davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-03
Studebaker Heckling
Proves Unexcitin,
President of Motor Compan,
Predicts Large Profits
This Year

Stockholders Of the S;udebaker CoI
poration who went to the annual NEE,
ing yesterday at Jersey City prepap
20 heekle the management because 4
the unfavorable annual report maa
public early in March came away Will
IN impression that the company,
prospects are now much better thu,
they were at the end OF the year. Bot
K. r. Erskine, president, and Frederj,a
S. Fish, chairman of the board, wen
frank in their answers to all questions
c. A. Morse, one Of the stockholdeu
present, asked why it was that the me-
profits in 1917 amounted to only
per cent gross business when othe,
motor car companies like General Mo-
tors, Chevrolet and Ford We're able "a
show percentages ranging from II.
per cent to 10 per cent. Nh Fish said
this had been owing largely tc chang,
IN the model of the Studebacker ca,
which had necessitatcd unusual over
head charges.
In reply to further questionings from
VI hoiSS concerning lul0orS mat thre
officers of the Studebaker corporate
had been the recipients Of extraordi
narily high salaries and bic bonuse
Mr.. Fish said that the sums paid on
on this account did not aggregate 2
per cent OF the amounts mentioned il
reports.
A telegram from the company's fac
tory was read at the meeting whc
stated that only $500 ears OF the Of
model remain now unsola, whereas a
tie close of 1917 the annual repor
showed there were 4,5O0 unsod car
Inns cutting down, it was pointed ou
has placed the company In corr,
spondlngly better cash position.
Mr.. Erskine told the stockholder
that net profits for 1913 would tot;
S6,0O0,00O, compared with SO 800 600 lss
year. He said that 10000 cars woul
be produced this year, although 50 pc
cent of plant capacity is devoted
government work. Of the S50OOOOa
gross business done last wear Mr.. +,
sklne stated that SAB 600 900 was reprs
scented by automobiles sold. The har
ness business was about $4,000 600 an,
government business 100000.
Arthur Lehman was elected d.
rector of the company 10 succeed Majo
Herbert Lehman, who has entered IN
government service
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-03
James A. Stillman
Succeeds His Father
Elected Chairman of City
Bank Board-Rich New
General MANAGER

James A. Stillman was elected YES
terday to succeed his father, the late
James Stillman, as chairman of the
board of directors of the National City
Bank. Mr.. Stillman for the past year
has been general executive manager.
The official announcement of the
bank stated that the motion to make
young Stillman chairman of the board
was made by Frank A. Vandcrlip, who
remains as president. Charles V.
Rich, one of the executive managers
was moved up to the position of gen
eral executive manager.
News that Mr. Stillman had been
elected to the office held by his father
came as Surprise in the financial dis
trict. as both officers and directors of
the City Bank stated only few days
ago it was their opinion that no ac-
ton Of this character would probably
be taken for several months yet.
Mr.. Shllman is said to be the young
est bank officer in New York to hold
the Office of chairman of the board
The fact that he was named to fill
this position in the National City Bank
is undoubtedly due to the large per
sonal interest of the Stillman family
in that institution.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-03

An Ottawa dispatch states that
"the War Trade Board is perfecting
a plan for the Standardization Of
footwear. The variety of lasts Of
shoe manufacturers will be strictly
limited" Similar action should be
taken here, though it is now too late
to make it effective this year, be-
cause manufacturers are already
making shoes for the fall trade.
This is hardly the place for fash
ion note, but it may be remarked
that advance styles show that
women's shoes the coming fall will
be higher than ever-as much as
111s inches high. This in spite Of
the fact that there is a shortage Of
leather and labor, and manufacture
ers freely admit that high shoes
needlessly waste both.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-03
Beth. Steel Speeds
Ship Constructor
Building Bottoms at Full Ca
pacity-Annual
Meetirg

Inc steel plants Of tie Bethlehem
Steel Corporation are now running at
81 per cent of their capacity, compared
with only 80 per cent early in January
while the shipbuilding departments are
running at 100 per cent of capacity
Charles NJ. Schwab, chairman of the
board of directors, told stockholders at
the annual meeting in Newark yester.
day.
"Practically all our plants are work
ing for the United States Government
and the Allies" said Mr.. Schwab. 1--WE
are running as fully as transportation
ana labor conditions vii permit. We
nave large number Of orders on our
DOCKS IN fact, sufficient to keep ever
department at capacity for longer
dict"
Nh. schwab said the recently an.
nouncod increase Of IS per cent in thu
payroll of the Be hlehen Steel Cor
poration will mea an qdditional ar
hual outlay of S12. $50, 1871 As the con-
pany is doing business With the gov
ernment on cost plus basis. the IN
crease, however, viii be ,argely at the
latter's expense.
The bonus plan for officers and en-
ployes was adopted as bylaw by tns
s.ockholders. 1t gives 1he directors
the right TO appropriate and pay Up
10 per cent of the total annual earn.
lngs after dcducting all interes'
charges and taxes, bat before allowing
Tor depreciation. Last year boluss
payments totalled S39 3.S3S, % nea
was equivalent TO SO per cent Of the
net earnings. Defending the bonus
plan. Mr.. Schwab SAID: :.
Il am fully Convinced that it Is
necessary in times Ike these TO en.ls'
the personal efforts Of all the mem
bers Of our organization and TO VIE
their individual interest and initiative.
| believe that this bonus plan, waieh
sas been IN effect since the organisS'
ten Of the company. is The best s!s'
TEN for getting results.
me success of the Bethlehem o' ,s,
Corporation IN the past has been QUE
TO the bonus system, and am NOR;
than pleased that we have now adop's.
ms policy As d bylaw, which assure;
the safeguarding Of the interests T
an concerned by It's continuance. :;
consider the step taken to-day one O
unusual patriotism
John W. Grigrs. Archibald Johns,,0a'
b; II. Jones and George X. sheiavs
whose terms OF Office As drec'o.,,
eNpred at Yesterdays meeting, WEI
reelected. :.
Clarence II. Venner. who, as pres
dent of the General Investment eo .'s
panv Of Maine, has opposed the pom.i
OF TIE management at previous anu
meetings, was not present yesteras''
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-03
Says Nation Should
Prepare for rade
Scramble After War
Sisson Warns America s Com
mercial Rivals Are Getting
Ready

CLEVELAND, April 2-In the
scramble for international trade after
the war the United States will possess
many advantages over the European
bcllgctents. To plan courageously to
use her resources in the most effective
way is the real job of the immediate
future for forward looking American
business men. This is the essence of
vice president of the Guaranty Trust
Company of New York, to- day brought
to the business men of Cleveland. Mr..
Sisson spoke before the Chamber of
Commerce here on Hooking Forward:
Problems and Opportunities After the
War"
Mr.. Sisson first analysed the strong
points in Americas probable CONNER
cial position after the war. Then he
enumerated the pitfalls. aside from
a favorable position at the opening of
this race" he said, "Amerca has GER
tain other advantages of Importance.
serve, upon which can be built
structure Of credit sufficient not only
to finance our own enterprises, but
also to give aid to those of foreign
countries. To guide and assist these
credit extensions we have a banking
system characterized by some of our
rivals as ideal. This system will lend
itself to the extension of American
financial houses into foreign countries.
Already beginning has been made,
not only by the setting up of branch
banks and foreign Offices establish
ments which may be termed money
and credit depots for the advancing
trade army-but also by the organiza-
ton of merchandise banks, institu-
tons with the usefulness and working
Of which Europeans have long been
| fam liar"
Against this bright picture Mr.. Sis
son sketched briefly some of the OBJ
stacles which this country will be
Obliged to surmount He emphasized
the fact that fortuitous circumstances
we're largely responsible for the enor-
nous growth of American foreign
trade since the war started in Europe.
The great danger" he insisted
with respect to the future is that we
shall not appreciate the character and
extent of the preparations which those
who are to be our business and trade
rivals are making to regain their lost
prominence in industry, commerce
and finance. They are under compul-
sion to make supreme efforts, for thew
are deep in debt. To pay their debts
Will be the ambition of all honorable
nations. To-day all wise, farsecinr
nations are planning to that end.
ne governments of those nations
have clasped hands with business. One
is to support the other in every wav
lstent with the public veal. Not
only is business to be set free. but #
is to have the assistance Of the gov
eminent in taking advantage of that
freedom. BY every means thew can
command these nations are spreading
among their people an understandings
OF the situation they face and implant,
ing the idea that to prevail over il
every element of productive force
must be brought into harmony wiz
every other. TO regain their PROSPERITY
they must cooperate fully and intelli-
gently, and foreign trade has become
the raiiIlying point for national en-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-03
Business Improving
Mr.. Jay Says Trade Is Now
More Active

Business activity and sentiment have
made further recovery from the dis
turbed conditions and uncertainty pre-.
vailing during the early part of the
year, according to the monthly review
of general trade conditions in this dis
trict issued yesterday by Pierre Jay
chairman of the board of the Federal
Reserve Bank of New York
Industries devotng considerable
portion Of their capacity to govern
ment orders are very active, he saws
although they arc hampcred by diff
Guilty in obtaining and holding skilled
labor and obtaining the necessary
transportation accommodation and SUP
Plies. 1t is asserted that the necessitv
OF anticipating needs for raw mate.
rails, In order to avoid delays due to
transportation difficulties and other
causes mas led to the acquisition of
heavy stocks and the reporting of large
inventories, but efforts are being made
TO pursue conservative course in
buying and to keep inventories within
reasonable bounds.
General retail business in New York
City is reported as fairly active. Coun-
try merchants are having more active
trade and are purchasing more freely
Shaln stores report good business in
February and March. Business in the
shoe trade continues quiet Watches
are selling freely, with demand greater
than supply. Other jewelry lines are
reported quiet. Furniture business is
also quiet. Cloak and suit sales are
above those for the same period last
year and buying is fairly active not
withstanding continued advances in
prices. Silk production is estimated to
be about Is per cent of normal. silk
prices having advanced proportonately
less than either cotton or woollen
prices. Textile and knitting mills arc
very busy and demand for their prod
ucts is very keen.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-03
Announce New Coal Prices

WASHINGTON, April 2. The fuel
administration to-day announced new
classifications and prices for New
MEXICO coal. The new prices, effective
~ II April ], follow:
Ration district, run Of mine, 1926;
prepared sizes, 33.25; slack, s1.s5. Gal
lup field, ron. z3.05; prepared, $4.05;
slack, 81. Carthage field, run, S4.25;
prepared, 500; sack, 1855. Cerilios
fed, run, Ss.05; prepared, 3465; slack,
s1.D5. S0gArite and Monero fields, run,
-; prepared, 81; slack, g.
Operators mo have complied with
the Warrington wage AGREEMENT may
Add 4b c8ts ton TO the prices.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-03

clearings at Ney York and other cities
Exchanges. Balances.
New York. $7o4, 400 AGO SIS, 5e4,932
Boston ....... 62,752,721 9,476,754
Philadelphia. 70,368,e59 $685.
Silver.--Bar silver in London was
455sd, unchanged; New York, 9SAc,
unchanged; Mexican dollars, TAG, un-
changed.
Sub-Treasury.-The banks lost to the
Sub-Treasury yesterday $4,000.
London Money Market.-LONDON
April 2.-Money was firm at 81 per
cent. Discount rates were steady. with
short and three months bills bringing
39-l6 per cent. Gold premiums at
Lisbon, 1850.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-03
Dollar in Foreign Exchange

The volume of business moving in
the foreign exchange market yesterday
was small and changes in rate were UNI
important. Spanish exchange displayed
an easier tone, the peseta rate decln-
ing to 25.45 cents for checks. Italian
lire were slightly lower.
Closing rates yesterday, compared
with a week ago, follow:
(Quotcd dollars to the pound)
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-03
Admit State Banks Into
Fede-oS Reserve 6

SOC@ II 4AE5tI . y
WASHINGTON. April > State osa ,
admitted to-day to the Federal kess' .
system include the American Nv,
Company, ST. Louis. with reso Gssst
Sho5T 900. and the American haHs iii
and Trust Company. Laurel, Misss "
resources OF $1,lS3,000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-03

The above rates express the cost of
foreign money in terms Of the Ameri-
can dollar. You buy an English pound
sterling at, say, $4.75as. The intrinsic
parity is $4.S65s per pound. Thus you
say either that pounds are at discount
or that dollars are at premium, which
is owing to the fact that in England
the demand for dollars with which to
settle accounts in this country is greater
than the demand in this country for
pounds with which to settle accounts in
ENGLAND.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-03
Rubles Active in London

After having placed the ban on all
dealings whatsoever in Russian ruble
currency notes, the British government
has partially removed the restrictions
so that permits are now being granted
tor shipping the paper money out of the
country. AS a result an active market
has again sprung up in ruble notes
IN London. where certain Swiss inter
csts are buying them upon a basis OF
800 rubles for $40. or at the rate Of
Is cents a ruble. Some weeks ago the
notes sold in London on a basis Of ~
cents. Lately the New York market
mas quoted the notes at Is cents a
ruble, against recent low of So, cents
OBVIOUSLY the reason that the British
authorities are granting permission for
the expectation Of the Russian notes is
that it will help the countrys trade
balance. SO far as is known no steps
have been taken here toward stopping
the expectation of the notes. The Fed
eral Reserve Board has, however, placed
the ban on all imports.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-03
Advice to Freight Shippers

Pacific Coast shippers are losing
thousands of dollars year because of
unmarked freight. R. G. Pagan, acting
assistant superintendent of transport
tation of the Southern Pacific company.
in statement issued yesterday, said
that in 1917 this road was compelled
to furnish disposition for over 1000
unmarked consgnments. At the ex-
pense of much time and labor more
than thousand of these consignments
were identified and delivered to their
owners. There were 942 consignees
who did not get their freight because
the company could not identify the
packages. Attention is also called to
the advisability of making all contain
ers and bundles stronger than hereto
fore, because of the war time practice
Of the heavier loading in freight cars.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-03
Elections

John Burnett and Ernest y. Dane
have been elected directors of the Cen
tennial Copper Company, succeeding
+. V. II. Thayer and Benjamin JOY.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-03
Relevant Comment
INTERPRETING Mr.. Erskine's Remarks

Interpreting Mr.. Erskine's Remarks
Traders in Studebaker shares were
somewhat slow yesterday in interpret
ing the remarks made by +. r. Erskine,
the president Of the company, at the
annual meeting of stockholders. Early
in the day the stock had sold down to
37$s, a new low record for the current
movement. At midday the news tickers
of the outlook for the company, and
subsequently Studebaker shares gradu-
ally improved, finally getting up to
39A where they showed a net gam on
1.-THE day of g on a turnover OF 25.30O
shares. AS matter Of fact, Stude-
baker was the most active stock on the
list, not excepting Steel common. In
his statement to the stockholders Pres
dcnt Erskinc went so far as to predict
that earnings this year may reach
$4,000, 900, compared with $3,50O,0 900 IN
1917. But nothing was said about
whether the directors would pass the
common stock dividend at the meeting
in May, and that is what the Street IS
mainly interested in at the moment so
Ask Higher Oil Prices
Oil men everywhere are laying spe-
cal emphasis on the need of higher
prices for oil and oil products as a
means of stimulating the producers to
greater efforts There is no shortage
they say, at the present time, but the
fact that the supply is ample at the
moment does not preclude the neces-
slty of the continued development of
new properties.
During the month of March 1882 new
wells were completed, an increase of
1851 compared with February, according
to the monthly statement of "The Oil
City Derrick" Stocks of crude petro-
leum showed decrease during Fcbru-
airy Of 2,975,00O barrels, total stocks
at the end OF the month amounting to
1l6.S93,676 barrels, compared with
119, 1868 ,SS5 at the end of January, 1918.
At speech delivered in Chicago be-
fore the Western Oil Jobbers' Associa-
ton, A. c. Bedford, chairman of the
Petroleum War. Service Committee,
said the present situation in the in
dustry could be met only by offering
to producers such increased prices as
will encourage further efforts toward
production. In normal times the nat
ural play of the law of supply and
demand has been sufficient to insure
an adequate supply of crude oil. Until
recently, however, he said, there has
been feeling of uncertainty. The
situation, in his opinion, is this: Prices
must be liberal enough to insure the
full activity and the necessary develop
ment of the industry, but there should
not be any runaway prices.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-03
Money and Credit

The dulness in the stock market has
for call money. At the Stock Ex-
change yesterday most of the call loans
were made on a basis Of per cent,
compared with 5h per cent the day be-
fore. The banks made liberal offerings.
The rate was the lowest in many weeks
With call monev loaning at per
cent the time money situation showed
some Improvement, and brokers re-
ported that a larger volume of funds
was coming into the market. A number
of loans were placed yesterday at per
cent for thirty day and forty-day ma
turtles.
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
Yesterday. Year ago.
Per cent. Per cent.
Call moncy.......... 2Ia
Time money (mixed collateraD:
Sixty days. 3Ia@334
Ninety days. ...... 3La@334
Four months. ..... 6 334W4
to 6 months...
Commercial Paper Discount rates
for prime commercial paper held firmly
at per cent yesterday, with the de-
mand coming principally from out of
town.
Bank Acceptances.--The market for
bank acceptanccs was active yestc rday,
the easier call money situation bring
ing many requests both from interior
and local institutions for eligible mem
Der bills. Rates were unchanged.
Discount Rates.-Oficial rates of dis
count for each of tn, twelve Federal
districts are as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-03

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:
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-08-06

tsry Baker Is in the west on tonr OF
inspection In his absence Benedict
n CroweH. assistant secretary OF war,
said:
eve are beginning 10 receive from
General Pershing the toll of victory
in the Marine Atsne offensive,
.sThe casualty lists that are now
being made public have been received
by cable from headquarters Ameri-
can cxpeditionary force. and repre-
sent losses in the recent fighting.
srThere Is no indication of the total
Of recent casualties and the lists made
public today give the names OF 200
cfT,eers and men Other lists are
coming in by cable. are being decided
and the next of kin are being notified
by telegraph by the adjutant gene
rails once in advance of tho publica-
don of the names In tho press, pur-
snant 10 The established custom of the
war department
.sTha fact that Tog casualties are
made public in a single day does not
indicate that that number Is 10 he
taken as the daily average 10 he eN"
pecteti and there should be no specu-
iation on any such basis. General
Pershing will supply complete and
verified casualty lists rs rapidly as
they can be prepared and transmitted.
These VIII be given 10 the press and
vii speak for themselves az To num-
hers
Al the direction Of General March,
chief Of staff. n statement was issued
bearing upon the official figures OF
casualties and permanent losses OF the
allied armies during the first four
years OF the war.
ssOf all soldiers sent 10 hospitals
only As IN every 900 die. These in
cIufc those who die Of disease as well
Is the wounded OF all soldiers
wounded in action more than four
/ flffhs return 10 service. many of them
In less than two months"
Appended figures show that out of
every 900 men wounded. $40 re-
turn to service las are discharged
because OF physical disability or other
causes and only A. SuCcumh.
Surgeon General William {. Gorgas,
OF the United states army, in discuss
/ ing the chances of Il man losing his
life in the army, SAYS:
I'm the civil war the mortality rate
vrns something over per cent for the
four year In the FIRST five months
Of the war the French uuprepared
for modern warfare and battling 10
ave kpf1S4 SUFFERED eifil'ldF TdiF'
hut by the close Of 1918 they brought
the rate down "a ? per cent, or go
men host in every 600 In civil life
Gheee men would die at the rate of
Is or Is in every 600.
A man III this war. as il has been
Il fought up To the present time, Is more
4 liAble u, be Killed than in the ciNil
war, since he Is in trenches and
under fire much more than was the
4 case In the civil war. But he does
not die Of disease as did the men in
the sixties, Many men now in the
army would die Il in civil life because
\ u the army they are watched care
fully. In other words il j. my belief
that through army sanitation and pre-
n venriye nediclne more lives will h.
u saved than VIII be lost III actual fight.
Ing.
3s 1--WE are bringing our dressing sta
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-08-06

appoint ms members of the district
boards persons residing without the
districts TO which they are appointed.
Senator Chamberlain made public q
letter written by General Crowder to
Chief of staG March. explaining the
needs of the army and the necessity
of having the age limits ased at eixh-
teen 10 forty-hve.
Members of the military affairs com
mitree of the senate are mot altogether
satisfied that General Crewder's nredfc-
rion I'm the matter of the shortage in
class / men is Justifed. They point
ts the fact that the original design of
the affed states was to have a reserve
force of 100000 men i'm the Emitted
states. There now 1,700000 men
ia rho cantonment~ and camps I'm this
country, 80 that fl the maximum OF
$4,000 should he sent abroad In each
81 the months of september October,
November and December. the reserve
in this country would he dsvn only
10 100000. On the other, IL Ii more
likely that go ,o00 may he sent abroad
in september. and only 100000 I'm each
IF the other three months leaving stfii
500 600 nsen In camp in the ortgf-
nal program.