davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-01-17
New Financing in Prospect
Cnban Sugar and Railroad Re-
funding Discussed

In addition to taking care of s22.-
100000 note obligations Of the Balti-
more & Ohio Railroad, and an issue
OF sb,ooo,oo0 notes of the Hooking Val
ley. both OF which fall iue February
bankers have under consideration a
pan for raising new capital FOR the
s>nna Cane Sugar Corporation. whose
annual report recently issued shove d
sshoating debt of approximately s12.-
100000. 1t was reported yesterday that
tie new issue will not only provids
enough money to wipe out the current
liabilities, but that a substantial
amount will also be raised for new
working capital.
The Baltimore e. Ohio, in all proba-
biuty. will receive financial assistance
from the War Finance Corporation in
meeting its February maturity. When
the notes fell due four months ago the
railroad administration advanced the
funds 20 the holders who refused to
extend.
Bhnkcrs we're in conference yester-
dsyi over the Hooking Valley r,aturity,
spG an announcement is expected
shortly Of plan for renewing the new
notes. Other February fnaturitiey in
cIpds z7,600,D00 extended 9 per cent
ngtes Of the Argentine Railway and
%1,000s000 Canadian Northern first land
grant 4 per cent bonds.
New-York tribune., 1919-01-17

"The Iron Age" is authority for
the statement that American billets
have been quoted for export at $50
per ton freight alongside, while the
British established export price is
about $65. American steel bars
have been offered at $3.50, which
is about $40 a ton lower than the
British product. Though reduc-
tions on ocean freight have re-
Gently been made on American
ships which has somewhat lessened
the handicap on shipments to the
Far East, charges for New York
are roughly three to three and a
half times those for Liverpool. This
situation cannot persist for long.
1t means that unless British prices
are very materially lowered Amer
ica will get the trade. Yet the re-
ports are that the British iron in
dustry is now unusually prosperous
and going ahead at full speed.
New-York tribune., 1919-01-17
British Noteholders
Convert to Bonds
Less Than slO0,OOO,OOO of Big
Issue Will Have To Be
Paid

Over $50,000,O00 of the $3.50 600 600
United Kingdom of Great Britain cnd
Ireland 512 per cent notes, maturing
on February l next, have been con-
verted into twenty-year SIX per cent
bonds of Great Britain, according to
an announcement made yesterday at
the offices of J. ?. Morgan & Co. Fur
ther conversions are expected to be
made, so that the amount of notes that
VIII have to be paid off in cash on the
hrst OF next month will be considerable
under S10O,000,000 The British goy-
ernment has waived the right to re-
qulre ten days notice of intention to
convert, so that holders can convert
rlght up to the date of the maturitv
Approximately $4,000, 900 of. the notes
have been retired by the sale of the
eollateral G. behind them. On December
"A there had been less than $4,000. 900
converted into the long term issue Bv
January 3 this had increased to STA,
100000. Since then $4,000, 900 have
been turned in for conversion. Tho
bonds into which the notes are heinz
converted are the only long tern, ohss
legations of the British goyernmen+
which are dealt in in this market anart
from the Anglo-French 5s.
New-York tribune., 1919-01-17
Prohibition Will
Not Close Plants
Of Distillers Co.
Forms Concern to Handle
Export Business and Will
Devote Machinery to Max
ing of Industrial Alcohol

Although sufficient number of
states have now acted favorably on the
national prohibition amendment, the
Distilers Securities Corporation, which
represents 40 per cent of the distilling
interests of the country, announced
that it intends to continue in business.
When the company has disposed of it's
stock of whiskey now in bond it will
turn its attention to the manufacture
of industrial alcohol and chemicals.
The Transoceanc Commercial Cor
poration, recently organized under the
laws of New York State with capital
of 81 100000, according to an announce
ment yesterday, will take charge of the
export of whiskeys, spirits, alcohol and
other products and by-products Of the
distillers company "some of which are
already being produced and others in
contemplation; and also to do general
exporting and importing business Of all
kinds"
Norman R. Sterne is the president of
the new exporting subsidiary. The
board of directors, in addition to Mr..
Sterne, includes Henry H. Wehrhane,
Theodore F. Reynolds, Alvin w. Krech
and Julius Kessler, four of whom are
directors of the Distillers Securities
Corporation.
Officials of the Distillers Corporation
explained yesteday that the exporta,
tion of distilled liquors would continue
only so long as it did not contravene
the Federal laws. After that an effort
will be made to continue the foreign
end of the business by concentrating
attention on the expectation of indus
trial alcohol. 1t is believed that an
important field for this product will
be opened in Norway and Sweden,
where alcohol has been used extensive
~ for motor and fuel purposes. The
export corporation has already begun
operations at 27 William Street.
AS result of the organization of
this company the Distillers Corporation
hopes tc facilitate the sale of its whis-
KY in bond. The total stocks of dis
rlled liquors now in the country's
warehouses amount to more than 1OO,-
cOO,O0 gallons, of which perhaps rs
per cent represents distilled beverages.
lhese are spirits on which the Federal
taxes have not yet been paid, so the
total would be added to greatly by in
cluding unused liquors in the hands of
retailers and consumers
The company's distilleries are now
WORKING night and day to fill the de-
nand that has been created not only
by the probability of national prohibi
ton but because of the high tax, $6.4O
a gallon, that will have to be paid on
whlskey when the present revenue bill
becomes law.
New-York tribune., 1919-01-17
w all Street Items

The National Foreign Trade Council
trade convention at the Congress
Hotel, Chicago, April "a, 25 and 26. The
formal call will be issued shortly by
James A. Farrell, president of the
United States Steel Corporation The
convention in April will deal with for
eign trade as a factor in stabilizing
American industry
William Crate and H. A. Mathews
have been elected assistant cashiers of
the Irving National Bank.
II. B. Fonda, formerly assistant
cashier of the National Bank of Com
merce, and M. S. Billmire, cashier Of
the Citizens National Bank of Balti-
more, have been elected assistant CASH
iers of the Hartman National Bank.
from the United States Navy and will
take charge of the trading department
of H. F. Mcconnell g. Co.
Splitter, Rorick & Co., 120 Broadway,
are offering 100000 City of Ports
mouth, Virginia, Waterworks 55hs
payable in New York City, at a mice to
yield 4.85 per cent.
William H. Strawn was added to the
directorate of the Chatham and Phoenix
National Bank.
Bonbright & Co. have organized
classes IN investment salesmanship for
women in connection with the firms
plan of establishing an uptown invest
ment office to be managed exclusively
BY women, and as part of programme
for broadening the participation. of
women in the securities Investment
business.
New-York tribune., 1919-01-17
The Dollar i'm Foreign Exchange

Exchange on Paris displayed an
easier tone in the local market yester-
day. Increased offerings were attrib-
uted to selling of francs in anticipa-
tion of the maturing of the French
loan on April I, payable in francs. 1t
was reported that large sales of cables
had been made in anticipation of this
maturity at 5.461a. Another factor in
the market for French exchange was
the action of the French High Commis-
sion in reducing freight rates from New
York to French ports.
Other exchanges were quiet and
changes were small.
Closing rates yesterday, compared
with a week ago, follow:
Quoted dollars to the pound)
New-York tribune., 1919-01-17
Cotton Trades
Approve Govt Plan
OF Selling g Surplus
Confidence Impaired by AS
surance Overs11pply of
Materials Will Not Be
Sold in the Open Market

An announcement by the War De-
partment that it would dispose of it's
vast surplus holdings of cotton tex
tiles only in ways that would prove
least disturbing to the industry has had
tonic effect on the trade, and, accord
ing to observers of the industry. men
in the business are now laying their
plans for future months, unplagued by
the fear that the government might
dump its great stock into the open
market.
S. F. Dribben, chairman of the spe-
cial advisory committee of the trade,
yesterday made public letter setting
forth the full policy of the government
from l.. H. Hartman, chief of the sur
plus property division of the War De-
partment.
at is the policy of this DIVISION" Mr..
Hartman's communication points out,
Sin the disposition of such surplus
stocks as textiles and other items, to
place the same on sale for domestic
distribution only after all other chan
nels of disposition have been ex
hausted.
Further, the policy of this division
is to protect the industries, general
trade and labor conditions involved
therein by preferring foreign outlets,
including the various relief organiza-
tions now operating throughout the
world, and in addition to such distribu-
tion this division occupies the position
of preferred seller to the various gov
ernment departments, such as the navy,
the Marine Corps, Postofice Depart
ment, Shipbuilding Bureau and other
departments allied with the govern
ment, whereby the materials and sup
plies Of all kinds are to be filled from
the surplus stocks in preference to
seeking supplies in the open market.
The main idea of this division is so to
handle this surplus as to cause the
least possible disturbance to the indus
tries Of the country in general.
"Such surplus stocks as it is found
advisable to sell within the United
States it is the thought and the intent
to make such sales only after con-
ference with the industry which would
be most affected by disposition in such
manner"
At present, it was ascertained, the
government is making survey of the
extent of its surplus in cotton textiles,
most of which is held in warehouses
scattered throughout the country.
Moreover, a study is being made of the
needs of other government departments
to learn what the offset to the. great
surplus will be. Meantime large quan-
titles Of goods are being shipped out of
the country for relief work and other
uses in foreign countries.
Inquiry among factors in the cotton
textile industry revealed the fact that it
feels the attitude of the government is
excellent. A leader of the industry
expressed his own reaction in this way:
"Mr. Hartman's letter shows that we
are to have complete cooperation from
the government. The statement of pol
icy is having a widespread comforting
effect on the industry and is destroy
ing the tendency to hesitate in making
future commitments. The market has
taken on new life and is brimming with
confidence"
New-York tribune., 1919-01-17
New York

Stock Exchange Seat Lower-Alfred
Goldman sold his seat on the Stock Ex-
change yesterday for S6s, 5000, a decline
of $1,000 from the last previous sale.
Charles c. Harrigan, jr., John L. Tut
hill, c. Clothier Jones, Cornelius A.
Simonson and Edward L. Worthington
have been elected members of the ex-
change.
New-York tribune., 1919-01-17

ward buying of drygoods is compare
lively light. The commercial paper
market reflects the increasing ease Of
money in that considerable discounting
OF bills is being done on 5 per cent
basis, the lowest rate in a year or
more. Three months ago the average
rate was 6 per cent The fact is that
the banks are finding funds piling up
and are beginning to bid competitively
for commercial paper.
New-York tribune., 1919-01-17


Testimony taken at the inquiries
into the cost of producing cotton in
the South shows that in Georgia the
average /of wages has risen from
about SIS per month to S25. Such
q wage scale seems amazing. But
this wage, which is expected to
maintain an average family, in
cludes a shanty, garden patch, a
COW and bit of wood lot. 1t is not
starvation wage. Nevertheless,
when it is compared with the aver
age cash income of the steel workers,
for example, of $1,000 last year, the
contrast seems wide.
New-York tribune., 1919-01-17
Other Cities
Approval of Security Issue r

Approval of Security Issue Revoked
TRENTON, N. j., Jan. 16.-The Pub
lie Utility Commission announced to-
day that it had revoked approval given
by it to the Pennsylvania & New Jer..
sey Railroad Company for a proposed
Issue of, its first mortgage gold bonds
to the amount of $4,000. The sp-
provai was given on March IL, 1915,
and on October 8, 1917, approval vas
also given for further ISSUE Of $780,
900. The commission states in its ~.
nouncement that none of these bonds
has so far been issued and that thsfe
now appears. to be no market for the
bonds.
New-York tribune., 1919-01-17
Silver to India

So far this month shipments Of sii-
yer from the Philadelphia Mint to In
dia have amounted to $16,9oO.o0 A
shipment of s3,3oo,0OO has been made
this week. The New York Assay Office
is also shipping silver to India on
government account. This is bar silver
obtained from melting down silver
dollars.
New-York tribune., 1919-01-17
Relevant Comment
DistilIers Hold Well

From market point of view the pros
pect of national prohibition apparently
has been discounted by Distillers stock.
If there were many who were anxious
to sell in yesterdays session as a re-
suit of the announcement that suf-
fcient number of states had approved
the amendment to the Federal Consti-
tuition to make it law there were
others who stood ready to take their
offerings. This was evidenced by the
fact that the closing price was 81,
which was only fve-eighths of point
under Thursdays last sale.
New-York tribune., 1919-01-17
A Drygoods Barometer

Brokers in commercial paper call at
tention 20 the small volume of borrow
ing by drygoods concerns as a sign of
the times. Very little "drygoods"
paper is being offered for discount for
the reason that these houses are bor
rowing on very small scale until they
can see what is going to happen to
prices Of goods. In other words, for
New-York tribune., 1919-01-17
U. S. Tests 1900 Seeds

Nearly 1900 samples of seed wero
received for test last year at tha saed
testing laboratory of the United Ststes
Department of Agriculture in wash
lngtonn, and 11,349 samples at the f;vo
branch laboratories maintained IN Nv ~
operation with State Institutions " ~
New-York tribune., 1919-01-17

1t is an item of news that Profess
sor Felix Frankfurter is coming to
New York in an endeavor to effect
a settlement in the threatened
clothing strike.
New-York tribune., 1919-01-17
News Digest
Foreign

Paris Bourse, - PARIS, Jan. 10
Trading was active on the Bourse to-
day. Three per cent rentes. 62 francs
SO centimes for cash; exchange on
London, % francs SO centimes; 5 per
cert loan. 80 francs.
New-York tribune., 1919-01-17
u. S. Realty Displays Strength

Prospects of an improvement in the
building and general real estate stu
alton were again reflected yesterday in
the action of United States Realty and
Improvement stock. On turnover of
500 shares the price mounted to 27h,
with the last sale at 26h, UP 21h
points
New-York tribune., 1919-01-17
Abbott OF to China

John j. Abbott, ice-president of the
Continental and Commercial Trust
Company of Chicago, on leaving that
city yesterday for China, as the repre-
sentative of the American group of
bankers, was quoted as follows:
My Investigations will be anticipa-
tory. In the near future the United
States undoubtedly will be doing q
large import and export business with
China, and the banks of this country
Will have to finance these transactions
1t is. for the purpose of evolving the
best means of doing this, when the
time comes, that the American banking
group decided on a personal investiga-
China will request loan, but it is
probable that she will, in view of her
present financial condition"
New-York tribune., 1919-01-17

One journal in the iron trade be-
lieves that present conditions pre-
sage boom.
New-York tribune., 1919-01-17
Confidence Regarding Russian Bonds

Confidence Regarding Russian Bonds
The belief is growing in investment
circles that the issue of $5O,0OO,O00
imperial Russian government 61a per
cent bonds that mature next June will
be provided for IN some way despite
the chaotic conditions now prevailing
in Russia. One banker is quoted as
saying: ut is hardly conceivable that
the Allies, as we'll as the United States
government. would let these bonds go
TO default in view of the enormous
holdings of Russian securities in the
Allies countries. in comparison with
which the outstanding amount of 61a
per cent bonds, namely. S5o,oO0,OO0, is
very SMALL"
New-York tribune., 1919-01-17

There was tip for the tipsters
in the action Of the Steel Corpora
ton in setting the subscription price
of stock to their employees this year
at about two points above the mark
ct rate, instead of two points below,
as has been the custom heretofore.
The lists are open until February
%, month later than usual.
New-York tribune., 1919-01-17

London Money Market. - LONDON,
Jan. 16.--Money was firm at per cent.
Discount rates were: Short and three
months bills, 2 1882 per cent. Gold
premiums at Lisbon were at Ct.
New-York tribune., 1919-01-17

Discount Rates.-The following liable
gives the current rates Of the twelve
Federal Reserve banks on commercial
paper for all periods up to ninety days:
New-York tribune., 1919-01-17

in more active market for bank ac-
ceptances. particularly bills eligible for
rediscount at the Federal Reserve Bank
Thirty Sixty Ninety
Spot de- days. days. davs.
livery: Fer cent.Per cent.Per cent.
Eligible
member
banks ...4h@4 4h@4h 4h@4IA
E gible
nOnmem-
Der banks.4l4 @4Ls 4as@4A 4ss@4h
Ineligible
bank bills.5H@5 5H@5 sh@5
For delivery within 80 days:
Per cent.
Eligible member banks. .4ls
Eligible non-member banks. ..... .41s
Ineligible bank bills.
New-York tribune., 1919-01-17
Money and Credit

Offerings of call money were fairly
liberal at the Stock Exchange yester-
cay. Most Of the business was done
on u basis of Az to per cent, slight
advance over Wednesday.
Easier conditions continued to be re-
fected in the market for fixed date
funds. Rates were lower at 5A to SIX
PER cent, although the demand is still
light, brokers financing most of their
requirements in the call market.
Ruling rates for money yesterday
compared with year ago, we're as
follows:
Yesterday. Yearago.
Per cent. Per cent.
New-York tribune., 1919-01-17

Commercial Paper.--Banks are buy-
ing larger amounts Of commercial
paper. Business was done on an active
scale in the local market yesterday at
5 per cent, the lowest rate in more than
year. Note brokers complain of a
paucity Of dry goods paper in the mar
ket This. they say, is reflection Of
the- general policy of such concerns to
restrict their forward buying of goods
in view OF the uncertainty Of prices.
AS result Of this policy tho dry goods
houses are doing comparatively little
borrowing, although this is normally a
time Of year when they are quite active
III the commercial paper market.
Bank Acccptances.~-The general cas-
ing OF the money position has resulted
New-York tribune., 1919-01-17

Ihe Federal Reserve bank OF NEW
York has put in force the following
schedule of re1scount rates which
apply TO bankers acceptances: Ma
turtles up to Is days, per cent; 16 to
&C days, inclusive, Az per cent; 81 to
80 days, inclusive, Az per cent.
Bank Clearings. -clearings yes
terday were:
Exchanges. Balances
New York e. 1865, ,988,257 $76,982, ,o57
Baltimore .. 14,152,253 5,762,887
Philadelphia. 71,732,o19 1892, 1922
Boston .... 79,78o,921 21,o87 ,643
Silver.-London, 4SIsd, unchanged;
New York, 1o1 &c. uncnanged; Mexican
dollars. 77kc unchanged.
Sub-Treasury. The Sub-Treasury
gained $4,000 from the banks on Tues
day.
Bank Of England.-LONDON, Jan. 16.
The Bank of England yesterday re-
ported an increase in gold holdings Of
$50. The proportion of reserves to
liabilities now stands at 1914 per cent,
compared with 17.12 last week. The
statement, with the changes from last
New-York tribune., 1919-01-17

There is a growing surplus of
funds in the banks. This can only
mean that, after the next Liberty
Loan is out of the way, unless there
is a marked change III the situation.
money will be easy. There is a
steady improvement in the labor
market, from the point of view of
employers. First Of all, they can
get the labor now, and, secondly,
they can pick and choose. There is
still a lack of tonnage for exports,
but the present indications seem to
be that here too the supply will
soon improve. Easy money, efficient
labor, increasing exports, acting
upon nation which has enormous
lv profited by the war and whose ex-
penditures in many lines have been
held sharply in check by govern
ment restrictions and likewise by
high prices and the lack of labor,
could, it would seem, have but one
possible effect. Shrewd judges of
the markets seem generally agreed
that an unusual volume of peace
business will come before the end
of the year.
New-York tribune., 1919-01-17

With London money rates return
ing to their old position, averaging
one-fourth or more below CONNER
cial rates in New York, the promise
that this city was to become the
financial centre of the world does
not loom so large.
New-York tribune., 1919-01-17
Wealth-M ark ts-Inve e stm e is
Finance - Economics

WALL STREET OFFICE: Telephone
MllS Building, IS Broad ST. Hanover
New-York tribune., 1919-01-17
Bank Clearings.,-Bank -clearings yes

New York, 1o1 &c. unchanged; Mexican
dollars. 7711c unchanged.
The commonwealth., 1919-12-23
IRIS. E. Il. LEGGE-T,T ENTERTAINs

Mrs. E. H. Leggett was hostess at a
pveIy party "Wednesday Afternoon,
December the seventeenth, at the
nome Of her mother, Mrs. E. E. Hi
lard, complimentary to the popular
Miss Harris
GraclousIy receiving the guests was
Mrs. Leggett, who invited them to =
table beautiful IN al of its appoint
iaents from which Mrs. S. A Dunn
aud Mrs. Mamie Hoffman served de-
icious hot coffee and sandwiches
The guests We're then invited into
the respective parlors and "friendlv
gossip ran high until Mrs A. Pau,
ing the Christmas spirit expressed in
4 beautiful seal.
It took quite a few minutes for
act person to find their respective
partner and table, after which the in
! tense interest of all was claimed at
! = Progressive Games.' The every
! 'st VI 1ouI1i, ti1d SttllI1liSby Itlu1 ii
Cd IS each and every one enjoyed "a
gain, ''Old Maid,'' Jack Straws, .
''Tiddle-d de Winks,'' etc.
| At the conclusion Of the games, it
Wa, found that several mast cut for
the prize. This, a beautiful narcis-
sus, almost ready to burst into fuE
| ff!nrpr ,>f
Won by Mrs. r. D. House. She, in
turn, presented it to Miss Harris
Mrs. Leggett. then announced that
f. Old Santa had cai led a. her home
and left something for every one pre-
sent. These were found on pretty
I;.ttractive tree, which made all fee
THAI Christmas was req j near
No little excitement followed wher
Mrs Leggett asked each to find hel
present on tire tree. The surprise
.a,ne, when Il had secured THEN
the remaining packages were for her
These were found to contain q show
er ot, handsome liners, bespeahine
only IN y smal way the love and es
TEEN in which she is he d by he1
many friends.
Miss Harris fittingly expressed he1
Iappreciation In Il few well chose1
words.
A delicious sweet course was thel
served by Mrs. Leggett, assisted by
her mother and Mrs. Henry billiard
The home was peauJiIu viii pot
ted plants and the ever fragrant mar
cissus, the pink shades of the light
casting a, mellow glow over al.
About fifty enjoyed the hospital
ity Of Mrs. Leggett.