound, and
sugar. ~ cents per pound.
Bella Kun. the Hungarian Soviet For.
eign Minister. has issued an invitation
to all HunyarianS in the United States
to return home and enjoy the fruits Of
the revolution. He says they will find
IA SOcialiStic .fatherland."
The Radical Socialists of Berlin he
gan another general strike in Berlil
Monday by Il vote Of 10000 to 1900
The troops in Berlin have been rein
forced in anticipation Of disorders Il
come.
DR. Synkman Rhee. leader Of til,
Korean revolution. has issued state
ment from his Manchurian headIuar
terS promising that once his country /.
free Of Japanese rule its people will re
nounce the worship Of idols and No
rea shall become Il Christian land.
, Germany has agreed that the Polisl
divisions with the Allied armies II
Northern France luay pass through
Germany by rail on their way to Po
land. Two months will he required t
move the divisions on account of til
had condition of the German railroads
Bolivia has placed before the Ver
| s;lilleS Peace Conference a proposition
| for the settlement of the controvers
between Chile and Peru over the prov
/ inces of Tacna and AFRICA which man
E diplomats think may end the dispute
+ Bolivia offers to accept the two prov
t inceS herself. as an outlet to. the sea
D paying Chile and Peru 1OMO.OO
pesos each.
American Army experts at Cobleni
r Germany. in occupied territory, dt
4 clared last week that there is no longe
: any particular number Of men vii
$ shall compose I'll division of the Gel
: man Army. so greatly has the unit .
r army strength been reduced by denOl
) ilization and desertion. The expert
f say that there is now no division i
! the German Army numbering as man
: as 5000 men and many have not MOI
: than 1000 men.
The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1919-04-10
Crimes and Casualties.

Sergt. Earl Chapman. stationed at
Camp Beauregard. was instantly killed
i'm Alexandria Oh the night Of the lst
by negro who ran over him. breaking
his neck and fracturing his skull. The
negro was fleeing from another negro.
who was crying. Stop. niger. ana
gimme MY money back. They had
been engaged in crap game, 1t ap-
pears.
one day last week two white men
entered the local hank in BaStrop
while the cashier and bOokkeeper were
mt dinner. One of them asked II. r.
Kenson. the assistant cashier, Tor
change. and as the cashier looked up
from the drawer into which he had
dropped the bill offered to be changed
he found himself covered by slN-
shooter. The front door Of the bank
was then closed and the official was
made to open the vault. Ten or twelve
thousand dollars in currency was
taken from the vault and the assist
an. cashier was locked in it. The rob-
hers escaped by the back way, where
they had car waiting. The president
Of the lank has offered $1,000 reward
| for the bodies Of the robbers, dead OF
alive.
The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1919-04-10
Industrial.

Police machine gun crews have
taken over the patrol tugs i'll New
York which escort the coal barges
through the strike districts.
The recent purchase by the British
Government Of oil properties in Mexi-
co has been confirmed in official cir
cles. according to a Washington dis
patch.
The Mississippi Valley Trade ENcur-
sion to Mexico entered that republic ut
Laredo Monday. 1t embraces dele
gates from Louisiana and many other
states in the Mississippi Valley.
No reduction in the prices of me-
dium and better grade clothing" is
the announcement sent out from
Chicago this week. The National As
sociation of Retail Clothiers gave out
the mandate as covering the period OF
1919 prices. Some slight reduction Ill
the price of low-grade (cotton and
Shoddyl goods was indicated.
If fire should break out i'll the
Pine Island field nothing could stol
it, was the declaration of Il. +. Baker
ut Shreveport Tuesday. 1T is i'm
possible to exagerate the fire menace
that to-day threatens every operator
in the Pine Island district" Mr.. Ra
ker continued. Because the Standard
Oil Company and other oil refinin:
and piping companies refuse to handl,
all the output in the field, the surplu.
has accumulated in creek beds ant
earthen tanks. The ground is oil-Soak
cd and should fire get Il start ther'