davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-02-25
Business Driven
From New York
By Cable Delay
London Gets Advantage ON
Transactions Amounting to
Millions Through Quicker
Transmission of Messages

New 1ork's recently acquired pres
tige as a world commercial and hnan-
cial centre rivalling the position of
London is seriously threatened by
poor cable service. Wall Street bank
crs declared yesterday that long de-
lays in the transmission of cables,
due to various reasons, are responsible
for the transferrence of large amounts
of business to London. At the same
time the charge was made that cables
from European neutral countries to
New York via London are being held up
unnecessarily to the disadvantage of
American commercial and financial
houses.
Causes of the unprecedentedly bad
cable service are given by bankers as:
l. Overlooking of transatlantic
cables due to the abnormal pressure
of official government business and
press reports.
2: Too rigid censorship of the
cables.
8. Careless and inefficient handling
of cable messages by the censors.
4. Alleged discrimination in Lon
don against cables sent by American
business houses in active competi-
tion with English firms
Balances Go to London
Large banks in Brazil, in Argentina,
in Chile and other South American
countries which since the outbreak
of the war have been transacting
business in sterling and other Euro
pean exchanges in New York are
transferring the bulk of this business
back to London because cable facili-
ties between London and South
America are far superior to those be-
tween New York and South America.
The foreign exchange manager of
an important local banking insttu-
ton said yesterday that three hour
cable service is maintained between
London and the principal South
American ports, which means that
cable can be sent and reply re-
ceived in that time. Against this New
York has two to three day service.
Tests Show Delay
Tests have been made by American
firms which indicate that cables sent
by them to their representatives in
neutral countries or the other way
oIOuiu dle Helu up LOT long perlOUS
of time in London. For example. a
cable filed for London at Copenhagen
by the representa- of local firm
took twentyfour hours for its trans
mission and the return of the reply
But cable filed at the same time for
New York via London required ten
days for it's transmission and the re-
turn of the reply. This test was actu-
ally made. The American interests
who had this experience were unable
to obtain definite information as to
where the delay actually occurred in
the transfer of the cable to New York
via London, although it received in
direct intimation that the message was
held up in London.
fortnight ago an American group
of banks undertook negotiations with
group of Belgian banks for the ex-
tension of a $15,0O0,O0O acceptance
credit to Belgian interests The ar
rangements were successfully made,
bVt the final cable confirming the
transaction and concluding it was de-
layed nearly ten days.
Millions of dollars worth of bust
ness is being transferred from New
York to the London market as a re-
suit of the poor cable service between
here and South America.
New-York tribune., 1919-02-25
Butte and Superior Profits
Show HEAVY Declin,

Total income for the quarter ended
December 81 of the Butte & Superior
Company aggregated Sl.40l 977, de-
crease of $347,sS1 from the same pc
riod of the year before. Operating
costs, taxes, etc, were $1,3O5 All, leav-
ing profits of $96.506, or equal to SO
cents per share. This compares with
$b6A,0l7, or so cents per share, earned
in the preceding quarter.
For the year ended December 81,
1918, total income was placed at So
o7i,326. After operating costs, taxes.
etc, OF $b,276,004, profits were $685.
322, decrease of $2,025,272.
New-York tribune., 1919-02-25
The Dollar in Foreign Exchange

Strength OF Spanish exchange was
the outstanding feature of dull day
in the foreign exchange market. Pc
setas went to a new high record for
the current movement of 21.1O cents
for cables, compared with closing
rate Of 2o.3o cents on Friday. They
show an advance of approximately one
cent per peseta within a week. The
movement is attributed to a firming up
of pesetas IN the London market
Other exchanges moved sluggishly
Rates on Paris and London were steady
to firm.
Closing rates yesterday, compared
with week ago, follow:
New-York tribune., 1919-02-25
Corporate Returns

keystone Telephone Company sl
port for the year ended December i: !.
last discloses gross earnings of si,VsFs
721. Net after taxes was soos,s..
compared with 7,449 for the ,as ~
vious year. After charges had p'''
taken care of surplus was SSls'oo''
United Gas Improvement Comps.sss;, Z,
Gross earnings for 1918 were 50. - ~, 4,
which compares with S7,654,SOo ioI o.. =.
preceding year. Other income asss
gated S2,0s9, 500, making total % &.
e67,037. Net income amounted 70 q.
096,509. from which dividends o. az, s.
SS2,3Sf were deducted, leaving
plus for the year of $214.l2o.
Dominion Power and Transmis'iss 4
The company reports gross ~;
year ended December 81. 1918. =" al
204 ,644, against S2.967. .273 for shs
before. Net was $1,i60,177. aiIe,
idends of $53S,99S. surplus ain'''
to $130,27S.
American Power and Lighr.-sw
twelve months ended Decemps,
gross earnings were $l3,61a,Sli, ssau aaa
crease of $2,2S4,652 over the pesssa ssssa
year. Net after taxes was >O'ss'
an increase of sa77,66s.
New-York tribune., 1919-02-25
Vote Against Moving
A. B. A. to Washington

The executive committee Of the trust
company section of the American Bank
crs Association has Unanimously
adopted resolution against the trans
fer of the headquarters If the organ.
zation from New York to Washington.
Among the reasons advanced is the ex-
preston of fear that with the main Of
hces at the capital it might have a
tendency toward naturalization of all
state institutions and the gradual ex-
tlnction of state banks by the subtle
Influence of the national atmosphere
upon the association itself"
New-York tribune., 1919-02-25
RelevantCon
Where Money Is Tight

Bankers in touch with conditions in
all parts of the country say that money
is somewhat tight in the South and on
the Pacific coast, but reasonably easy
elsewhere. The tendency of the South
crn planters TO held their cotton be-
cause prices have been declining since
the signing of the armistice is keep
ing up the borrowings in that section,
and the same result is being attained
in the East, because farmers are
not moving their bean and barley crops
RAPIDLY
New-York tribune., 1919-02-25
Call Money Rises
Along " ith Stock Prices

Call money on the Stock Ex-
change was loaned as high as Z
per cent yesterday for the first
time in nearly two years. For a
number of months this rate was
stabilized by the money pool"
formed by leading New York
banks, at per cent. This pool
was dissolved on January 27.
Only from $1,OOO,OO0 to $2,OOO,-
900 out of a total of perhaps
$15,OOO,0O0 to s1S,OOO,OOO of yes
terday's loans were made at the
7 per cent rate, and this was at
the very end of the days session.
New-York tribune., 1919-02-25
Offer Aluminium Notes

The Guaranty Trust Company an
nounced yesterday that it was asso-
ciatcd in the public Offering of S12,-
100000 serial 6 per cent notes of the
Aluminium Company of America with
the Union Trust Company and the
Mellen National Bank, both of Pitts
hurgh. The notes, which are dated
March l, will mature $4,OOO,OOO an
nually March 1, 1921, to 1928, in
inclusive.
This is the first time in its history
that the aluminium company has en-
tered the open market for funds. &C.
cording to the bankers announcement.
During each Of the last four years the
annual net earnings after taxes and
depreciation have been approximately
$4,000, ,OCO
New-York tribune., 1919-02-25
LIGGETT 8 MYERS TOBACCO COMPANY.

NOTICE OF ANNUAL MEETING
THE ANNUAL MEETING OF the Stock.
holders of LIGGETT & MYERS TOBACCO
COMPANY, for the election Of Directors fo'
the ensuing year and the transaction q
such other business as may properly con:
before the meeting. will be held at ihs
Home Office of the Company. No. 10 ES-
change Place, Jersey City, n. J.. at !
o'clock A NJ. on Monday. March 10th, lsls
No share Of stock can be voted at tnls
meeting which has been transferred within
twenty days preceding the meeting. M
The transfer Looks OF tie company VIII
not be closed
L H. THURSTON. Secretary
st Louis. Mo. February 18Th. 1873:
New-York tribune., 1919-02-25
Money and Credit

Call money was loaned at per cent
yesterday, for the FIRST time in two
years. Only 100000 was put out at
that rate and that at the end of the
day, so the high figure may prove not
to have great significance. The open
ing and renewal rate was 51z per cent,
and per cent was reached after 2
o'clock. Loans on all-industrial col
lateral were made at one-half per cent
higher.
Time money was active and strong
with fair amount Of lending at 5M
per cent on all Industrial collateral for
SIXTY and ninety days. Bankers believe
that the rate may advance to 5N Der
New-York tribune., 1919-02-25
Expect Lower Steel Prices

Leading authorities in the steel trade
at this centre are net disposed to dis
cuss the trend of prices over the next
few months, but reports from other
sources forecast reduction before
April I. Wall Street takes the view
that the stocks of the steel companies
have already discounted any cuts tina.
may be made in the near future. Judg-
ing from the recent action of the cop
per shares, that belief seems to be we'll
founded.
New-York tribune., 1919-02-25
THE UNITED Jewellers. INC.

the annual meeting Of the stockholders
of THE UNITED JEWELLERS. INC. vi.
be held on the 4th day OF March, 1918 =
ZOO O'Clock p. N, a. the Office Of the Co,'
poration. 463 Fifth Avenue. Winfield bun1'
ing Corner 40th Street,. New York, for 70
purpose OF electing a Board Of Directofs
two Inspectors OF Election TO serve at a.
meetings of Stockholders during the ens-.
ing year. receiving and acting upon ~
reports of the officers and for the 1l4ns'
action of such other business as may p's''
erly come before the meeting
FRANK LIE BRON. Secretary
Dated E'ehrnarN 1ala
New-York tribune., 1919-02-25
hcport Sale of Chain of
Candy Stores. Impend;no

Negotiations have about been con-
GUIDED u was reported in Wall Street
Yesterday, Tor the taking over of the
Loft Candy Company and it's chain Of
stores oy the United Cigar Stores Com
pany' IL was stated that the financial
plan calls for the creation Of new
corporation and that Mr. Loft will CON
Ihne ~ an active director In the new
organizatien. The amount nj monev
involved in tns deal is said to be
1900, 800.
New-York tribune., 1919-02-25
United Railway of St. Louis

The income account of the United
Railway Company of st. Louis shows
gross revenue for the year ended De-
cember 81 of $13,639 ,618. After taxes
had been paid, net amounted to So
O23,o75, compared with $3,O71,5O4 for
1917. Other income was $116,697,
bringing the total income to S2.14O57o
Deficit was $400,29 compared with n
surplus for the previous year of S642.-
975.
New-York tribune., 1919-02-25
Alaska Gold Mines

The quarterly report of the Alaska
Gold Mines Company for the final
three months of 1918 shows gross
earnings of 1927 ,542, decrease of
SZ3 ,003. Operating expenses were put
at $297,696, leaving deficit Of $40.
l54. Other income of $s.227 was de-
Quoted from this amount, however,
putting the final deficit at $78,32l.
New-York tribune., 1919-02-25
FINANCIAL MEETINGS.
NOTICE OF ANNUAL MEETING
Or STOCkHOLDERS OF
IX-SPRINGE7EID ID TIRE COMPAN

KELLY Y-SPRINGT7EID TIKE COMPANY
The Annual Meeting Of the Stockholders
OF this Company will be held on the 1l,l
day of March. 1919. at l2 O'Clock noon, at
Place, Jersey city. New Jersey, for the
purpose Of eleeting a Board of Directors.
receiving and acting upon the reports q
the officers, including ra,ifying and ap.
and Executive Committee since the last
Annual Meeting Of Stockholders, set
forth in the Minute Book. which will be
presented to the meeting and be open 10
the inspection OF Stockholders, and for tbs
transaction of such other business as may
properly come before the meeting.
In accordance wi,h the laws of the STATE
of New Jersey. no stock can be voted
which has been transferred on the books
of the Company within twenty days next.
preceding the date of this election.
FREDERICK A. SEAMAN. Secretary
Dated, New York. February q. 1913.
New-York tribune., 1919-02-25

A rising market is it's own adver-
tisement. 1t rises because it has
risen. A time comes when even the
editorial writer's begin to notice it,
They offer explanations. The reader
who doesn't look at the financial
page regularly has his curiosity
aroused. He turns to it and reads
more explanation" The advance
of stock market day by day may
be due to general condition. If it
isn't, the financial writer must find
one. Comment becomes bullish. But
the financial writer every day has
space to fill, and his readers will
cease to read him if every day he
talks of the same thing. Conse-
quently for each days rise must
come each days explanation, and
the explanation cannot be anything
but bullish. The exegetic comment
will concern itself with the days
news. Therefore the news must be
bullish. The opposite is true of a
falling market, and that accounts
for much of the bad news up to a
few weeks ago. People say that a
market rises because of the good
news, when it is often nearer the
truth to say that the news is good
because the market is rising.
New-York tribune., 1919-02-25
p. LoRILLARD COMPANY

7 c OF TudTY ISkII, 4s1'
Notice is hereby given that the Annps
Meeting of the Stockholders OF P. Lorils.;;
Company for the election Of Directors q,
the transaction of such other business
may properly come before the neeias
will be held at the Home once Of " y,
Company Newark Avenue and Sehas
Place, jersey City. \. J. on the lltn 0R
of March. 1919. at IL o'clock }. N.
WM. B. RHETT, Secretal'
NOTICE is HEREBY GIVEN THAT 1ais
annual meeting of the Stockholders o.. 2. J.
II. Bunnell e. Co. for the election OF Us.
other business as shall be legally brousss
before 1t will be held at the Office o. O. ~
Company, 80 Park Place. Borough OF s.... ~.
haitian. County OF New York City anc "a ~.
OF New York. on Tuesday March II, ~
at I 2. NJ.
JOHN J. GHEGAN. Secretary.
New-York tribune., 1919-02-25

The Federal Reserve Bank of New
York has put in force the following
schedule of rediscount rates which
apply to bankers aceptances: Maturi-
ties up to is days, per cent; 16 to
&C days, inclusive, Az per cent; 81 to
so days, inclusive, Az per cent.
New-York tribune., 1919-02-25

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., 1919-02-25

One explanation offered for the
prevailing tightness in call money is
that the banks may fear that as the
Forthcoming government issue will
be in the form of one of fve-year
notes" instead of long-term bonds,
they may have to take a larger block
of it than of rpevious loans. But the
banks themselves do not take this OBJ
lection seriously. rhe short-term of
the notes, and their tax exemption
features should make them even
more salable to the outside public
htan any previous loan. What does
cause the present shortage Of loan
able funds is the fortnightly issues
of Treasury certificates of indebted
ness, running for several months, of
which the banks now hold about S4,-
OOO,000,O00. So great is shortage
of funds on the part of New York
banks that they are reluctant to buy
the commercial poper offered to
them, though commercial borrowing
is at the lowest ebb in years. And
the New York banks are buying
hardly any acceptances. Their sur
plus reserve on Friday night was
down to SIG, $4,000, the lowest since
September /, 1917. The activity in
the stock market is not primarily
responsible for the rise in call money,
but conditions are such that it takes
only small increase in activity to
bring about an increase in rates.
Absorption of money by the stock
markets. not desirable when arrange
ments ae being made to float a gov
eminent loan.
New-York tribune., 1919-02-25

Nominal.
Below is given the current exchange
value Of foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune., 1919-02-25

Current
exchange Intrinsic
value. value.
Pounds, sterling....... $475M $4.8esA
Francs ................ O.18.4 0.19.3
Guilders .............. 0.423a 0.40.2
Lire, checks ........... O.156 0.19.3
Crowns (Denmark) -. 0.25.80 0268
Crowns (Sweden) ..... 0.27g5 O.26,8
The above rates express the cost of
foreign morcy in terms of the Ameri-
can dollar You buy an English pound
sterling, say, at $4.75A The intrinsic
parity is s4.S6ts per pound Thus, you
say either that pounds are at dis
count or that dollars ara Mt premium.
which ia 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., 1919-02-25
Finance Economics

Men complain that the market is
in "specialties." But if consumers
are buying more oil, rubber, tires,
automobiles and tobacco than they
are steel and copper, why shouldn't
traders buy more oil, rubber, tire,
automobile and tobacco stocks than
they do steel and copper stocks?
New-York tribune., 1919-02-25

The rate for call money reached 7
per cent on the Stock Exchange
yesterday Tor the first time since
1917. The amount loaned at that
rate was only $1,O00,OOO or s2,OOO,-
600, whereas the total call loans run
for day from $15,000,O0O to $751;
100000. Further, that rate was
reached only at the very end of the
session, so it's significance remains
to be tested by to-day's figures. But
it at least points warning. During
January there was a persistent agi-
tation on the part Of a few financial
writer's and some traders that the
lid" be removed from the market
The restrictions on borrowing were
oppressive; they were "holding the
market back" The money commit
tee yielded, and on January 27 an
nounced the removal of these re-
strictions; but when it took away
the safeguards 1T did not care to con-
tinue making itself responsible for
stabilizing the rate at per cent, so
the money pool was dissolved. The
restrictions were the premium which
the stock market paid tor it's money
rate insurance. 1t was unwilling to
pay it, so the insurance was with
drawn. The action of the stock mar
ket for the two weeks following the
removal of restrictions revealed the
absurdity Of the previous agitation.
Call money in 1918 would have gone
above 6 per cent many time had it
not been for the timely intervention
Of the money pool. There is now
no money pool.
New-York tribune., 1919-02-25
WeaIth-Mar kets-Inv stm ents

cent If the stock market continues
active.
Yesterday. Year ago.
Per cent. Per cent.
Call money:
New-York tribune., 1919-02-25

Sub-Treasury. - The Sub Treasury
gained s1,l3S,000 from the banks on
Friday.
Silver.-Lcndon, 14s4d unchanged;
New York, 1ol 1sc, unchanged; Mexican
dollars, TIC, unchanged.
New-York tribune., 1919-02-25

Bank Acceptances.-Rates were un-
changed in an unusually dull market
yesterday.
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per centPer cent. Per cent.
Eligible
member
banks -. .4h@4 4I4@4A 4A@4A
Eligible
non-mem-
ber banks 4is@4 4%@414 4ss@4a
Ineligible
bank bills.5A@41a 5I4@4Ia 5I4@4a4
For delivery within thirty days:
Per cent.
Eligible member banks .... 4is
Eligible non-member banks. 80. 4La
Ineligible bank bills, ls,.....
New-York tribune., 1919-02-25

London Money MarSet-LONDON,
Feb. 24.-Closing rate for money was
3 As per cent. Discount rates were
Short and three months bills, 1872
per cent. Gold premium at Lisbon 81.
Gold for South America.-Gold coin
to the amount Of $4,000 vas with
drawn from the local Sub~Treasury
yesterday for shipment to South Amer
CO.
Omaha daily bee., 1919-12-22
Chadron State Normal.

The ply slcal science department received
this week the supplies which were ordered
istry have been making iodoform, chloro-
form and aniline.
A very large crowd attended the vesper
service given by the senior class Sunday
afternoon, when a pleasing program Of
scripture reading, plano and vocal solos
given.
The sophomores were the guests Of the
freshmen-esass last Saturday at . very de-
lightful Christmas party. A feature Of the
evening was the jazz orchestra, unique
organization Of the hosts. which made its
first appearance on that evening.
There will be class IN RECOMMENDATION
next semester wherein students will be pre-
pared to meet in public debate teams from
class in business English have done some
attractive work in advertising this semes-
ter.
Word has come from New York City
automobile as she was leaving the subway
on a snowy day with a group OF friends
:. A musical comedy will DO presented In
the spring by the yound ladies' glee club.
entitled. Behind the Front" 1t presepts
situation during the war period the
action taking place near the front
newly improvised gymnasium downtown
soon after Christmas. Tho number Of young
men and young women who are turning
out for team organizations In basket ball
among the classes. and the excellence OF
the work that will be done by Coach Nc
Candless in preparing the teams for inter-
class and interscholastic contests indicate
that the season for basket ball at Chadron
this year will be as successful as that Of
foot ball has been.
The upper classes Of the rural and gram
mar grades Of the training school ex-
changed gifts at a very pleasant Christmas
party. Miss Frazers room has studied
madonna pictures, enjoyed "ChTiStmas
Pie" and made posters to use In decora-
tions for the holidays. Special attention has
been given In all the grades Of the train
ing school to the season. Miss Peterson's
room entertained their parents with an
attractive program, Miss scovel SGT to
music the best of the Christmas poems
written by Miss Driscoll's pupils. the
song written by little Miss Harriet Gibson.
The class In senior theory observed for
three DAYS the teaching Of business Eng
lish in the tenth grade Of the training
school, During a part Of the extremely
cold weather recently the class In rural
cookery demonstrated the serving Of de-
licious lunch to the pupils OF the rural
training school.
Omaha daily bee., 1919-12-22
An UPROAR|OUS
Time. PLANNED
FOR PERSH|NC
Will Be Given But One Day
to Himself, "Christmas
Day." During Time
Time of Visit.

Lincoln, Dec. 2l.-(Special. THE
capital city of Nebraska is making
extensive PREPARATIONS to receive its
own citizen and soldier, Gen. John ].
Pershing, when he comes to visit his
sisters and son. There will be some
thing doing all the time with the ex-
ception Ct Christmas day, when he
will be permitted to spend the time
with the folks of his own home"
The general will arrive shortly
after 10 Wednesday morning and
will be escorted through the streets
Of the city. He will be met at the
state line by reception committee
and from that time on with the ex-
ception of the time mentioned above,
he will be toasted and honored in
one continuous round of receptions
and private dinners.
The entire state is invited to join
in the reception Friday evening at
the state house which will be held
in representative hall. The recep-
ton will be in charge of Adjutant
General Paul and staff, and Governor
and Mrs. McKelvie will be in the re-
ception line with General Pershing
and his two sisters, Mrs. Butler and
Miss Pershing, together with Mayor
Miller and others,