davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-02-26
Savings Banks
Seek Entrance
To Reserve System
American Bankers Body
Sponsors Bill to Amend
Law and Permit Admis-
sion of 622 Institutions

Steps to amend the Federal Reserve
act to permit the 622 mutual savings
institutions of the country to join the
Federal Reserve system as member
banks have been taken. The Ameri-
can Bankers Association yesterday an
nounced that it stood sponsor for a
Dill framed for this purpose, which
has just been introduced in the SEN
ate by Senator Calder and in the House
by Representative Moon, of Tennessee.
Advocates of the measure feel that
admission TO the Federal Reserve sys
tcn would not only add to the prestige
OF the savings banks among the public.
but would also assist them in making
llquld investments. The temporary
certificates Of indebtedness issued by
the Treasury Department in anticipa-
ton Of the Liberty loans and taxes
are meeting the need of available
funds, but after they are discontinued
1T is expected that the savings banks
viii become larger buyers of short
term bankers acceptances, and pos
slbly OF trade acceptances indorsed by
banks. II admitted to the Federal Re-
serve system, they will have the privi-
lege OF redIscounting eligible paper.
AS the Federal Reserve act now
stands, member banks have to sub
scribe t. stock of the Reserve bank
TO the extent of per cent of their capi-
tai, half at the time of admission and
the remainder if called for. The nu
tual savings banks have no capital, and
the amendment to the law would take
care of this by permitting them to
subscribe to tn extent of per cent
OF their surplus.
In statement issued yesterday the
AMERICAN Bankers Association said
the bill "is the result of the sugges
tions of the savings bank section Of
the association, which has made
very. careful study of the matter that
the bill contains. 1t will undoubtedly
have the full support of the savings
banks of the country, and if passed will
tend to add another bulwark of
strength to the mutual savings insti-
tutons.
There are 622 of this class of banks
IN the United States, with almost S5,-
o0o'o 100000 resources and about $10,-
100000 deposit accounts. There are
mutual savings banks in all the New
England States, in New York, New Jer-
sey, Pennsy lvania, Delaware, Maryland,
West Virginia., Indiana, Wisconsin,
Minnesota, Washington and Cali
fornia."
Up to 20 per cent of the total as
sets Of the savings banks may be kept
in liquid form, it was explained, and
If 10 per cent is put in acceptances it
would amount to $2,0O0,0 100000 and
would be of great assistance in facili
tatlng the commerce of the nation.
The saving banks, it is understood,
are preparing to take larger proper
ClOn1tp Of 10
and feel that membership in the Re-
serve system will help make this in
vestment available for sudden de-
mands.
New-York tribune., 1919-02-26
Finance Economics

Think Of a number of professional
folk who, having sold stocks they cid
not own, were compelled to buy them
back, day after day, for nearly t~o
weeks, at rising prices, until they
had most of the stocks again. Think.
also, Of the folk having held stocks
for that time and having seen their
price rise daily on brokers' boards.
A day must come when these latter
folk who have quotable profits in
stocks prefer to sell the stocks to
see their profits in cash. AS there
are few remaining short sellers who
have to buy the stocks, more fresh
buying must appear to keep profit
taking sales from sending prices
down. These new buyers can be at
tracted to the market only if news
continues to be good. But if you
start the day before by raising call
money to the highest rate in nearly
two years, be it for never so small an
amount; if Mr.. Schwab comes back
and sees no more European demand
for industrial products than he did a
month ago; if you open the call rate
at per cent again; if the price of
copper falls little more; if the In
terborough Rapid Transit directors
pass the dividend, and if a Wall
Street news bureau says the mer-
camille marine deal is off again-and
this time for good, mind you-what
is there to expect but natural and
healthy reaction? Yet, even so, it
was noticed that the lower the mar
ket fell the duller it became, which
was thought significant. And sugar,
tire and automobile stocks continued
to rise blandly.
New-York tribune., 1919-02-26
No Action Taken
On [. r. T. Dividend

~ Directors of the Interborough Rapid
Transit Company yesterday failed to
act on dividends on the $4,000, 900
capital stock: Three months ago a
quarterly dividend of 21s per cent was
declared: Early in 1918 the board re-
duced the annual rate from 20 per
cent to 10 per cent, when the Inter
borough Consolidated Corporation, the
pareht holding company, suspended
dividend payments entirely.
Contrary to recent practice Theodore
+. Shonts, president Of the Inter
borough, failed to issue a statement at
the close of yesterdays meeting. It
vas was SAID by interests associated with
the company, however, that the Anil
1 interest on the Interborough Metro
polltan per cent bonds, which has
heen contingent upon dividends from
the lnterborough Rapid Transit Com
surplus of the Interborough Consoli-
dated Corporation.
New-York tribune., 1919-02-26
Ruling OH Remittances
Reserve Board Allows Payments
to Former German Colonies

For the first time since the United
States officially went to wsr with Ger
many dealers in exchange can make re-
mlttances to German territory. Under
q ruling announced yesterday by the
division Of foreign exchange of the
Federal Reserve Board it is now pos
sible to transfer funds from this coun-
try to persons not enemies or allies of
enemies resident in colonies owned or
controlled by Germany on August l.,
1914.
The text Of the regulation issueI bv
the reserve board follows:
Notice is hereby given that deal.
ers' as defined under the executive or
der of the President of January 26.
1913, until otherwise instructed may
make transfers OF funds to persons not
enemies or allies of enemies resident
IN colonies owned or controlled by
Germany on August l, 1914"
New-York tribune., 1919-02-26
Superior Steel Sales Decline
Company Earned $500 a Share
ON Common Stock in 1913

The annual report of the Superior
Steel Corporation for 1913 shows gross
earnings of sS,961,S62 a decrease OF
S1,S59,332 from the year before Man
ufacturing profits aggregated $2,372,431
or $1,043,647 less than for the preced-
ing year. Gross income was $2,551.343
decrease of s937,319. After charges
etc, net amounted to $1,939,366.
During the year holders of the first
preferred stock shared dividends to the
extent Of s105,000, while second pre-
1erred stockholders received 100000
Balance after Federal taxes, etc. was
equal to $3.50 per share earned on
10000 shares of common stock. which
compares with $9.96 per share earned
in 1917. Common dividends of $S0O.475
were distributed, leaving a surplus for
the year of $31,029. Profit and loss
balance was S501,O34.
New-York tribune., 1919-02-26
Nobody knows what it is to be
really poor. Listen to any Wall
Street man talk of his income tax.

A sudden rise in call money may
be the result of a local accident. 1t
may mean simply that few brokers
on the floor of the exchange wanted
little money, went over to the
corner of the floor to see about it and
found that the bankers representa-
tives had nearly all lent the money
WHICH their bankers had put aside
during that day, and that there was
only little left to go round, which
would put the brokers in the embar-
RAISING position of having to bid
against each other to get it. And be-
sides, the rate is only for a day. But
rates on time money are more sig
nificant. They mean that in order to
get loans brokers are willing to pay
a certain rate for two or three
months. If they thought they could
get money cheaper the next day they
would hold off. Rates on time money
advanced yesterday one-fourth of 1
per cent. Even the rate for COM
mercial paper, which is the money
that business men borrow for periods
as long as four to six months, has
gone up in the last few days one
fourth of l per cent.
New-York tribune., 1919-02-26
CHANGE OF NAME

SUPREME COURT. NEW YORK COUNTY:
REDLER g. RoBBINs, INC. for Sr'sr authority
to change It's name to SUPERLATlVE
PAPER BON CO. INC.
SIR:
NOTICE is hereby given that REDLER
& ROBBINS. INC, domestic corporation
having it's principal business office in the
Borough of Manhattan. City County and
State OF New York, Will apply to the Su-
a Special Term, Part one thereof. TO be
held at the New York County Court House.
in the Borough of Manhattan. City of New
York. on the oath day of March, 1919. at
1915 o'clock in the forenoon, or as soon
thereafter as counsel be heard. for an
order authorizing said corporation 10
change its corporate name to SUPERLA-
TIVE PAPER BOX co. INC.
Dated, New York, February 26th. 1912
REDLER & ROBBINS. INC.
BY JOSEPH REDLER. President.
New-York tribune., 1919-02-26
Loose-Wiles Reports Surplus

For the year ended December 81
1918, the Loose-W Wiles Biscuit Company
reports net income, after providing fol
tax shrinkage in inventory and deduct
ing reserve of s1,oS9,S69 for contin-
gcncies, amounting to $1,o53,222, de-
crease of $469,182 from the previous
year. Dividends paid on the first pre-
ferred stock during this period totalled
$344,050, the same as for the year be-
fore. Surplus of $709,172 was equal to
$35.45 per share earned on the $4,000
900 second preferred stock, against ST.
522, ,404, or s58.91 per share, earned the
preceding year.
New-York tribune., 1919-02-26
French Owned
Securities Are
Shipped Home
Payment of War Loans
Releases Over $IOO,O0O,-
600 of Such Collateral
Bankers Trust Consignor
Enormous Sums in Pledges
by British Treasury Still
in Vaults of Local Banks

The Bankers Trust Company is ship
ping to-day twenty cases Of French
owned securities to the Minister Of
Finance in Paris, consisting of prime
investment bonds and stocks owned by
French investors mohilized bv the
French government in 1916 and 1917
and sent to the United States to be
used as collateral for war borrowings.
This consignment is part of a ship
ment of between $1OO,OO0,O0o and $685.
100000 of such securities that have
been held in the vaults of the trust
company for two years or more.
The securities going back to France
consist of French municipal, Corpora
ton, foreign corporation and foreign
government bonds and other gilt-edged
paper. Altogether several hundred
millions of dollars worth OF these
securities we're borrowed by the
French Treasury in 1916 and the early
part Of 1917, when it became evident
that they were needed for use for COL
lateral purposes for loans obtained in
this country to stabilize the French ex-
change rate before the United States
entered the war.
Loans Paid Off
Loans backed by the securities being
shipped in the current consignment
have matured and been paid off, thus
freeing the collateral and placing the
securities at the disposal of the French
Treasury. Another $100,OOO,0OO will be
released on April 1 with the payment
of the $1O0,oOO,oOO French government
loan which falls due on that date.
The lot of securities going forward to
France by to-day's steamship was
boxed in heavy steelbound wooden
cases. Two trucks were required to
haul these cases out of Wall Street
late yesterday. They Weighed in the
neighborhood of four or five tons and
were addressed to the Minister Of FL
rance, Paris. Insurance for the full
value of the securities was taken out
by the bankers for protection against
the risk Of loss at sea.
DdHhcIS mere we're WICIOuC uellHlLe
knowledge as to the disposition that
the French Treasury will make of the
securities on their arrival in Paris. 1t
was stated that part would probably
be returned to the original owners in
France, while the remainder would
likely be held in the possession of the
Treasury, which at the time they were
mobilized gave the owners French gov
ernment securities in exchange on a
liberal basis.
Bank Vaults Bullying
With the French government begin
ming the rehabilitation Of its secu-
rity holdings here, bankers were much
interested yesterday in what the Brit
ish Treasury will do with the hundreds
Of millions of dollars worth of British
owned securities which were mobilized
under similar circumstances and
shipped to this country. A great part
of the British owned securities sent
here were never pledged and are still
reposing in bank vaults in New York
awaiting the orders of the British
Treasury authorities
New-York tribune., 1919-02-26

to the British company for transmits
sion to Brazil. Although this Brazilian
service will be vastly improved when
our own Offices are established in
Brazil, | might make mention of the
fact that one of the largest American
exportin4; firms has called to our at
tention only recently the fact that a
cablegram sent to it from Rio de
Janeiro, via the British company to
London, thence over the Atlantic
cables to New York, on February s,
was not delivered in New York until
Wednesday, FEBRUARY -, four days in
transmission, but that a cablegram sent
to it from Rio de Janeiro on
February II, via the British cables to
Buenos Ayres, thence via our American
cables to New York, arrived the fol-
lowing morning. This is the usual ex-
perlence, l understand
New-York tribune., 1919-02-26
Baldwin Earnings
For Common Stock
Slunnped i'm 1918
Larger Gross Reported, but
Heavy Charges Reduce
Balance to $2l. 70 a Share,
Against $34.52 in 1917

The Baldwin locomotive Works in
1918 transacted the largest volume Of
business in its history, with gross
sales of s123, 79,252, compared with
$9S,263,S65 in 1917, the previous rec
ord year. The annual report, trans
mitted to stockholders to-day, how
ever, disclosed that because of extraor-
dinary expenditures, war taxes, ce-
probation, amortization and other
charges the amount available for divi-
dends on the $2O,OO0,O00 common stock
amounted to only $4,352, ,295, equiva-
lent to $21.75 a share, contrasted with
S34.52 a share earned in 1917. IN the
following table is shown a compari-
son of the income and outlays Of the
last two years:
New-York tribune., 1919-02-26
Mark kets-Inve estm ents
Repercussions

The farmer has come to be about the
most prosperous and independent man
in the country.-WeUs Fargo Nevada
National Bank of San Francisco.
Transition and readjustment do not
necessarily imply pessimism.-A. A.
Housman C. Co..
Our future prosperity will depend on
whether we can be transformed from
wasteful into a thrift loving people,
William Alexander.
Turning ploughshares into swords in
volyed no greater need of preparation
and facilities than returning those
swords again to ploughshares.-U. S.
Employment Service Bulletin.
New-York tribune., 1919-02-26

Alpa y. Johnson, president, said il
the company's report that contracts
with various departments of the gov
erhment Tor locomotives, gun mounts,
TANKS and othes materials to a value
OF approximately S,400,OOO, were cam
celled after the signing of the armis-
tlce. Business completed for the gov
ernment was valued at $109,515,97O.
This included 1882 locomotives and
II railway mounts for 14-inch guns
ana 10 caterpillar mounts for 7-iach
guns. Other regular work was fin
lshed amounting to $13.663,2S1.
The Eddystone Munitions Company.
controlled by the Baldwin Locomotive
Works, and which was formed in 1917
to manufacture munitions, last wear
completed contracts aggregating $14,-
6o6,479. Contracts have been suspended
subject to adjustment amounting to
S6,lI9,62O. Owing to the ending of the
war the report stated that this COM
pany IS now undergoing liquidation.
me Standard Steel Works, another
subsidiary, had gross sales of s24.912.-
4t7 and net profits of $934,6O0. Bills
payable cf $2,500,0O0 were paid off
during the year. Government contracts
cancelled after the signing Of the ar
mlstlce totalled $2,50O,000. Bills pay
able Of $S.250,0o0, which the Baldwin
company he'd outstanding at the end
OF 1917, the report showed, had been
paid off last year
Owing to the government policy Of
retrenchment regarding purchases of
railroad equipment, Mr. johnson said
IN the report that the foreign market
must be the chief source of orders, but
business from that source will be re-
tarded by political unrest in some
countries, the creation of new govern
ments in others and the DELAY in the
work of reconstruction and develop-
ment.
THE completion of these readiust-
ments will probably at some time in
the future create a large demand for
the products which your plants are
prepared to supply" Mr.. johnson told
stockholders. '.ln view of these con-
dltions the board of directors has
adopted the conservative policy of
strengthening the company's finances.
believing that the interests of the
stockholders were best served bv
placing the company in the stronges st
financial position to meet the uncer-
talntles of the future. For this reason
the board has continued the policy of
emitting dividends on the common
stock"
New-York tribune., 1919-02-26

The above rates express the cost of
foreign money in terms of the Amer-
can dollar. You buy an English pound
sterling, say, at $4.75%. The intrinsic
parity is s4.S65s per pound. Thus, you
say either that pounds are at a 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., 1919-02-26
Divid end s
Increases

Columbia Graphophone Manufacture
ing Company.-The quarterly dividend
has been increased from sits per share
TO SZ.bo, payable April /, to stock
Eoloers OF record March Is. A stock
aIvlaend OF l-20 of share of common
stock for each share of common Owned
was also declared in addition tn rcrnl
lar quarterly dividend of ~ per cent
on preferred stock, both payable April
L to stockholders of record March l5
New-York tribune., 1919-02-26
ANDREW ]. MCCORMACK. Auctioneer.
REGULAR AUCTION SALE
STOCKS AND BONDS,
BY ADRIAN II. MULLER ~ SON
OFFICE. 55 WILLIAM ST,
WEDN q

WEDNESDAY,, FEBRUARY 26, 1919,
at 1890 o'clock. at the
EXCHANGE SALESROOM,
NOS. IA AND 16 VESEY STREET.
For Account of Whom 1t May Concern:
10 shs. Pennsylvania Textile Co. COM
10 shs. Union Mills Inc common.
25 shs. Central Hudson Steamboat Co.
prefd.
40 shs. Knickerbocker Wyoming Oil
Co. prefd
10 shs. Bronx National Bank
shs. Guaranty Trust Co. OF N. Y.
100 shs. j. Spencer Turner Co. prefd.
$1540o United States 31a Go Liberty Loan Of
1917
s1,45o United States 40 I'd Liberty Loan
of 1917.
500 United States 1st Liberty Loan, 40
Converted. of 1917.
$3.50 United States Sd Liberty Loan Of
80 shs. stutz Motor Car Co. of Amer
lea, Inc.
1000 shs Montana & Mexico Mining Co.
$4,000 Pacific Sugar Corpn Interim Re-
ceipts EXchangeable for Def1ntive
LIST Mtge. so Bonds
Letters Patent of the United States No.
1,101,647, dated June 30th, 1914, for
an Improvement in advertising and
display device and of the improve
ment and inventions described
therein.
New-York tribune., 1919-02-26
-------- --
FINANCIAL MEETINGS
TO THE sToCKHloLpERs or OF Ilf FIFTH

TO THE STOCKHOLDERS OF FIFTH
AVENUE NOVELTY SHOE CO.. INC:
PLEASE TAKE NOTICE that Special
Meeting OF the Stockholders Of Fifth Ave,
nue. Novelty Shoe Co, 1nc.,.is hereby called
at No. 120 Broadway, in the Borough OF
Manhattan, City. County and State of New
York, on the 11th day of March, lsls. at
9:45 o'clock in the forenoon, for the pur-
pose of passing upon a proposed resolution
to change the name OF the corporation 10
Grant Shoe Company. Inc.
WILL II. ZUMWINKEL,
President
JOHN B. GRAY.
New-York tribune., 1919-02-26
CHICAGO AND NORTH WESTERN
RAlI.W COMPANY

III Broadway. New York, Feb. %, 1912
For the purposes Of the annual meetlns'
which Will be held at the Companys onaee'
In Chicago Illinois, Tuesday. April - ,.
1919. at 11:0o o'clock u. m, the stock
transfer books will he closed on FRIDAY.
March I. 1919. at the close of business on
that day. and reopencd on Wednesaas'
April .. 1919.
JOHN ID. CALDWELL. Secretary.
New-York tribune., 1919-02-26
The Dollar in Foreign Exchange

A falling off in the inquiry for
Spanish exchange yesterday resulted
in an easing off in peseta rates in the
local foreign exchange market. Pc
seta cables closed at Il cents, COM
pared with 21A cents on Monday.
Other exchanges were quiet and
steady.
Closing rates yesterday, compared
with a week ago, follow:
(Quoted dollars to the pound.)
New-York tribune., 1919-02-26
ACKNOWLEDGEMENTS -EssANAy.

NOTICE OF SPECIAL MEETING OF
STOCKHOLDERS
special meeting of the stockholders OF
the Nitagraph Luhin Selig Essanay'
Inc, will be held at the Offices Of the Com.
pany, No. 1900 Broadway. Borough OF
Manhattan. New York. \. Y. on the ,tn
day of March, 1919. at 800 o'clock p D..
for the purpose OF voting upon resolution
TO change the name OF the Corporation
from .VlTAGRAPH-LUBIN -SELIG- ESSA-
NAY. INC" to "NITAGRAPH. INC.
Dated. New York. February eth, 1919
ALBERT +. SMITH, President.
RONALD a. KEADER. Sacretary.
New-York tribune., 1919-02-26
American Telephone & Telegraph Co
Convertible Four Per Cent Gold Bonds

ConvertibIe Four Per Cent Cod Bonds
Coupons from these bonds payable by
their terms on March /, 1919. at the Office
or agency of the Company IN New York or
in Boston will be paid in New York by the
Bankers Trust Company, l6 Wall Street.
G. D. MILNE. Treasurer.
New-York tribune., 1919-02-26
CHICAGO. SAINT PAUL. MINNEAPOLIS
MD OMAHA KAll-MAN CCMPAN1.

Ill broadway. New York. .Feb. Is. tsls.
For the purposes Of the annual reet,hk'
which will be held at the coinpanys oiaeS; oi
IN Hudson. WISCONSIN. on "Wednesday, Aplu
,. 1879. at 900 O'Clock X. n,.. the ss"VN
| transfer books viii be closed on Friday.
March Z, 1919. at the close of business on i
that day. and rcopened ON Thursday. Apt'a
10. 1919.
New-York tribune., 1919-02-26

NOTICE is HEREBY GIVEN THAT THE
Annual Meeting Of the Stockholders Oh
The American Tobacco Company, and On
election for Directors thereof. VIII be he.a
at the office of the Company. at No.
Montgomery Street, Jersey city. \. j. a.
eleven o'clock in the forenoon OF Wednes-
day, March 12th. 1919.
The Preferred and Common Stock trans
fer books were closed at o'clock +. NJ;
February 18th. 1919. and win be reopeneu
at 10 o clock \. M. March 18th. 1919.
CHARLES T. NElLEY Secretary
New-York tribune., 1919-02-26

schedule Of rediscount rates which
apply to bankers aceptanccs: Maturi-
ties up to Is days, 4 per cent; 16 to
0c days, Inclusive, AZ per cent; 61 to
90 days, inclusive, Az per cent.
New-York tribune., 1919-02-26
COUPONS
American Telephone G. Telegraph Co.
Convertible Four and One-Half Per Cent
Gold Bonds

Coupons from these bonds payable by
their terms on March 1. 1919, at the Office
or agency of the Company in New York
in Boston will be paid in New York by the
Bankers Trust Company, 16 Wall Street.
G. D. MILNE. Treasurer.
New-York tribune., 1919-02-26
Money and Credit

Call money opened and was re-
newed at 6 Per cent yesterday for the
first time in many weeks. This rate
has been reached number of times
in recent days, but renewals have
not been made as high as that. The
closing, in contrast to Monday, was
easier, at 51z per cent for mixed COL
lateral and per cent for all indus
trial.
The rise in call money has found
reflection in the market for fixed
funds. Time money rates have ad-
vanced n to II per cent, and yester-
day money was offered at 5A and 6
per cent, with loans made at 5A per
cent for thirty, sixty and ninety day
periods, and at per cent for longer
accommodations on all-industrial COL
lateral.
Yesterday. Year ago
Per cent. Per cent,
New-York tribune., 1919-02-26

Bank of Germany.-BERLIN, (via
London), Feb. 25.-The statement of
the Imperial Bank of Germany issued
February Is, shows the following
Chanpes (in inarkc).
New-York tribune., 1919-02-26

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., 1919-02-26

Sub-Treasury. - The Sub-Treasury
lest Sl.5S3,0O0 to the banks on Monday.
Silver.-London, 47Md unchanged; !;
New York, 101 1sc, unchanged; Mexican
dollars, 77Ac. unchanged.