davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-02-22

shirk this responsibility and put
these tIngs up to the impossible and
chance decision of individuals, to
guess what are essentials and non
essentials.
Mr.. Harris suggests, therefore,
that the government appoint an
Economic and Financial Strategy
Board,' and, without delay, state to
what extent production is demanded
IN different plants and industries, as
we'll as increased working hours,
shifts and men it must have in such
industries, and "to what extent and
IN what direction it needs any or all
classes Of help and supply" This
suggestion is certainly deserving of
serious and immediate consideration
In this way the government can get
the services it requires without com
peting with private consumers.
New-York tribune., 1918-02-22
Dividends Declared

Cities Service Company Regular Inen'astt nj
dividends Of 8, per cent IN stock ana .snt
cent in cash ON the common and J.. per .sl. MI
in cash on the preferred stocks. All psss''
April to stockholders of record March iS :.
Caiena Signal Oil Company. = Ne hesus. ure.
quarterly dividends of . per cent on 'he s.pek. p
ferred and per cent On the common ss'' d
both payable March 80 to stockhoiae''
record February IS IL
National Lead Company. Quarterly .,oet s.jt
dend OF - per cent on the common .aeof1
payai,e March 80 to Stockholders Oh
March :.
National Surety Company hcgaiai N
terly dividend Of , per cent. pasndpie 1'S
TO stockholders Of record March ~ ...,x
New York Air Brake Company eaa ea'as,,,tius
dividend of 5 per cent on IT'S s,ocn'
the stock on 20 per cent annual basis
New-York tribune., 1918-02-22
II. < NJ. Bonds .tmain Kis"

The Hudson & Manhattan Company )
per cent income bonds, which have been
strong Of late on the news that the
property was taken over when the rail
roads Of the country We're placed under
government control, earlv in the year,
advanced again yesterday. selling from
lSh, up to 19#i on heavy dealings.
They closed at 1875. at which figure
they showed a net gain OF 5 Of g
point At the present time no interest
IS being paid on these bonds. the
directors in 1916 deciding to discon-
tinue payments until d reserve fund of
S2o00,0Go had been established.
New-York tribune., 1918-02-22
Bond Men More Optimistic

Bond men said yesterday they saw no
reason for any apprehension in the
investment security markets over the
announcement of Il new issue of ccrtiti-
Gates of Indebtedness at 4 y per cent
basis, which Indicated apparently that
the next Liberty Loan would bear that
rate Of interest. the head of one Of
the large Lond distributing houses
said
''The bond market is thoroughly liqui-
dated. There will not be the liuuida-
ton in bonds that preceded the sale Of,
the first two Liberty loans for tltat
reason, and also because the railroad
situation has been completely changed
Tor the better by the action Of the gov
ernment in taxing over their control
Tor the period OF the war
New-York tribune., 1918-02-22
Dollar in Foreign Exchange

Only small amount Of business was
done in the foreign exchange market
yesterday. Rate changes were there
fore narrow. The principal change was
a slight advance IN Swiss francs, which
closed higher, at 4.47 for sight drafts.
Closing rates yesterday, compared
with a week ago, arc given in the table
below. American bankers have sus-
pended all dealings in German and Aus
trian exchange, SO that daily quotations
for either marks or kroncn are no
longer available
(Quotcd dollars to the pound.)
New-York tribune., 1918-02-22
National Lead Company
Increases Its Dividend

Directors of the National Lead Com
pany declared = quarterly dividend of
II per cent Yesterday, thereby putting
the 500. .G55. 400 of common stock on an
annual basis Of ) per cent. Since 1915
the company has been paying i per
cont ON this issue. and the new rate
is the highest since 1909, when ) per
cent WAS paid
New-York tribune., 1918-02-22
Observation-Disclosures Co.

Profits of the Emerson Brantngham
Company, manufacturers of farm ma
chincry, were nearly doubled on opera
tions for 1917, reaching a total Of ST.
"a l,22l for the year, compared with
S7od,64S i'll 1916. The surplus after m
probation was 1921 "36, compared with
$35 173 the year before. Cash on hand
and in domestic banks at the close OF
the fiscal year, October 81 last,
amounted to $627 ,S5l.
New-York tribune., 1918-02-22

The decline in the total value of OK
ports in 1917 was due chiefly to the
lack of shipping facilities. The decline
in the value Of diamonds was relatively
small owing to their light weight and
the little space they occupy, which
allowed them 10 be sent by mail
through England.
There was no decline in the 1917 val
ues compared with 1916 in exports Of
antiquities. bead trimmings and cotton
textiles. though none of these was
large either year. Hides and skins de-
clined from $20S7.5 in 1916 to $685.
;S2 in 1917, cinchona bark from S962.-
941 to $2l4,19o and cocoa from $71a.-
S6o to slS9.63o. Cocoa butter, potato
-four and rubber, all important exports
IN former years. disappeared altogether
from the 1917 list. together with
twenty other articles Of less impor-
tance
New-York tribune., 1918-02-22
March Maturities

CorpoWtc securities with an aggrc-
gate value OF 1928 900 fall due in
March, compared with S55 ,543 900 in
the current month and $55, 900 900 in
March, 1917 Railroad maturitics ag-
gregate S6.2t0,0O0. Industrial maturi-
ties amount to $23 100000.
New-York tribune., 1918-02-22
Rupees Not Forthcoming

Apparently there has been some
hitch in the arrangements under which
it was expected the Federal Re
serve Bank of New York would obtain
fresh supply Of exchange on India
to provide American merchants With
means OF paying for materials import
ed from India. The bank first OBJ
tanned 10,000,000 rupees. which were
quickly exhausted in this manner. Re
Gently 1t was reported that the banl.
expected to obtain an additional TO-
000,0oo rupees. Foreign exchange bank
crs said yesterday they had been un-
able to find ou5 whether tho Reserve
Bank had accumulated a fresh supply.
New-York tribune., 1918-02-22
Corporation Returns
ShaMipipan Wafer & pauar Comna

Gross earnings Tor the year cndcd
December 81 were S2902,2 compared
with $2.325,S72 for 1915. Balance after
charges amounted TO $1.350,s6 com
pared with S1.253.736 FOR a year ago.
Dividends We're S1.050,000 an increase
OF S6o,994 over the previous Year Sur
plus was S30o,s64, compared with S2Gi-
l3O for 1910
New-York tribune., 1918-02-22
New York

Stock Exchange Seats Higher Two
New York Stock Exchange member
SHIPS were sold yesterday for S58 900
each AN advance of 1900 over the asst
previous sale. The buyers were Robert
B. Minis and William L. Edmonds.
James +. Bennett and Charles W. Hill
nave been elected members of the ex-
change.
New-York tribune., 1918-02-22
Ches apcake & Ohio
Virginia Railway < Power Compan
Extra Dividends

New York Transit Company The
company has declared an extra dlsld'
end of 81 per share in addition TO the
regular quarterly dividend Of 81 per
share, botn payable April 10 10 stock
Of record March -
Cambria Steel Compan, An extra
dividend Of = per cent has been de
clared in addition TO the regular QUAR-
teriy dividend of l y per cent, oofa Il; nHs
able March Is to stock of record req
ruary %.
New-York tribune., 1918-02-22
News Digest
Foreign
ocks Dull on London EXCHANGE

Stocks Dull on London Exchange
LONDON, Feb. 2l The stock market
was dull to-day. with steadiness in
gi.t-edged securities and general firm
ness In oil shares and Spanish bonds.
but irregularity in shipping and bank
stocks and Argentine rails. owing to
proht taking. Speculative interest has
temporarily subsidized in the mining and
rubber sections
New-York tribune., 1918-02-22

request of the Food Administrator that
no circulars or publications should be
issued that would tend to encourage
outside speculation.
New-York tribune., 1918-02-22

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., 1918-02-22
Money and Credit

Under a large influx of out-of-town
money, which was offered freely on the
Stock Exchange late in the day, the
rate for call loans dropped yesterday
from to per cent, closing at the
latter figure. 1t was estimated that
S5,oo0,000 remained to be loaned at the
market after the close.
Time money continued firm at per
cent, with no disposition on the part
OF the banks to remove the ban on com
mitmcnts of this character. The bulk
of the call loans was placed at around
per cent, making that the ruling rate
Ruling rates for money Yesterday.
compared with year ago, were as fol
lows:
New-York tribune., 1918-02-22
Elections

j. l.. Price has been elected vice
pre- sldent OF the Chicago Pneumatic
Tool Company 10 fill u newly created
Office
New-York tribune., 1918-02-22
Cuban Sugar Loan Subscrirtjons

Subscriptions to the Slo0,o0o, ,0o0 credit
raised by syndicate of banks to
finance the 19l7-'1S Cuban sugar crop
totalled more than $l1o.000,00o. ac-
cording to an announcement yester-
day by the bankers committee which
organized the syndicate.
New York led the list with sub
scfiption of S77 600. Chicago and
Philadelphia each contributed $40
100000. while Boston. representing the
New England district. participated to
the extent Of S4,000,000. One hundred
and fifty banks arc in the syndicate.
New-York tribune., 1918-02-22
Current

The above ratos cypress The cost Of
foreign money i'm terms of the Ameri-
can dollar. You buy an English pound
sterling at. say. $t.75ia. The intrinsic
parity is S4.S63s per pound. Thus you
say either that pounds are at a discount
or that dollars arc at a premium, which
is owing to tho lac. tfat III 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., 1918-02-22

=. Paris Bourse. PARIS. Feb. 2l.-
trading was quiet on the Bourse to-
day. Three per cent rentcs, 81 francs
90 centimes for cash. Exchange on
London, II francs 17i2 centimes. Five
per cent loan. 81 francs rs centimes.
New-York tribune., 1918-02-22

Rates in this market for exchange
on Rnssia have not changed in
fortnight or more. AS a matter Of
fact there have been no open mar
ket dealings in rubles here for some
weeks, owing to chaotic conditions
in Pctrograd and other financial
centres. There is no certainty that
the exchange drafts would be paid
on the other side with the Bolshe-
wiki in control. Moreover, local
banks have been unable to get ca
bles through for some days. At.
temps to send cables Via Archangel
have been unsuccessful. This state
OF affairs explains why the rublc
exchange market has not reflected
late developments in Russia The
rate of 13 Il cents for ruhles quoted
at the present time represent moth
ing more than the rate at which the
last open market transactions were
made several weeks ago 1t is un-
dsrstood that one of the large New
York banks which has an agency i'm
Petrograd has recently transferred
ruble balances on its books here for
the account of customers on a basis
OF IA cents per rublc.
New-York tribune., 1918-02-22
Great Western Sugar Compsny.-Tb

NT"af " tet"fn NuGaf NO'IFdH. l-,I
company has declared an extra diylaen,u
of $sp per share ON the common spJN
in addition to the regular quaf'erss
dividends of $50 per share on the ptL'v ~,
ferrcd and common stocks. all pa}sO''
April to stock OF record March y.
New-York tribune., 1918-02-22
Asks 10 Join Federal Reserve Sxs-

Asks 10 Join Federal Reserve Svs-
tenn The Commercial Trust Comnanv
OF New Jersey, located in Jersey CITY.
and one OF the largest institutions in
Northern New Jersey, has applied to
the New York Federal Reserve Bank
for membership in the Federal Re
serve system. The company has a
capital Of S1,00O,o coo, suprlus of So
100000, undivided profits of over ST.
GOO, 900 and total assets Of more than
$50 600 600
New-York tribune., 1918-02-22

AS has been pointed out in these
columns, the Administration is at
tempting to restrict "non-essentiaI"
industries without an adequate
plan, and as a result gross injustices
and even loss of essential produc
ton may easily occur. In an address
delivered last night before the State
Farmers Institute at Bloomington,
ILL.,, B. +. Harris, of Champaign, one
of the best known bankers in the
Middle West, made some interesting
remarks about regulation of non
essentials. He said in part:
New-York tribune., 1918-02-22
Yesterday. Year ago
90 oIloL

Commercial Paper. The 6rmness Of
rates Tor commercial paper continues to
keep business down TO a minimum.
Prime paper for the four months
period is moving at 5# per cent and
the longer maturitics at per cent.
Other names command 5$i per cent to
6 per cent.
New-York tribune., 1918-02-22

London Money Market LONDON.
Feb. 2l.-Money was plentiful and
easier at per cent Discount rates:
Snort and three months bills. 3ss per
cent. Cold premium at Lisbon, 1000
Bank of France. PARIS. Feb. 81.
The weekly statement of the Bank Of
New-York tribune., 1918-02-22

70 Curb Coffee Circulars A resolu-
tlon has been adopted by the board of
managers of the New York Coffee FIX
change placing restrictions on the
writers of market circulars. This ac-
'ion was taken IN accordance with the
New-York tribune., 1918-02-22

Announcement of an increase in
the rate of interest on Treasury GER
tiiicates of Indebtedness was re-
garded in Wall Street as confirma-
ton of the belief, (which has pre-
vailed for some time, that the next
Liberty Loan would be put out on
q AZ per cent basis. The result
was sharp rise in the outstanding
issues, the second As advancing to
1920, just 2la points above the
recent low. 1t is to be expected
that as the time for offering the
third loan approaches these bonds
will gradually work higher, mas
much as they are convertible into
succeeding issues at par. But while
the question of interest has been
satisfactorily settled, as apparently
it has. the public is still in the dark
as to the maturity of the forthconl-
ING issue, and that is a matter of
vital interest. 1t is understood that
the suggestion to issue fve-year
bond, instead of a long term loan,
has received serious consideration in
Washington. There is little doubt,
in the opinion of bond experts, that
a five year issue could be distributed
much more widely than one running
for twenty or thirty years.
New-York tribune., 1918-02-22

- VI 10 tIJ oU up bD uD
less. to 30. to 60 to 90.
bOSIOl ......,. 4 4 dIo 4/o
New York ..... 3I2 4lo 4Io Az
Philadelphia. q d AL2 4l1
Cleveland. ...... & 4 40 4ll
Richmond. ... q 4h Az 4lZ
Atlanta. ........ 40 Az
! Chicago. ........ 4lo AZ, +
st. Louis s...... 40 diL
Minneapolis 80 a
Kansas City,. 4la 4l2 AZ
odiIaS. 4 q 4(o 4l2
San Erancisco. Az AZ
Bank Clearings.-The dav's bank
clearlngs at New York and other
cities were:
- Exchanges. Balances.
New York. k...... s576,346,779 s5e647 AGO
Boston. ......... 39.947, ,408 $500 8e4
Chicago o...... 77,232,589 3,S23.81o
Phladelphia.... 53,757, 145 1924, 13a
Sub treasury banks lost s347.-
600 to the Sub-Trcasury yesterday.
Silver.-Bars in London were quoted
at 1925 d, unchanged; New York. S5&sc.
unchanged; Mexican dollars, csc, un-
changed.
Bank misunderstanding House
TRANSACTIONS as reported by "Duns Re
view this week amounted to $4.297.-
162.243, an increase of 81 per cent
compared with the CORRESPONDING weal
year ago.
Bank of ngland.-LONDON, Feb. 81
-lhe Bank of England reported a dc
crease Tor the week in gold holdings Of
"a ,o4 /; The proportion of reserves
TO liabilities now stands at 1902 nor
cent, against 1896 per cent wee}, 400
The statement, with the changes from
week ago, follows:
Gold ......... G59,471,567 Dec. e471.641
reserve. '... 30,S14oo0 Dec. $4,000
Notes reserve. 29,673,ooo Dee. $4,000
Crculation.... 46,2o8,oo0 Inc. $4,000
Public deposits. 33,56o,Co0 Dec. $4,000
Other aeposits.1S 1924 900 Inc. 5.614 OCo
Govt securities 56,35o,ooo Unchaneed
Other securit's.101 ,355, 900 Inc. 5.774ooO
Bank of Germany.-The statement of
the Imperial Bank of Germany as of
February 5 showed a decrcasn 40 Of
l,oZ 900 marks in its gold reserve
which now stands at 2.4o6.519. 900
marks. The statement shows the fol-
loving changes, in marks:
Total coin and bullion. Dec. 1 5ot nm
Moid ''''.'........ Inc. 10000
treasury notes. Dec. 9.25e,ooo
Notes of other banks. Dec. oO1 ono
bliis dlscounted...... Inc. 266, 1888, 600
advances ..'.......... Dec. 1,484,COO
Investments .......... Inc. 100000
Otner securities. Dec. S1,e25,0o0
n otes IN clrculation... Dec. 23,968,0oo
deposits ........... Dec. 87,5Oo.oO0
Other liabilities. Inc. 287, 7,165, 600
London Money Market LONDON
feb. 2l.-Money was plentiful and
easier at 8 per cent. Discount rates;
Short and three months bills. 3ss per
cent. Cold premium at Lisbon, 1000.
Bank of France. PARIS. Feb. 81.
New-York tribune., 1918-02-22

Bank misunderstanding House
transactions as reported by "Dun's Re
view this week amounted to S4197
162 ,243, an increase of 81 per cent
compared with the corresponding week
a year ago.
New-York tribune., 1918-02-22

This is a war so democratic. so
personal. so much your war and nv
war, that it is impossible for anv Of
US to withhold any suggestion or con-
slructlVc criticism, such as should be
invited and welcomed. We must all
INSIST on plan and organization and
the utilization of the best equipped
and most practical men in our army.
navy and citizenry in the prosecution
OF the war and to put it through in
minimum time and cost.
mere IS an earnest desire on the
part of the rank and file of our peo-
pie to curtail and cconomizc and cut
out the so-called non essentials at
every point wherein it seems that
they are in competition with the gov
ernment in the use of capital. man
power and production which should
go to war purpose. The people real
we, as at first they did not, that bust
ness cannot be "as usual.' But there
are so many conflicting voices and
suggestions from various public
spirited citizens, and their own na
trlotlc conscences, and so little that
is authoritative from public officials.
tnat the consumer, the manufactured
the merchant do rot know Just where
10 draw the line. War has an econ
omy all its own-ruthless. instant
and ineXorable.
W e realize that, as matter of pen-
eral and practical fact. there are no
mon essentials" and that there arc
perhaps ten million people engaged
IN the manufacture and distribution
or what might be called non-essen-
tlais, Il 1T were not for the fact that.
one way and another, these are q
COnSIUP T1 hIp nj h.
OF our peoplo-and in our foreign
trade, wherein they are exchanged
Tor absolute essentials.
we realize that we cannot break in
lhdiscflmlnately at any one point
"iinout getting reaction that we
souid hardiy have anticipated, and
mat, IN any and all events. produc-
tioh and producers, occupied steadily
through not less than eight hours
day-unlon or -union--and as
many more patriotic hours as war
wants. is necessary to furnish the
new money and savings from which
a,iohe' inns war can be financed
therefore, we have to handle with
s'eaI care the goose and her biz
lamlly that lay the golden errs
While universal prosperity cannof Lo
at'alhed, general prosperity must no
the rule oc
do NOT believe we are getting at
inns vital and insistent question f7or,
the right direction a question which
all want, and which must be solved
WITHOUT .yl.o delay. 1t is futile to organize
,nrl,' ,"an. without organizing employ
hlent' and every dollar saved or
ski'nped is not necessarily added to
war resources, for some dollars witb,
drnwn harm more than they help.
we know that the government can't
begln to- get production as fast as
needed for war purposes in many
,'hes. that 1T cant spend our Liberty
ho"h money as last as it, wants or
ships which we SO sadly need. vet wc
do know that many individuals arc
getting all, or. ia proportion. much
more Of. their needs than is the gov
crnmcnt
u seems. therefore. that the onlv
fi1 1tt tt,.,, f.... 1,
New-York tribune., 1918-02-22

Bank Acceptanccs.-Thc drop in the
call money rate came too late to be re
tlected IN the acceptance market. With
the casing OIL of the rates for brokers'
loans and the announcement by Secrc-
tary McAdoo that the interest on GER
tificatos of Indebtedness Will be raised
to AZ per cent dealers look for an up
ward movement in the rates for ac-
ceptances. They were unchanged yes
terday, as follows:
Spot delivery: 40 days co days.
Per cent Per cent
Eligible member b'ks a. 8W4 Al s@37s
Eligible non member
banks. ....... 4as@4ls 1904 8
Ineligible bank bills. 5 @4I2 5 04l/a
For delivery within thirty days:
~. Bid Offered.
Eligible member banks. 4asoo 4 %
Eligible nonmembcr bks. 45s0o 4Iaoo
Ineligible bank bills. 6 o. 5 On
Discount Kates.-Oficial rates OF
discount for cach of the twelve Fed
eral districts arc as follows.
New-York tribune., 1918-02-22

Sub Ireasury.-Thc banks lost s347.-
600 to the Sub-Treasury yesterday.
Silver.-Bars in London were quoted
at sd, unchanged; New York, S5&sc.
changed "
New-York tribune., 1918-02-22

Beyan1n kiuukh7 s a y:

"No mar r'a- vo5 gla.5oa5 rpio
cv0f III Ia59,:ouJ.
New-York tribune., 1918-02-22

Bank Clcarings-Tho DAVIS bank
ciearngs at New York and other
cities were:
Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1918-10-15

Decatur county. Georgia. Mr.. Davis il
an experienced man and understands
how to handle a proposition OF cost az
counting rs y applies TO crop pIouuI-
zion. His figures may. thereIorc' &c
regarded as reliable and as offering q
faIr basis for Judging the ptohtS "
DE derived from the cultivation OF ms
rFop and The basis on which the FARMER
may undertake 10 produce " WIN plolit
and advantage. II. i apparently suth
an essential crop that lis cultlNati0u
should be encouraged in every possible
way.
undoubtedly it is patriotic undertak-
ing TO grow castor beans !r ina I Secl l.,.a
of the southeast 10 which they are
best adapted. Therefore. many OF our
farmers VINO are prosperous and We'll
to-do may not hesitate 10 plant ana cuI-
;Ivate this crop. even though inc relul ~,
be very small. This class or Farmers
alone. however. would prOna bly, not be
able TO produce auVJhing like the guam
tity>needed by the war department
~ for the growth OF castor beans must
be extended to the smaller farmer ana
as he has TO live and support a family
IL will ne necessary FOR him TO receive
sufficient remuneration for his effort 10
Justify him in planting and cuItlNatlnS
castor beans.
The results oF growing this crop on
three farms in Decatur county are avail
able at this time on the plantation III
Fleming {; Hines at cambridge. 90 acres
We're devoted TO castor beans. The crop
WAS Dlanrcd on what Is known as Tile
Norfolk series Of soils. The land cult
waited was practically level. The Jls-
lance between the plants in the drills
was six feet and the width of the rows
seven feet. There is prospective yield
or these 80 acres of $50 bushels. The
crop was planted at the contract price
OF So therefore the prospective value
is 1880. The seed used to produce
this crop cost $50; hoeing. S2OO: picking
three times. $50; picking the last time,
500: man labor. S2TS.l2; mule labor
S27125 This makes a total outlay OF
Se69S7 The hoeing is based on cost
NJ 50 per acre and the picking for the
first three times. 81 per acre and 81 per
acre the last time. Man labor Is based
on cost CT $3.50 day and mule Ia
Dor 81 pc day. These apparently are
Iai- prices considering the cost Of la
Dor a; the present time. To the above
there shCuld be added interest for six
months ut 8 per cent, or S2S.7S. The
rent on laEd at s. per acre amounts to
S25c and the hulling of the beans a. 2bc
per bushel to S112.50. The total cos-,
therefore. was sl,37O.6S. with a pros
pective crop value of $3.50. The crop,
therefore, was not profitable unless ii is
cCnSid red that interest on the invest
ment and rent on the land be regarded as
q sufficient profit to the land owner.
This would not be enough, however, to
encourage the future growth of castor
beans IN view of the la:ge returns per
acre which can be obtained from other
CROPS in the section of uIe state refer
ED to
In Producing this crop the following