davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-02-15
Defend War Finance Corp.
Meyer Says Foreign Credits
Here Are Essential

WASHINGTON. Feb. 14.-Treasury
officials before the House Ways and
Means Committee to-day explained WHY
they believed continuation of the War
Finance Corporation with power to
make loans to foreign countries was
necessary for the promotion of Amer
ica's export trade.
Establishment of foreign credits in
this country were declared by Eugene
Meyer. head of the corporation. and AS
sistant Secretary Leffngwell to be es-
sential for sale of American goods. be-
cause the Allies were unable to paw
cash.
In reply to questions regarding i'm
port restrictions imposed by England
France and Italy, Mr. Meyer said he
believed that these were due to adverse
exchange conditions and lack of credits
tor purchases abroad rather than an
intention to discriminate against goods
from other countries.
Hearings were concluded to-day by
the committee, which will meet again
Monday to begin final consideration of
the proposed legislation, including the
proposed increased authorization for
Liberty bond issues and broad author
lty TOR the Treasury Department in de-
termlnlng the terms and interest rate
of the next loan to be f1oated in Anril
New-York tribune., 1919-02-15
Underwood Typewriter
Profits Larger in 1918

Net earnings of the Underwood
Typewriter Company, Inc, for the fis-
cal year ended December 81 last were
S4,o2O,437, against S3,162,226 for the
year before Dividends on preferred
stock of the company, held in special
capital reserve account, totalled S16
$40 A reserve of S111,231 was put
aside for interest, compared with $685.
1913 for the preceding year. Federal
income and excess profits war tax re-
serve aggregated S1,250 600. A change
may be made in the taxes as soon as
the Federal tax law starts operation.
Preferred dividends were $273.000 and
common dividends totalled $973,50O,
leaving q surplus of $1,157,346
During 1913 the company's profit
sharing plan distributed to the en-
ployes of two years. standing or over
S376S37 President John T. Underwood
states in his report that conditions arc
very satisfactory as to factory
labor. and with the removal Of re
strictions surrounding the export
trade of the War Trade Board the
company has for the first time in sew
eral years been enabled to make full
shipments to all parts of the world
He also stated that at the present time
over half of the employees of the COM
pany are stockholders.
New-York tribune., 1919-02-15
Banks Asked
To Join War
On Fake Stock
Head of Stock Exchange
Seeks Also to Enlist the
Aid of Business Leaders
Meeting Next Monday
Call for Permanent Organ
ization to Protect the
Bondholders Is Issued

New York's leaders in finance and
lively in the campaign launched by
the Stock Exchange against the ac-
tivities of the predatory promoters" :"
whose main purpose is to separate
gullible holders of Liberty bonds from
their possessions by Offering them in
return worthless securities.
For the purpose of cffcctng q per
manent organization to protect Liberty
bond investors from the dangers lurk-
ing in these offers H. G. S. Noble,
president of the Stock Exchange. has
sent a letter to bankers and those
prominent i'll industry asking them to
assemble in the Chamber of Commerce
at II o'clock next Monday to devise a
rlan to combat the promotion" evil
until laws have been enacted having
that end in view. In his letter Mr..
Noble says:
"No Defensive Barrier"
call your attention to the fact that
there is practically no defensive bar
rier between the predatory promoter
and the multitude of new Liberty bond
investors, to present to your mind the
national peril of the situation.
Evidences accumulate that the
knavish promoter has thrown away his
lists for new ones made up of some
20000,O00 small Liberty bondholders,
practically all Of whom are financially
ignorant and fall easy victims. Federal
ii, Il. -i-l, 4 !.
but the danger will not accommodate
ingly hold off until competent law
is found and enacted. Other and i'm
mediate measures are called for and
must be instituted and continued as
necessary adjunct to eventual legis-
lation.
"Mr. Hamlin. chairman of the Capt.
tai Issues Committee, than whom no
enc is more familiar with the threat
cneded raid, is heartily in favor of a
national publicity campaign to expose
and earmark the wild cat promoter. He
shares our opinion that union of rep
campaign will 90 far toward checking
this evil.
Menace to Public Welfare
"If some such action is not taken we
shall see an investment situation of
greatest promise changed to grave
menace to private and public welfare.
In view Of the foregoing will you not
either personally or by representation
meet with the leaders of prominence in
their respective lines at the New York
Chamber of Commerce at II o'clock
on Monday the II to consider the ad-
visibility of organization ?"
The Stock Exchange authorities for
mally launched their campairn against t
the operations Of unscrupulous 'pro-
moters" soon after the first of the
year by calling upon firms that are
members of the exchange to include
in their public advertisements warn
ings against stock swinding enter
rriscs. The banks have taken up the
work by posting notices in their offices
requesting holders of Liberty bonds to
consult with them before disposing of
their holdings to persons who offer
them securities which they say will
yield bigger returns
New-York tribune., 1919-02-15

1t passes current as a profound
bit of comment in Wall Street that
"The liquidation has been COM
pleted.' The phrase is time-hon-
ored, but it will not stand up under
analysis. If one is speaking of
liquidation by an individual, an
estate, or even by foreign coun-
try, on our markets there is a time
when one can say that that par
ticular liquidation has been COM
pletod, for when the individual
or the estate or the foreign coun-
try has sold all his or it's holdings
he or it has nothing more to sell,
and there's an end to it. But in
no other sense is liquidation ever
complete" for no matter who
sells the stocks they pass to some
body else, and the somebody else
may want to sell also.
New-York tribune., 1919-02-15
May Ship Wheat for
Export to New York

Grain from country points, with the
exception of wheat and wheat -four,
may be shipped to New York for ex-
port, providing tonnage is waiting to
receive it, under ruling by ]. A. Mar
tin, assistant manager of inland traffic
of the United States food administra-
ton.
Notification to this effect has been
received by Secretary L. B. Howe Of
the New York Produce Exchange, the
notice reading: at will be in order
for you to accept applications covering
the movement Of grain from country
points to New York for export bearing
the notation For sale to the Grain Cor
poration' or on which steamship COM
mitment is shown"
The ruling was brought about largely
by the fact that there are 100000
bushels of oats in the elevators here,
and it will thus prevent congestion.
At the Offices of the Grain Corporation
it was explained that wheat and wheat
flour are barred
New-York tribune., 1919-02-15
Dollar Ships to
Move From Pacific
Coast to New York
Can Carry Freight to Orient
by Way of Panama Canal
Cheaper Than by Present
Rail and Water Route

High transcontinental freight rates
are responsible for the decision of
Captain Robert Dollar, head of the
Dollar Steamship Line, to transfer his
fleet of vessels from the Pacific Coast
to New York. AS the result New York
will get an additional tonnage of about
25,000 deadweight.
The vessels will continue in the
trade with Japan and China, operating
out of New York via the Panama
Canal. While officials of the steam
ship line at the local offices, IT Bat
terry Place, would not make any an
nounccment as to the plans of the
company, they said that it had been
found necessary to make the change
because the freight rates for ship
mcnts across the continent are tco
high.
The exact number of vessels in
volved in the change was not revealed,
but it is thought that at least four or
five vessels will be brought here. The
date when the change will be made was
also Withheld, but it was ntimated by
officials of the company that probably
1T VIII be about six months before the
action is taken. 1t was pointed out
that it Will take this long at least be-
fore existing contracts have been
cleared up so that the ships can be re-
leased and then be sent to New York.
AS an instance of the high freight
rates, which have operated against the
continuation OF the service OF the COM
pany from Pacific Coast ports, and
which thus have favored New York. it
was explained that goods can be sent
by freight from as far west as Omaha
to Atlantic Coast ports at cheaper
rate than they can be carried to the
Pacific Coast
Concrete examples of freight rates
from the Pittsburgh district to New
York on steel products are pointed to
IN this connection At present the rate
from the Pittsburgh district to the Pa
clfic Coast ports for this class of prod
uct is 50 cents hundred pounds, or SIT
a short ton. Added to this charge be-
tore the articles reach the port of en-
Try IN the Orient is an ocean freight
rate of Sl2 for a short ton. This makes
the total charge for the shipment $29.
On the other hand, the rate from the
Pittsburgh district to New York is 27
cents hundred pounds, or S5.4O q
short ton. The ocean charge on a ship
golhg through the Panama Canal is
S22.4o, making the total charge $3.50
1T VIII be seen, therefore, that there
ls saving of $1.2O on each ton of
goods shipped to New York and thence
by ship to the Orient, instead of send
lng the goods across the country and
then loading at some Pacific Coast
port.
1T was also pointed out that CAPTAIN
dollars decision to shift his ships was
brought about to a certain extent bv
the cancellation by the railroad adj
mlnlstration of import and export tar
ifs ''A
New-York tribune., 1919-02-15
Transfer of Funds
To Czechs Permitted
Reserve Board Allows Resump-
ton of Exchanges With Bo.
hemia, Moravia and Finland

Financial recognition of the Czecho-
Slovak National Council has been
granted by the Federal Reserve Board
which announced yesterday through
the Federal Reserve Bank of New
York that dealers in foreign exchange
arc now permitted to make transfers
of funds to persons not enemies or
allies of enemies resident in the prov
inccs of Bohemia and Moravia, as ex-
listing on August 1, 1914, which are at
present under control of the council.
At the same time dealers are per-
mitted to make remittances to Finland.
Similar regulations have been prom
ulgated by the Division of Foreign Ex-
change of the Federal Reserve Board
permitting the transfer of funds to
persons not enemies resident in Bel
gium, Alsacc lorraine, Palestine. Syria,
Mcsopotamia, Rumania, Serbia and
the territory included in the line set
clause of the armistice protocol of No
vomber 9, 1918, which covered those
parts Of Austria now under Italian
control.
In order to check the speculation in
Russian ruble currency, that is, the
paper money issued by the different
Russian governments during and since
the revolution, Fred l. Kent. in charge
Of the Foreign Exchange Division of
the Federal Reserve Board, has issued
an order forbidding the purchase Of
rube currency abroad. The previous
order had prohibited the eXportation
or importation of notes but had placed
no ban on their purchase in foreign
countries if not brought into the
United States The order just issued
says: "Until otherwise instructed, ex-
portation and importation of Russian
rnbles or transfer of funds for their
purchase by persons and dealers IN
the United States, as described under
executive order of the present Of Janu-
ary, 26, 1918, is prohibited.
For the past two or three years
there has been considerable specula-
ton in the Russian currency by indi-
viduals who believe that the paper
money issued by the various regimes
in Russia may be redeemed at face
value Recently such money has been
quoted in this market on a basis of
around 16 cents per ruble, against a
normal exchange value for TIE ruble
of 51.2 cents.
New-York tribune., 1919-02-15
Observation-Disclosures ents
Woolworth Sales Up
$4,000, 900 in 1918
Five and Ten Cent Stores Earn
$500 a Share on Common

The annual report of the F. w.
Woolworth Company issued yesterday
shows the record net sales of S107,
179,411, or S9,076,553 more than for
the preceding year. After operating
expenses had been taken care of net
income was placed at S7,088,716, a de-
crease of S2,163, ,6333. During the year
1917 no deductions were made for war
taxes, thereby causing a combined de-
duction of S1,232 ,2O9 to be made. The
stockholders of the preferred stock
shared SS75,o00 in dividends. while
common dividends of $4,000, 900 were
circulated among the ordinary stock
holders. Balance before comon divi-
dends were deducted aggregated
S4,9S1,517 or the equivalent to 1896
per share earned on $50,00000O COM
mon stock. Surplus available for
common stock was SS,359,S4 in 1917,
or equal to S16.72 share earned.
Surplus amounted Ia $9S1.507, added to
previous surplus of 19,6Os ,492, ac-
counted for the final surplus of $20,-
589999.
Real estate and buildings owned by
the company are valued at S3,25S, $50,
compared with S2737,3 ,3S1 for the year
before. The company's stock at hand
amounts to S18.431,S13. Total assets
to date are $S8557,6 GOT.
New-York tribune., 1919-02-15
Production of
Silver in l.. S.
Falling e Rapidly
Curtailment of industrial
Metal Operations Chiefly
Responsible for Decrease;
Price Falling in China

Production Of silver in the United
States is rapidly falling as a result Of
the policy of curtailment of outpu.
adopted by the leading American pso.
ducers of copper, lead and zinc. Silver
IS largely a by-product Of the cope,
and lead mines, a local dealer in the
metal said yesterday, and already the
letting down OF operations at the mine.
is affecting the available supply Of III.
metal. The Anaconda Copper Mining
Company, which when operating its
mines at maximum capacity. produces
between 100000 and 100000
ounces of silver as a by product, has
cut down operations to around so Nt
cent of normal capacity.
Silver prices have had a sharp drOp
in China in recent months. having
fallen from a high price of S12l an
ounce to $10l z, the current London
quotations. The opinion was expressed
yesterday that this decline was due
in part TO the fact that London bank
ers are curtailing credit advances 70
Chinese dealers, thus making 1t in
possible for them to carry on sucn
an active speculation in the meta.
The United States IS continuing its
shipments of bar silver to India under
its contract with the British govern
ment. The contract called for the de-
livery Of 200,000.000 ounces which ]:
being obtained by melting down the
S350,000,000 silver dollars held in the
Treasury.
Although no official announcemsni
has been made, it is currently reported
that the embargo on silver expor
from the United States may be lifiei
or modified in Nav or June.
New-York tribune., 1919-02-15
Money and Credit

There was no change OF importance
H. yestcrday's call money market. Day
to-day loans opened and were renewed
at per cent, and a. the end Of the
day were made at 5A per cent. Lo IS
on all industrial collateral we're made
a. II Of l per cent extra
Though the range of rates on time
money was probably the same as be-
fcre, that ig, from 5N to 5H per cent,
"a hrmer tone was noted This ex-
pressed itself in more loans at 5A per
cent. The reason + 10 be found In the
Increased rate OF loans in the day-to-
day market. " is always safer for a
broker 70 have as much of his loans an
possible maturing at fxed dates, 40 that
banks cannot call them in at their will,
New-York tribune., 1919-02-15
Virginia Certificates at New High


A new high record price of 72ll2 was
established yesterday for the Virginia
Brown Brothers certificates, following
the publication of dispatches from
Charleston to the effect that the West
ment of the Virginia debt case. 1t
was reported that proposal made by
the Virginia Debt Comm ssion was
for an appropriation of s1,100, 900 cash,
TO provide for commissions and other
expenses and for the issuance of
twenty-year 313 per cent bonds to be
exchanged for the bonds deposited with
the Brown Brothers committee. The
judgment against the state of West
Virginia was for $12,393 .929 with in
terest at the rate of per cent from
July I, 1915.
New-York tribune., 1919-02-15
Relevant Comment
The Real Test

1t is point of policy for firms
already in a certain business to speak
optimistically of its future, but the
acid test of real confidence is the
launching of new enterprises. Some
such indication now appears in the
automobile industry. The interests
who originally nnanced the Chandler
the formation of the Cleveland Auto
mobile Company with 81, 100000
8 per cent cumulative preferred
stock 500 par and $4,000 shares of
common stock without par value. The
new company will manufacture a
smaller low priced car which will not
compete with the Chandler.
New-York tribune., 1919-02-15
Corporate Returns
Dayton Power and Light Companv

Dayton Power and Light Company
Gross earnings for the year ended De-
cember 81, 1913, amounted to $2,43O.-
1928, an increase of $550110 over the
preceding year Net earnings were
S76S,776, an increase Of $154 .7O6. Total
income was SSO2,079, or Sl77.676 more
than for the year before. After
charges, etc, had been taken care of
balance aggregated S301 ,916, from
which dividends of S17o ,553 were taken.
leaving a surplus for the year Of
$122,3
Jewel Tea Company Sales for the
four weeks ended January 25 were ST..
213,S37, compared with S1.155963 for
the corresponding period Of the pre-
vious year, an increase Of S57.S74
Keystone Telephone Company
1919. 1918
January gross $13l .066 $l36.519
surplus ............. 1891 29.2b6
New-York tribune., 1919-02-15
Sues United Shoe
Recovery of Large Amount Is
Sought


TRENTON, N. j., Feb. 14.-Recoverv
of between 100000 and $3oo,ooo from
the United States Shoe Machinery Cor
poration of New Jersey is sought in q
suit brought by Henry Briggs. of Has
brouck Heights, in the Court of Chan
Gerry here to-day.
Briggs alleges that the amount is due
MN IN royalties on certain patented
improvements on sewing machines. 1t
Is further set forth by him that tho
company fraudulently secured. throuph
the connivance of another emplove. an
other important patent which was in
vented by him. Briggs asks that he he
declared the lawful inventor of the i'm :
provements and that the concern he
compelled to pay his claim for royal-
New-York tribune., 1919-02-15
A New Railroad Plan

w. J. Wollman. head of the Stock
Exchange firm of w. J. Wollman & Co..
issued yesterday a plan for solving the
present problem of railroad control.
HIS plan proposes, among other things,
the return Of the railroads to private
ownership and operation, with govern
ment guarantee of interest charges on
railroad securities for tive-year pc
rod; lie also advocates the appoint
ment OF secretary of transportation,
TO be member Of the Cabinet; the
establishment of regional courts or
commissions for passing on rates, and
the underwriting by the government
of all railroad maturities for five years
where necessary.
New-York tribune., 1919-02-15
Norris Not Official
OF National Surety

William J. Griffin, First Vice -Presi-
dent Of tho National Surety Company,
issued a statement yesterday disclaim-
ing the published report that Harold
Norris, minority stockholder of the
New York, New Haven & Hartford Rail
road who has applied to the courts for
a limited receiver for the railroad, is
an "ofiicial" of the National Surety
Company.
"The Individual referred to is one of
our company's solicitors" Mr.. Griffin
said. His projected legal proceedings
against the New Haven were unknown
to us until announced in this mornings
newspapers. May we ask the news
papers to be so courteous as to publish
our disclaimer of all connection with
the matter"
New-York tribune., 1919-02-15
Trade Board Member
Attacks Sherman Ac
Wants Business Combination
Regulated, bot Not
ShackIed

LOUISVILLE, Feb. H. J. FranSi,s
Fort, member of the Federal l'sa'
Commission. in addressing the Sou,h
ern Appalachian Coal Operators A.
sociation to-day urged Congress 70 K
consider the whole subject Of anti-tF's
legislation, asserting that the sheFnA
act "never restrained a capitalist ~
has it helped laborer. nor benef'~
any customer IN any commodity S0io
him."
THAT combinations Nh Fort sal
SHOULD be regulated in the public ls 7.
terest is clear But the control snepy
rot be entirely governmental i sho-.. ...
be under mutual arrangements by ,o.s
official and individual action. The o'''
ness man should have the right 10 'O,
fer with the official 10 see If the wv w.
acting Jointly, cannot agree on the -
thing
The business of the country mus
be free to every extent possible. LIZ w.
business is not Objectionable. ~. ~
is of no concern, if everything IS o0.'
openly and with strict conformity :
the golden rule. With some go'e..
ment agency controlling confeTen''T1 H
of business men and associations >. >.
of this can be provided tor -. -.
everything run fair and SMOOTH ~ -
with justice to private interest =,
with just protection 10 the CONSUME, +,
public. If business men are 10 40 !.
business which seems 10 be coz ::
our way. there must be permitted Nv
cooperation by conference. 49,. =
There are great posslbllitlles. ..,. |.
business in both foreign and COZ .,,
tic trade, and business should be g~s, 81,
opportunity to grasp it under assU'rs :.;,.,
ton or otherwise. if the associa''t',,,. :,
formed are properly guarded n n. "a, !,
methods permitted. Take the e''s !:
off the legitimate business o. y
country"
New-York tribune., 1919-02-15
" all Street Items

Walter M. Birge has resigned as
president of the Air Reduction Com
pany, Incorporated. Mr.. Birge will de-
vote his time to personal business.
j. L. Cross, formerly deputy governor
OF the Tenth District Federal Reserve
Eank, has been appointed assistant
vice president of the National Citv
Bank Of New York
The Equitable Trust COMPANY Of
New York has been appointed registrar
OF the Bradford Electric Company and
Tor the Commonwealth Petroleum Com
pany. The Troy Laundry Machine Com
pany will also have this company as
registrar.
A special meeting of the stockholders
of the Irving Trust Company has been
called for February 20, to vote on in
creasing the capital from S1,5OO.OOO to
S2,2bO,O00. The issuance of the addi-
tional stock at par, $1O0, will also be
discussed at the meeting.
Charles II. Norton has been elected
general manager of the Collins Public
lty Service of Philadelphia.
The Legasti Agency of the Philippine
National Bank in the Albay Province
has been opened for business
New-York tribune., 1919-02-15
The Dollar in Foreign Exchange

Exchange rates huctuated only slightly
in the local market yesterday. Rates
on London and Paris we're steady.
Exchange dealers were interested in
the announcement that remittances
may now be made to Moravia and b.
hemia, which are at present under
control of the Czecho-Slovak National
Council.
Closing rates yesterday, compared
with week ago, follow:
Quoted dollars to the pound.)
New-York tribune., 1919-02-15
Regulations on Egg
Dealers Withdrawn

WASHINGTON, Feb. 14.-The food
Administration TO- day withdrew all sne-
clal regulations applying to egg deal
ers ecrs and cold storage of eggs, incudine
nxed price margins. Officials pointed
ou5 mat dealers and cold storage men
81; seill are are subject to licensing, and the
wlthdfawal OF special regulations does
control act against profiteerinc and
wasteful practices. '''-N
New-York tribune., 1919-02-15
Du Pont Interests Deny
Control of General Motor.

WILMINGTON, Feb. 14.-Reports
here to-day that the du Pont interests
have secured control of the General
Motors Company Independent of the
Durant interests are untrue, according
to Charles X. Weston, publicity dircc-
tor of the company. The du Pont in
terests own about 80 per cent of the
General Motors, holding the controlling
interest jointly with the Durants.
New-York tribune., 1919-02-15
A Correction

A typographical error appeared in
the article in last Sundays Tribune an
Titled "Computation of the War Profits
and Excess Profits Tax" In one of the
examples cited, the amount opposite
War Profits and Excess Profits Tax"
should have read $l0,SS0 instead of
$l07SO