davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-02-11
Denmark and Italy
Ask Large Credits
From n. Y. Bankers
Acceptance Loans Sought to
Finance Purchases Here
Reported That Belgian
Advance Cost Z Per Cent

Commercial interests in Denmark
and Italy are seeking credits in this
market, it was learned yesterday. Ger
tain of the large Wall Street banking
houses have already been sounded and
1T IS expected that negotiations will
be opened shortly.
Inc success of Belgian group in OBJ
tanning a $50,000,000 acceptance credit
from American banks seems to have
opened the way to large amount of
private foreign financing of this
character.
Inc Danish interests are particularly
eager, it is stated, to obtain an ac
ceptance credit of S10,OO0,OOO to s15.
0O0,O0O, similar to that which has lust
peen extended to Belgian interests. The
proceeds would be spent in this coun
try. Italy has also put out feelers for
about the same amount.
Both Italy and Denmark are de-
slrous of obtaining such credits. it is
said on the best of authority. to pro-
vide funds for the purchase of much
needed raw materials in the United
States.
Details of the $4,000, 900 credit to
Belgium are now being settled and
the cost of the money to the Belgian
interests obtaining the advance will
De IN the neigh borhood of Z per cent
it is said.
Reports that French interests NAV
seek commercial credits here are de-
MED. Bankers said that the French
are much more favoraby situated than
the other European countries. owing
10 the large amounts of money that
have been expended there bv the
Allled eXpedltIOnary forces.
New-York tribune., 1919-02-11
Prize for Economic ESSAYS

The National Industrial Conference
Board, Of boston, viii award prize Of
81 900 for the best essay written by
any outsider before July i, 1919, on.
industrial economics. Among the sub
jccts which may be treated are the
following: A practicable plan for rep
resentation Of workers in determin-
ing conditions Of work and fos pre-
vention Of industrial disputes, the
major causes Of unemployment and
Row 70 minimize them, how efficiency
of workers can be 50 increased az TO
make high wage rates economically
praeticabIer how present gystcms Of
wage payments can be 10 perfected
and aupplemsnted az 70 be most con.
6aciye 10 individual efficiency and 10
the contentnent Of workers, and the
closed shoD versus the open shop.
New-York tribune., 1919-02-11

FINANCIAL MEETINGS
sOUTHWEsTERN UTILITIES CORPORA


NOTICE is HEREBY GIVEN that a sy'.
cial Meeting of the stock holders OF ,ss
SOUTH HWESTERN L ,ILlriES CORfohAss. ~.
T1ON will be held a Il he office OF TINS @ co
poration at No. 19 West 44th Street: i.', ~
York City. N. Y. on the 18th day OF rev
ruary. 1919. at 10 O'Clock IN the forenoo.
for the purpose of voting on a proposnss.
10 increase the capital stock Of the cesk,
ration from 1000 shares without par 49, sr
TO $4,000 shares, to consist Of the exls'ms ~,
l2,00C shares of common stock without ~
value and 900 shares Of preferred s ssos-
Of the par value of 500 each. by sutnola.
ing the issue OF $1,000. 600 Sc cuHlula'''
non-voting preferred stock. II
The holders OF the preferred stock snss ias
be entitled to receive. and the corpol s.us s.,,s
snail be bound 10 pay. fixed cumula",s IA
dividend "A the rate Of Sc per annuin,; -.
be paid quarterly on the LIST days OF ~ r..
ruary. May, August ana November oslsis
any dividend shall be @et aside or p,
upon the common stock. and snaii =. ~,
earnings Of the company The prefer
stock may be retired on any DIVIDEND vi VA
at the option OF the company, al llVso A-~
accrued dividends
The corporation will SCI aside from ,sss ss
plus net earnings on December lst, ssJM m
and each calendar year thereafter, siV'sS
for the retirement OF preferred stoch - sr
after dividends averaging So per snais sn.,sor s
annum have bee paid upon the co'"n'sr 70 'rsr
stock. such further amounts as II ~ "
deem proper The preferred stock sna" ~
retired pro rata In such manner as 'D
Board OF Directors may prcscrlne :, Asi
The holders Of the preferred stock snls XIX
not be entitled To vote at any meeting lsa, iii
for the election Of directors. except Dssi5 ,ass
SEC OF dividends thereon shall oe I nhfs,. 10.
and In default one year. or II defauss deflss,,ss -,
been made in the retirement OF prelss' sor
stock. and such default has continued l.sI II
six months. then the preferred stocs sase ';e
have exclusive voting power unth 'i'
fault Is cured II
The preferred stock shah be prefefr'ss, n
to assets and dividends. and on disso's,,s,
of the company shall he entitled TO PIE
erence in the assets TO the extent o. sd snd
per share and all unpaid dividenoss. oss.,.sas
shall not share in the further dlstr'osr.,,ss 'sr,s
OF the assets OF the company. rae ~ ~ lis
ration shall not create any lien ups a
property or issue any bonds or nv. .', shs
more than one years duration witnnV9a,ans
consent of three quarters OF the ou''
Ing preferred and common stock. ,a,h
Dated. New York. n. Y, February
1919.
ARTHUR S. KIMBERLtf
yice-PrcsldesN
GEORGE c. BEACH,
New-York tribune., 1919-02-11

Bolivia Creates Gold
Fund i'm New York
Deposit of $1,000, 900 at Local
Reserve Bank - Financial
Representative Coming

Under an arrangement made through
the Federal Reserve Board the Repub-
lie of Bolivia has established deposit
of $4,000 900 in gold at the Federal
Reserve Bank of New York against
which the National Bank of Bolivia,
the state institution, is issuing cur
rency. If trade relations between the
United States and Bolivia warrant it
1T is said that this amount may be in
creased.
Bolivia is sending financial repre-
sentative to the United States in the
person of Senor j. Zamora, according to
Washington advices received in Wall
Street yesterday. Bankers said they
had not been informed of the purpose
of Senor Zamora's visit, although it is
supposed to have to do with the pres
ent financial arrangement in effect be-
tween the two countries.
The gold on deposit at the local re-
serve institution represents funds
which have accumulated in New York
to the credit of Bolivian merchants
who have sold merchandise here. These
have been paid into the bank and de-
posted to the credit of the Bolivian
government, which has in turn reim-
burscd the Bolivian merchants by
means of the new currency issued in
that country based on the local gold
reserve.
Bankers pointed out yesterday that
the arrangement was similar to trans
actions made by the Federal Reserve
authorities with Argentina and Peru.
by having the funds accommodating here
TO the credit of these South American
countries deposited in the local reserve
bank the need of making an actual
physical transfer Of the gold is obvi-
ated
This method Of settling the adverse
trade balance running against the Unit
ed States in its commercial exchange
with South America was evolved as a
war measure at time when this coun-
try made every effort to prevent the
outflow Of gold. 1t has been recently
proposed that the plan be elaborated
for use in peace time and international
financial experts have proposed cen
trail gold pool arrangement for the
western hemis sphere.
New-York tribune., 1919-02-11
Argentine GOVERNMENT
5% Internal Gold Loan 1909

AMessrs. J. p. Morgan & Co. hereby give
notice that they are prepared to receive
Tenders for the amortization. on or before
March 81 1919. of S313.1OO Argentine gold
pesos. say E62. 620 nominal of the above
loan
Tenders for sale of Bonds with coupon
due LIST september, 1919 at a price to be
stated in the Tender. must be lodged not
later than 3 o'clock p. NJ on 1fth Febru-
Ery, 1919. with Messrs. J. 2. Morgan & Co.
23 Wall Street. New York
Tenders will be received also In Paris by
the Banque de Paris ct des PAYS Bas. in
London by Messrs. Barring Brothers G. Co.
Ltd. and in Buenos Ayres by the Credito
Publico Nacional.
Each bond has a par value of 1913 L. S
Cold Dollars, and Tenders must be made at
a nat price under par expressed in dollars
per bond
Tenders must be made on a form obtain
able on application. and must be securely
enclosed in an envelope marked Tender OF
Argentine Government ) Per Cent Internal
Gold Loans 1909 Bonds for redemption
The Tenders will be opened In London on
February 18th, 1919. and the result will be
notified as soon possible thereafter.
Fl. NJ. Treasury certificates representing
Bonds of tho above Loan deposited with
the Treasury will be accepted In London
In lieu of the actual Bonds. and in consid-
ering Tenders, Bonds and Treasury certifi-
Gates Will be given equal treatment.
Forms of Tender may be obtained on ap
plicauon 10 Messrs. j. p Morgan & Co. %
Wall Street. New York. who reserves the
right to reject all any Tenders.
Dated, New York, February Sth, 1919.
New-York tribune., 1919-02-11
New York Central
To Get 'Sl7,OO0,OOO
For New Equipment
Rail Administration Said to
Have Accepted Terms of
. Banking Syndicate; Read.
ing Certificates Bought

Plans Of the railroad administration
for financing equipment expenditures
of the New York Central system, it
was learned yesterday, will not only
involve the issuance of $4,000 900 euuip-
ment trust certificates of the New York
Central proper, but also $4,000, 900
equipment trusts of the Michigar,
Central and about $1,O0O,OOO equipment
trusts of the big Four" making a
total of $17,0OO,OO0.
The entire amount will go to syndi-
cate headed by Halsey. Stuart e. CO
and the Continental and Commercial
Trust and Savings Bank, both Of Chi
cago, If present plans materialize. 1t
is understood that John SHELTON Will
lams as the financial head of the rail
road administration has recently been
IN consultation with representatives of
TINS group and informed them that
tnelr terms were satisfactory. New
York bankers also bid for the certifi-
Gates, but the conditions under which
they were willing to float them were
not accepted.
Sale of the certificates, it was stated
yesterday, will not be attempted until
the recent Southern Railway note offer
ing aadled by the same Chicago bank
."6 sioup MS oeen cloSeu. Inat nnanc-
ing involved the fotation of $25 ,0OO, 900
three-year per cent notes. Although
the War Finance Corporation agreed
to underwrite half the notes, practically
the whole amount was underwritten by
the banking syndicate.
Drexel & Co.. of Philadelphia. an
nounced Yesterday that they had pur-
chased $7,200,OOO Reading Company
equipment trust Az per cent certif.
Gates. They are being offered on S y
per cent basis, with the maturities
running from July l, 1919, to January
|, 1927. These certificates are part Of
an issue Of $9,000,000 of which 81 800
600 matured January l last They are
secured by equipment contracted for
during the latter part of 1916 and the
early part of 1917 at n cost of approxi-
mately $l2,051 1872.
New-York tribune., 1919-02-11
Money and Credit

Day day loans on the Stock Ex-
change were made yesterday at rate
of per cent for mixed industrial and
railroad collateral for the first time
since the money pool was dissolved.
Loans secured solely by industrial col
lateral loaned u per cent higher. That
was not the ruling rate, however. About
$4,000, 900 was loaned at Az per cent
early in the day. At the per cent
rate, reached at in the afternoon,
about s5,ooo,0oo was loaned, and about
the same amount was loaned at per
cent at the close Of the day. One rea-
son suggested was that the banks were
heavy borrowers at the Reserve bank
and did not want to lend their funds
80 freely.
There WAS little change in the market
for time money. The demand is still
light, with borrowers bidding 6 per
cent for mixed money and 5A per cent
for all-ndustrial accommodations.
Yesterday. Year ago.
Percent. Per cent
Czt1 yprun1.
New-York tribune., 1919-02-11
British-American Tobacco
Reports Surplus of $5,l5O.OOO

Net profits of the British American
Tobacco Company for the year ended
September 80, 1918, were 43,140,l74,
against 93, ,lO5,002 for the year before.
The preferred dividends paid by the
company during the year amounted to
s22b,000, the same amount paid the
preceding year. Ordinary dividends
totalled S1,038,879, leaving surplus
OF 81 ,O38,879. Previous surplus was
i2,526,70O, making n total surplus of
93,665,5 ,57e, which compares with 42,7S3,-
92S for the previous year. The est-
mated profit duty to September 10.
1917, was put at 956O,O00, leaving a
profit and loss surplus to date of
f3.005.57a.
New-York tribune., 1919-02-11
Detroit United Earns $500
A Share on Capital Stock

The annual report of the Detroit
United Railway Company for the year
ended December 81, 1918, dscloses
gross earnings amounting to $l9,O14,-
01S. which compares with $17,427 $40
for the preceding year, Operating ex-
penses were put at $14,758,339, or
81 498,548 more than for the year be-
fore. Other income aggregated $440,-
735, bringing the total income to $4,-
705,414. against $d,579,s86 for the pre-
vious year. Reserve set aside for in
terest and taxes totailed $2,610 $50.
Depreciation, etc, was $3.50 900, de
crease Of 100000 After dividends of
u 200, ,o0o.- surplus for the year was
$14d,58d.
New-York tribune., 1919-02-11

The above rates express the cost of
foreign money in terms of the Amer
lean dollar. You buy an English pound
sterling, say, at 475A. The intrinsic
parity is $4.86hs 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., 1919-02-11
Ship Bushels of Dollars
Large Quantity of Silver To
Be Melted

WASHINGTON, Feb. 1o.-More than
1925 bushels of silver dollars were
shipped to-day from the Treasury
vaults to the Philadelphia mint to be
melted into bullion for export trade to
India.
The daily Treasury financial state
ment which deals Familiarity with bill
ions and only incidentally with details
like millions, announced in cryptic ac-
counting terms merely that current
assets in silver dollars had fallen
81 ,11S,O0O since yesterday. This was
one of the shipments which have taken
$205 100000 from the vaults in recent
months to be melted down and ex-
ported to the Allies.
New-York tribune., 1919-02-11
Cerro de Pasco Copper
Omits Extra Dividend

Directors of the Cerro de Pasco
Copper Corporation yesterday omitted
the quarterly extra dividend of %
cents share which has been paid
since December. 1917 Only the regu-
lar quarterly dividend of 81 share
was declared, payable March l to stock
holders Nof record February 10.
Yesterdays session of the board was
called special meeting No official
statement was issued regarding the
~"~a"u Gov thA "ut in thA dividend rata
New-York tribune., 1919-02-11
Other Cities

Wants Farm Producing Costs In
NEUTRALITY-SUSPICIOUS., Feb. To-
JOINT resolution calling upon the
Secretary Of Agriculture to make an
nuai Investigations and reports rela-
tive 70 the cost Of producing livestock,
wheat, corn, cotton and other staple
iarm and food products was introduced
IN the Senate to-day by Senator Gore,
o. Oklahoma. The resolution, which
would appropriate sl50,o00 for the in
Fesugation, was referred to the Agri-
cultural Committee
New-York tribune., 1919-02-11
FINANCIAL MEETINGS

THE ANNUAL MEETING OF THE
stockholders of The New York Edison
Company for the election OF Trustees for
the ensuing year and for the transa ction OF
such other business may properly come
before the meeting Win be held at the
onlce OF the Company. Irving Place and
tliteenth Street. New York city. Tuesday
February I, 1919. at II o'clock noon.
IEWIS Il I,AMrRX SecrnfarY
New-York tribune., 1919-02-11
Finance Economics
FINANCIAL BUREAU:
Tribune Building,
154 Nassau Street

A curious situation arose on the
stock market yesterday. The de-
crease in the Steel Corporation S
untitled tonnage figures was greater
than generally expected, and the
stock advanced point. The expla-
nation is not difficult A remarkably
large number of professional trad
ers had sold the common stock
short IN the last few weeks, fgur-
ing that actual holders would be-
come discouraged when they saw
the figures and sell the stock, and
the short sellers would then buy back
at a lower price than that at which
they had sold. But the actual holders
expected bad news, and most of the
selling they intended to do had al
ready been done. The short sellers
found themselves with a consider
able amount of stock they were
compelled to buy.
New-York tribune., 1919-02-11

1t had been frequent comment
in the last few weeks that when the
steel tonnage statement appeared
the last piece of bad news would be
known and the market would be
prepared to go ahead.
The untitled order figures are
valueless if unaccompanied by a
consideration of the rate of ship
ments. If these are high decrease
in untitled tonnage means much less
than if shipments are low. And,
whatever may have happened in
other steel concerns, the big cor
portation has been running close to
90 per cent of capacity during
January. Reports of twenty-nine
companies to the American Iron and
Steel Institute show that steel in
got production in January was
3,082,000 tons, an increase over
December, an increase over January
a year ago and larger than for any
month since the record of 3,352,000
tons in October.
In Wall Street the man who
tries to buy at the lowest point and
sell at the highest usually gets left.
1t is the same way in business. l
believe in business prudence, but
right now | think the most prudent
thing a business man can do is to
go ahead. Thomas A. Edison.
The Federal Reserve Board "is
ready, if authorized to do so, to un-
dertake negotiations looking to the
establishment of an international
gold exchange fund" This is the
declaration of faith in the boards
report for 1918. 1t speaks of the
suggestion as if it were something
new, and says it got the idea from
the economies effected by the inter
nal gold settlement fund in this
country. George B. Cortelyou, Sec
retary Of the Treasury under Roose-
welt, had the idea back in 1908, and
it was several generations old then
His proposal was for "an interna-
tional gold certificate, which would
represent for all practical purposes
tie transfer of gold coin or bullion
without the necessity Of transfer
ring the metal itself"
The suggestion has material ad
vantages. 1t would save ocear
freight charges and insurance, la
Dor, risks of shipwreck or capture
loss from abrasion. And the trans
portation back and forth of actua
physical gold perhaps several times
a year has very crude look il
these days of that immaterial thing
called credit. 1t persists in the
eyes of economists as relic O.
mediavalism. The machinery fo
obviating international gold ship
ments, be it certificates, a central
lied gold fund held by one natiol
or fund held in separate nation
and earmarked, presents no grav
difficulties. The difficulty in tn
t past has resided simply in the alb
sence of international confidance
New-York tribune., 1919-02-11
Anticipate
the New Revenue Law
90
&lS

HE taxes which your business must paw
on the 1913 turnover have been materi.
ally changed by the Law shortly to be enacted,
We can help you simplify the work which
will have to be done to meet the requirements
of the law. Taxpayers will be particularly
interested in the rules governing inuen.
tories, losses, amortization and INFESTED CAPITAL
You can begin Immediately to compile the
data requisite for your return if you are in
formed as to the most important changes
that have been made.
Ii is particularly important for firms and
corporations to be able to compute their
1918 tax at once in order that they NAV
make out their balance sheets as of the
close of their last fiscal year. The 1918
tax will be payable over the entire year
and in most cases will constitute verv
important item in the balance sheet.
We have issued pamphlet designed
to help business houses in the prepara-
ton of data for their returns. We shall
be lad to give you copy.
This applies only to income from business
Please specify the Tax Circular No. AK-2O4
The National City Company
National City Bank Building, New York
Uptown Office: Fifth Avenue & 43rd Street
Correspondent Offices in more than 30 Cities
BONDS SHORT TERM NorEs ACcEpTANcEs
New-York tribune., 1919-02-11
The Dollar in Foreign Exchange

Exchange rates moved narrowly in
thel ocal market Yesterday Neutral
exchanges continued to display firm
ness.
Closing rates yesterday, compared
with week ago, follow:
New-York tribune., 1919-02-11

but it was attributed to the 'ses1est
uncertainty surrounding the ou'"J a,
for all copper companies ana Wv
ais~ 40 aaasArs~ ~sNh,"
New-York tribune., 1919-02-11
Canal 0nens March I

Lanai Opens March /. BORDEN
TOWN, n. j., FEB. i0.~-Thc Delaware
snd karitan Canal will be opened to
navigation at 7 a. m. on Saturday,
March ], provided weather conditions
Dernit
New-York tribune., 1919-02-11

The Federal Reserve Bark OF New
York has put in force the following
schedule Of rediscount rates which
apply to bankers acceptances: Maturi-
ties up to Is days, per cent; 16 to
60 days, inclusive, AZ per cent; 81 to
90 days, inclusive, 4 per cent
Bank Clearings.-B clearings yes
terday we're:
Exchanges. Balances.
New York .....$418,949.422 S64,523,7O4
Boston ..... 33,326, 1856 8,O77 ,619
Philadelphia -. 54,628,792 12,337 928
Sub-Treasury. - The Sub Treasury
lost 1851 900 to the banks on Thursday.
Silver. - London, 4Si6sd, unchanged,
New York, 1o1 &c, unchanged; Mexican
dollars, 771zc, unchanged.
Bank Acceptances.-Ratc were steady
in a fairly active market yesterday.
Thirty Sixty Ninety
Spot de- days days. days.
livery: Fer cent.Per cent.Per cent.
Z igib b e
member
banks .41s@4 4A@4a 4s@4A
Eligible
nOn-mem
ber banks.4a@4 4A@44 4as@4}s
Ineligible
bank bills.5A@4Ha 5Ia@4I2 514@4a4
For delivery within thirty days:
Per cent.
Eligible member banks. ....... 4l7s
Eligible non-member banks. 80. 4Na
Ineligible bank bills. 6
London Money Market. - LONDON,
Feb. Closing-Money, 31s per cent.
Discount rates Short and three
months bills, 317-32 per cent. Gold
premiums at Lisbon, $500.
German Bank ent.-BERLIN,
via London, February 1O.-The state
ment of the Imperial Bank Of Ger
many, issued January 81, shows the
following changes, in marks:
New-York tribune., 1919-02-11
telephones
Beekman 5000
Beekman 8243

Federal Reserve banks on commercial
paper for all periods up to ninety days.
New-York tribune., 1919-02-11
News Digest
New York

Sues for Si5O.0OO. Charles Baker,
bond salesman, has instituted suit
for s450,000 against Henry l.. Doherty
and Frank w. Frueauff, members of
the firm of H. L. Doherty & Co. bank
crs and brokers, of Manhattan. He says
that amount is due MIN as his share
in handling securities for the City Ser
vice Company.
Baker alleged that prior to Decem-
Der. 1915, the defendants represented
20 him that the City Service Company
needed large sums of additional money
o meet obligations and requested him
TO get a banking firm to handle the
bonds of the company. Through Gift
ford, Hobbs & Beard, banking lawyers,
Baker says he induced the firm of Mont
eomery, Clothier & Tyler to handle
the bonds. He claims that $40, 900
wortsi of the bonds were sold. The
money for which he is suing, he has
cstimated, is the amount he was to re-
celve at l per cent on the sales, to-
gether with interest.
New-York tribune., 1919-02-11

Below is given the current exchange
value of foreign money in dollars and
cents, together with the intriqsc gold
parity, as calculated by the United
States Mint:
New-York tribune., 1919-02-11
Negotiations for Spokane Utilit,


NEGOTIATIONS Tor Spokane Utility
Completed. - Announcement is made
rom Spokane, Wash. that the Wash
ington Water Power Company has con-
cluded negotiations with the creditors
and security holders of the Spokane
Heat, Light and Power Company for
the purchase of the plant, distribution
system and franchise of the latter com
pany, it was learned here yesterday
The consideration for the purchase is
understood to be a small cash payment
and the acceptance by the mortgage
noteholders of an issue of 81, 400, 900
twcntyyear unsecured debentures of
the Washington Water Power Company
bearing interest at the rate of 3 per
cent for the next six years, per cent
for the next seven years and per cent
Tor the remaining seven years.
New-York tribune., 1919-02-11

=, OF
Rate. Period. Payable. record
New-York tribune., 1919-02-11
Dividends
Regular Declarations

Stock
holders