davidaulloa/AmericanStories huggingface dataset:
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-27
GOSSIP OF WALL STREET.
CrucibIe steel.

The pool in Crucible Steel Is sitting
on top of the world. Yesterday, from its
opening Of. 1879, 1t executed n squeeze
that shot 1t across $50, and that brought
out volumes of shorts Around the 2
o'clock hour two brokers were bidding
wildly for the stock and 1t rose a point
at time to 152A before Its reaction
set in. It's net gain for the day was
9K points. Several considerations were
back of the squeeze. In the first place
Crucible has been accumulated quietly
for some time by a prominent group of
flnanciers. They have gone into Cru
chile so thoroughly that they are said
to be able TO come within 10000 shares
OF locating every one outstanding. As
gun behind the door to use in the case
OF emergency q dividend Of Liberty
bonds Is about ready. 1t may come to-
day, 1t may come next month or even
next year. 1t Is a closely guarded Sc
cret as to Just when 1t will be declared
and as a club over the bears 1t Is highly
successful. When accumulation by this
clique was started another clique went
short of the stock and 1t was this latter
outfit which was obliged to buy 1t In
yesterday at ruinous prices. The Street
had story yesterday that the short in.
terest in Crucible now amounts to 10000
shares. At any rate, it is large.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-27
ST. Paul Preferred.

1t is a foregone conclusion that the st.
Paul preferred dividend again will be
passed by the companys directors at theic
meeting tomorrow. In Wall Street
banking circles 1t is anticipated widely
that the directors will make some sort OF
an announcement as to the prospects for
holders of the stock, and while 1t is be-
lieved scarcely that a definite dividend
policy can be stated at this time 1t is
likely that the directors will give at least
security holders some light as to the
prospects OF the dividend on their invest
ment. Nothing has been paid on thi:
issue for two years. On the 7 per cent
basis, some $16.000.o00. which under or
binary circumstances would have beer
paid out, has been conserved. At the
guaranteed remuneration of S27,946,771
which st. Paul has with the Railroad
Administration. 1t Is the general belle
that St Paul will go back to its owners
in fairly good financial shape, especlali!
in view of the conservative stand in re
gard to dividends which the director!
m intain
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-27
The Fifty Cent Dollar.

One large commission house which has
been carrying an inactive account of size
able proportions for several weeks wired
the owner of the account the other day
that the time appeared to be propitious
for buying certain stocks which the
house enumerated. courteous reply, IN
itself food for considerable thought was
received. Il have the authority of a
number of economists for the statement
that in purchasing power dollar buys
but fifty cents worth of value now
said the owner OF the account Il know
from personal observation that my dollar
will buy only what used to be called
fifty cents worth of meat and potatoes.
Am l wrong in presuming that II use
This same dollar in buying stocks now
that l will be getting but fifty cents
WORTH" The manager of the commission
house says that personally he does not
know the answer to this question.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-27
Closing prices OF stocks in which there
~ era no transac ions yasterdAyl

Mexico Extern. sterl. IS Of 80, 1915. IS
Mexico Extern. gold IS of '04. 1884,. II Sc
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-27

AZ Broadway, New York
Telephone Broad 246O
2o9 S. La Sale St., Chicago
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-27
To Consider Holiday Plan.

Governors of the New York Stock Ex-
change will consider this afternoon C.
petition not to open the Exchange on
next Saturday. As next Monday is
Labor Day and holiday, closing the
Exchange on Saturday will bring three
straight days on which the market will
not be open. 1t was reported from the
floor of the Exchange yesterday that the
petition 70 be presented to the governors
this afternoon has more signers than
any of the previous ones. At the close
yesterday the petition had $50 sigma
lures, so there Is little doubt in commits
sion house circles that the Exchange will
not be open on that day. The oppor-
tunity will present itself for few com.
mission houses which are still behind
with their clerical work to catch vi
and will give Wall Street in general q
needed rest
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-27
Railroad Money.

The committee OF railroad executives
has received a proposal from the Rail-
road Administration which 1t says
smacks of Prussianism in Its terms and
demand. 1t relates to money which
roads advanced to the administration
for additions and betterments on their
lines, and practically all of 1t, 1t is
reported. Is per cent. money. The
administration proposes to reimburse
the roads for these additions and better
ments, and offers 4 per cent. in some
cases and Az per cent. in others. Ad-
ministration officials, however, declare
that acceptance of the proposed rates
must be unanimous among all officials
II the consent to accept be not unani-
nous the rate will be reduced auto
matically to 8 per cent. all around. The
proposal caused yesterday considera-
lie discussion among railroad men here
in consideration of the fact that it re-
lated to large amounts.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-27
RumorsI Rumors! Rumors!

Wall Street Is extraordinarily full of
rumors. a deaTth of real news always
brings them. and this Is accentuhted az
the present time by the fact that both
sides are trying to start the market
their way. Some of those going the
rounds OF the commission houses prob
ably have a grain OF truth as their
basis. Some of them, of course, aie
merely idle Street whispers, the child
of some fertile imagination or wishes
whose foster parent is a thought, Among
the rumors CLEANED yesterday In COM
mission houses and which could not he
nailed down were that Studebaker, nov
on per cent basis, Is shortly "a
go on an per cent basis; that the
Marine directors are planning entirely to
wipe out the back dividends on that
company's preferred before the first OF
the new year; that a former Wal
Street operator who has been working
for the Government during the war Is
heavily short of rails; that the boy
plunger Is again a rampant bull; that
the big oil companies have received SOME
sort OF definite assurance that they vii
be given stern protection hereafter ir
the Mexican fields, and that new OF
company with capital of between $50,
900, 900 and 60,000 900 Is beng formed
TO take over the Globe and associated
companies.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-27
Meaningless Bank Statement.

Considerably more stress Is laid on
the official bank statement given out
On Saturdays by the Federal Reserve
Bank than the document warrants. In
recent days It has been used as a
market peg and its figures have caused
perceptible rises and declines In the
market, most of them professional. OF
course. Last Saturdays statement. for
instance. showed deficit in legal re-
serve. Some short selling ensued. But
it was pointed out yesterday by sew
eral bankers that the money situation
is much easier than this statement indi-
Gates, as the banks included in it held
more than 800, 100000 that did not go
in on the statement as legal reserve
On Monday, therefore, this bookkeeping
deficit was changed to bookkeeping credit
by merely changing cash in vaults to
cash in the Federal Reserve Bank.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-27
Exports From New York.

Wheat. 1869 bu, oats, 466,S4S bu,
barley. $3.50 bu A; malt. s,196 bu,
peas. $50 bu. 4; beans, $3.50 bu.; -four
500 bills -four. nae sacks; oatmeal
500 hbls; alcohol 1885 gals. oilcake
$4,000 lbs, beef. 220 ties. bseohs
2,Sl6.625 lbs lard, l,5S4,600 lbs. 4; eggs
5000 cases cottonseed oil. 100, 900 lbs.
lubricating oil sS2.10o EsIA
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-23
Congress Would
Like 10 Go On

There is a pronounced sentiment in Con-
gress in favor of continued activity in the
development Of aviation and aeronautics
and rather general belief that there must
be some degree Of separation of the control
of this development from the authority Of
the General Staff. But the War Department
supports the General Staff, the President is
opposed to the creation of an independent
department Of the air, and the Navy Depart
ment is jealous OF the independence of it's
own aviation work There is, therefore, little
hope of any really constructive legislation
from the present Congress, but with legis-
lasior controlled by the opposition party
after March there is chance for legis-
lat:on on the merits Of the subject, rather
than in harmony with administration policy.
The Senate Military Affairs Committee
long ago declared unanimously in favor of
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-23

an independent department of the air, but
now that the war is over it has to some ex-
tent lost interest in the subject and Senator
Chamberlain, its chairman, is not sure that
an absolutely independent department is
necessary, though he feels that as things
are there is small chance for adequate
development, and that some original legisla-
ton on the subject of the place, Importance
and scope of its operations within the army
Will be necessary if aviation is not to be
scandalously neglected.
Senator New, of Indiana, has bill for the
creation of a separate department of the
air, which would be of Cabinet rank and
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-23
;ress Back the Transatlantic Flight?-Maybe!

control of all army aeronautical matters,
through department of military aeronau-
tics, with General Menoher at the head of
it and with General Kenly under him as
head Of the flying force.
The General Staff is very jealous Of its
authority, is opposed to separate depart
ment of the air and even to degree of in
dependence within the War Department.
Moreover, it views aeronautics as merely
sort of minor appendix and relegates it
to an inferior place as compared with
other arms of the military service. The
General Stats plan for numbers and size
of the establishment is probably as large
as could be expected in time of peace
and is likely to be larger than Congress
will ultimately allow but the status as
signed to military acronautics is inferior to
that of cavalry, artillery and infantry, and
the plan of administration still further en-
phasizes the subordinate position assigned
to it. Instead of being separate corps, its
higher officers are to be drawn from other
branches Of the army, and there is little
chance of promotion for the real military
aviators, with the probable result that not
many Of the best fiers will remain in the
service. The personnel under the General
Staff proposal would number about ~ 900
officers and men,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-23

Germany there were about $500 men and
women employed in the airplane industry
in different parts of the United States. In
June, 1917, this number had increased only
to 1928, and a year later 64,297 persons were
employed by thirteen concerns making
planes for the government and twelve
making engines. On November II the
total of employees had become 175,ooo The
Allies were asking US to make engines for
them during all of 1918, and took all thew
could get and asked for more. One thing
they depended on US for was castor OIL
which is used extensively in airpanes.
There were 100000 acres planted to the
castor bean in this country last summer.
Millions and millions of Milford Taxpay
er's dollars went into flying fields and
aeronautical stations. Up to the spring of
1917 we had only two Of any account-at
Mlneola, L. l., and San Diego, Cal.-and
those IN use only to limited extent. Our
first flying field at College Park, Nd,
established in 1911, had long since become
out of date. Within six weeks of the ont
break of war three more fields had been
selected, cleared, equipped and made ready
1or lying. BY the end of year we had
twenty fields in use, and when the fighting
ended we had thirty-six flying fields in
this country, situated all the way across
the country between Mineola and San
Diego and one in the Panama Canal Zone.
IN addition we had fourteen supply depots
ecross the country, three repair depots, two
acceptance parks, one experimental field
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-23
What About
Our War Machines?

Nothing is being done to utilize either
the material and machines accumulated dur
ing the war in excess of peace requirements
or the experienced aviators who will not be
retained IN the small peace establishments
Little or no attention has been paid to the
suggestion of Alan R. Hawley, president of
the Aero Club of America, for the creation
OF United States aerial transport cor
poratlon, to take over and make commercial
use Of the $8OO,OOO,OOO worth of equipment
that the army and navy cannot use. and util-
lie them in the establishment and operation
of commercial aerial transport lines.
Altogether there are about $1,000 avia-
ton motors and $4,000 planes of various
kinds, most of which will not long be suit
able for military use, besides vast ouanti-
ties OF machinery and raw materials. that
are now in storage without single general
plan for their salvage or utilization in any
way. No body or organization is charged
with general and central responsibility, and
there is no more forethought for peace than
there was for war. In the stress of the
closing days Of a disgruntled and weary
Congress there is no time or energy avail
able for formulation of programmes that
should have been worked out by some
central organization that does not exist and
never will exist if the various iealous
centres of divided control are not el;ni-
ro{o6
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-23

Now a government flying field consists of
$40 acres of clear grassland has twelve
hangers of standard substantial construc-
ton and requires thousand men to run it.
The air service maintains general sup
ply depots at Buffalo and at Garden City,
l.. l., and at Americas, Ga; Fairfield Ohio;
Houston and San Antonio, Tex; Middle
town, Penn; Richmond and Morrison, Va;
Little Rock, Ark; Los Angeles, Cal, and
two at Washington, d. c. The repair
depots are at Indianapolis Dallas, Tex
and Montgomery, Ala. The only testing
field is at Wilbur Wright field, Dayton,
Ohio, and acceptance parks are at Dayton
and in Detroit. New York, Newport News;
Philadelphia and Baltimore are the ports
of embarkaton for the air service
Training goes on at all the flying fields
and the service also has maintained ground
schools at the University of California.
Cornell, Princeton, University of Illinois
and University of Texas; radio officers
schools at Columbia and at Penn field, Aus
tin, Tex; mechanics school at Carnegie
institute, at Pittsburgh; Photographic
schools at Rochester, Ithaca, N. Y. and at
Fort Ethan Allen, near Plattsburg, and air
service mechanics at Kelly field. San An
tonic, and st. Paul. We have eight balloon
schools in this country, too, the largest
being at Fort Omaha, Neb.
We begin to see those millions being
placed in circulation, but there is lot
more to this end of the subject; ". h7ve,
said nothing about France, where the
United States has flying fields, repair
depots and all sorts of schools. No ons
on this side can as yet go into details
about that.
The little flying force we had in April.
1917, was lost in the growth Of our air
forces long before November, 1918. On
the eleventh of that month the roster of
the service showed 1880 flying officers
and 1884 men. or the officers 4,776 were
overseas and 70,12s men were with them,
leaving 1854 officers and 65,516 enlisted
men in this country.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-23

Sundstedt's, contemplate making tia ri.
two legs, from west to east, with ths - =
vailing winds, the first leg being from ~ sss'
foundland to the island Of San Miep., y
the Azores, and thence to Portugal. n. =. -
mer distance being 1,1OO nautical mi., ~ !,
the latter 675. Captain Sundstedt er,.s1
to fly from New York to Newfouns,.s
and thence directly across to ireland :,
water gap between the two big island, h.,.
about 1900 miles.
1t is pointed out, however. that -
withstanding the distance fight claim. =.
tributed to Captain Sundstedt, there :, ~
authentic record Of any airplane h,,,.
flown continuously the equivalent Of .hs A..
lance from Newfoundland to the Azors. :.
that if he flies from Newfoundland n y.
land he will accomplish a feat that =,
has no parallel in experience.
Military and naval aviation exper, =.
Washington do not deny that Captain s,,s
stedt may have solved some problems tbs,
are still battling them and NAV lucs;,~
achieve the, distinction of being the srs.
to travel by the air route from Ams,,..
to Europe, but for their own adventr,.,
on this unknown route they prefer to mn
pare so carefully and study the proh.em .,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-23

for the fiscal year ending June 80, 1920
carries a total of s2o,ooo,oOO for army
aeronautics in all forms in addition to the
pay of the personnel, but leaves the organ
ization and direction of aviation matters
entirely to the discretion of the War De-
partment. This, however, is only a make
shift bill for the readjustment period and
does not undertake to establish the out
lines of the permanent military establish
ment. Half of the $20,o00,ooo is for military
service and half for the Bureau of Air
craft Production. These sums are exclusive
of the nay personnel, which is approximate
ly $4,000 and is supposed to represent about
1000 flying units.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-23

bat planes. We produced the former and
were we'll into the latter on November II.
Listen to Lieutenant H. H. Emmons, who
left an extensive law practice in Detroit for
naval commission, and was in charge of
all aircraft engine production for the Joint
board: "Of the immense amount of material
never before used for war which we pro-
duced, more aircraft and more engines got
to the front in time for the final fight than
OF any other kind. We made the 5000 train
Ing planes, too, and 10000 engines to 90
into them, and all were delivered into SER
vice before the armistice was signed.
ION the combat engine side we were
obliged to develop the Liberty engine On
May 1e, 1917, the first stroke Of pen for
its design was made and in six weeks time.
on July 4, the first engine was delivered
in Washington ready to run. Then it was
extended to twelve-cylinder engine and the
first Of those passed the ifty-hour test
and was ready for quantity production on
August rs. Several hundred were produced
at 800 horsepower, then we increased to 375
horsepower, produced 400 or 500 moro and
finally increased to over 400 horsepower.
Many changes were required for this most
powerful engine, but on May 20, 1918, a
year from beginning work on it, we had de-
hyered into service more than LOO Liberty
engines. When the armistice came we were
delivering $50 complete engines, ready to
run, every working day"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-23
Mr.. Kahn Goes
To Europe

When legislation covering the permanent
aerial military establishment comes up in
the next Congress it will have strong
friend in Representative julius Kahn, of
California, who will then be chairman of
the House Military Affairs Committee, be-
ing now the ranking Republican member.
MIR, Kahn was strongly in favor of an in
dependent air service during the war. but.
like Senator Chamberlain, he is not sure
that it is desirable in time of peace, though
he does hold that there should be some sort
of centralized control Of all forms of GOV
eminent aeronautics, civil or military.
However, Mr.. Kahn says that he is Of an
open mind on this subject, and when he
goes to Europe, right after March 4, to
make studies and observations that will
give him additional preparation for his
position as chairman of the Military Affairs
Committee, he proposes to give special at
tention to the British system of an indie
pendent air administration. Mr. Kahn holds
that it is hardly possible to overestimate
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-23

seas and the balloon cadets, s29 in num-
Der, were all on this side.
The organization of our air forces 10
based on $50 men to a squadron, and
planes and four squadrons maks up a unit
field. On November II there were 401 total
units in the air service and 148 school
detachments. Of the 401 units 181 were
in France, 115 in the United States and
los in England, where our aviation forces
got considerable Of their training. There
were SO construction companies Of BRICK
layers and laborers, 20 at home and ~ IN
England; four air service mechanics regi-
ments, all in France; SO balloon companies
81 here and SO in France, and 81 photo
graphic sections, % in France, so at home
and in England.
The first large unit to sail consisted o.
200 men to construct an aviation school IN
France, which left New York July 3, 1911
under command of First Lieutenant L. 9
Churchill. The first detachment of cadets
left not long after-10 officers and so men,
commanded by Captain James Z. Mnief'
More than 70 squadrons, many from Eng
land and some from France, have been sent
home since the armistice, TO say nothing
of construction companies, photograph"
sections and acceptance parks.
Up to November the total casualties ID
the United States air service amounted |"
S38 in France and 1924 IN this county,
the main causes being tailspns and coz
lisions. Training casualties in the United
States average 1875 hours of flying PEI
caSrsity and 3,474 hours of flying PEI
tAtalA>sc.
But for the asmistice nussA-r o. nss
types of aiyplanes developed 10 this c0aR-
try would have come into use Among tes
most interesting of these is the fssteS'
plane in the world, a Curtiss triplane
which has maintained a speed of 100 miles
an hour on official navy test and climps
$4,000 feet in 10 minutes with the fui
military load of 100 pounds. This u
fifteen miles an hour faster than any otae'
craft has ever flown. 1t has twelve
cylinder 400 horsepower engine and WIS.,
built for the navy. This plane is entireH
of American design and essentially d'hei
ent from other American or any Europesa
design. 1t has a new type of engine wh'''
weighs % per cent less than the hgntes'
in any military plane. The 'planA isnos
at go miles an hour. It was first nova ~
Roland Rohlfs, con Of Anna Ksthssn
~~~~~" . 49, 49,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-23

Assistant Secretary of War, but the navy
went its own triple bureau aviation way
until the last, and is still pursuing it, Be-
sides the army and navy bureaus we had
the Aircraft Board, which gradually sank
into innocuous desuetude; the Advisory
Committee on Aeronautics and the joint
Army and Navy Technical Board, each with
finger in the aviation muddle. Inside the
army, with It's distribution of authority,
there was always the General Staff to reckon
with. While Mr.. Ryan was in the saddle
the General Staff went into discreet retire
ment, but as soon as he resigned it reas-
serted its authority and is now in supreme